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Re:The Bitcoin Whales: 1,000 People Who Own 40 Percent of th... by Emma_Goldman on Friday December 08, 2017 @12:46PM (#15880423)
I'm not a moral realist so I think that libertarian philosophy is nothing but the most venal elements of capitalism congealed in thought, but I should add that the classical formulation of libertarianism is internally incoherent. You omit that for any transaction to be legitimate it must not only be voluntary but must also consist of the exchange of things legitimately acquired in the past, i.e. voluntarily acquired. This chain of voluntary exchange is what is supposed to grant one a title to that thing. But of course, in reality, that does not exist in the least. The distribution of things over history is primarily a function of brute coercion and happenstance. Nozick knew as much, and his suggestion is as pitiful as his scruples: we need to 'reset' society according to the Rawlsian difference principle and then begin our libertarian accounting.

In any case, I can't take seriously anyone who thinks that humans aren't interested in freedom because they want to be free to do things, i.e. I want to be free to see my family not only in that I don't want someone to stop me from doing so, but I also want the means to be able to do so. The one is more or less pointless without the other. And that obviously requires more than negative liberty. Or that, in another vein, that capitalist enterprises are not vehicles of accumulated power that sustain themselves by exploiting workers, ordered along hierarchical top-down principles. One only need step into sociological reality to see as much.

Re:The Bitcoin Whales: 1,000 People Who Own 40 Percent of th... by isoskeles on Friday December 08, 2017 @01:22PM (#15880674)
So about bitcoin...
Re:The Bitcoin Whales: 1,000 People Who Own 40 Percent of th... by Emma_Goldman on Friday December 08, 2017 @01:35PM (#15880764)
Sorry. Libertarian philosophy is my bete noire. But the point is evident enough: I highly doubt libertarians can offer a credible macro-economic justification for the creation of a decentralised currency sustained by the whims of the market alone, and that they rely on the force of a prior moral theory. If the moral theory is void, so is the justification. I'm not sure how you would go about justifying bitcoin on its own terms. Its outside of effective social control, consumes masses of electricity, relies on centralised economies of scales in mining, and doesn't have any use-function apart from being a store of value. I imagine that blockchain technologies will have lots of useful applications down the road, but bitcoin is a primitive piece of technology that probably has a net negative effect on the world.
Re:The Bitcoin Whales: 1,000 People Who Own 40 Percent of th... by pc2g4d on Friday December 08, 2017 @03:15PM (#15881638)
> being a store of value

You yourself have hit on the justification for Bitcoin's use.

Re:The Bitcoin Whales: 1,000 People Who Own 40 Percent of th... by chrischen on Saturday December 09, 2017 @02:37AM (#15884738)
Bitcoin relies on other people to buy in and hodl in order to fulfill its value storing properties. If people stopped buying more (at higher prices since it's a fixed supply) then the value would plummet, and that would be a terrible value store if your value plummets while being stored in it.