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kmeisthax10/02/20241 replyview on HN

Money is an artifice used to track the payment of taxes. It happens to be useful for tracking other kinds of scarcity, especially with people you do not know, so societies in which the use of money is imposed tend to move the rest of their economic relationships over to it. In other words, Bitcoin is not valuable because it is scarce, it is valuable because you can pay data ransoms to cybercriminals with it. If, tomorrow, every ransomware vendor demanded payment in POGS or Beanie Babies, you'd see the value of those skyrocket as every IT professional went and hoarded them.

Satoshi Nakamoto saw the state, with it's coercive taxation and central banking, and thought the answer was to make decentralized money you couldn't shut down. Hence, Bitcoin and it's millions of forks. The problem is that Bitcoin's valuations are based on the same coercive taxation, just carried out by the illegitimate criminal underworld rather than the legitimate state. That's not liberty, that's just changing who wears the jackboots.


Replies

Vegemeister10/05/2024

That is an interesting perspective, but it doesn't actually change my point, which is that if you want to build a distributed system that cannot be shut down, you have to be willing to collaborate with distributed system that cannot be shut down enjoyers.