Re:Green hackers around the world, let’s destroy Bitcoin
by jeofken on Tuesday February 09, 2021 @06:56PM
(#26084183)
> Utter bullshit.
HN is such a rare place on the internet. I am writing in good faith - let’s not fall so low as to speak like this.
The power over currency and the power over arms go hand in hand.
The “officially sanctioned” exploitation you speak of - who is the “official” in question? The sins you and I refer to stem from the monopolistic use of violent force by the state. “Wall steeet” is far from a free market, and so if the dollar, euro, pound, and other state currency markets
> By creating Bitcoin, Satoshi took gold to the internet, and we can now trade in a currency which no one can inflate to fund wars, or to in essence steal productivity from every earner.
Utter bullshit. The power of the US government doesn't stem from its ability to print money. Rather, it's the other way around essentially: its ability to print money stems from its power. The US government controls the most successful economy and army in the world's history, by far.
If it had a reason to, the US government could, with resources it entirely owns, out-mine the entire bitcoin network and print its own bitcoin as well, in violation of the protocol. What's more, assuming it were done publicly and with a commitment to maintain it, people all over the world would use the newly printed US-bitcoin.
More realistically, it could easily lend bitcoin that don't exist yet and create a fractional-reserve system right on top of bitcoin.
The problems of today's economy stem much more from "free market" systems like the officially-sanctioned speculation happening every second on Wall Street. Workers are hurt much more by so-called "free trade" agreements that allow US companies to own other parts of the world and exploit those for cheap labor at the cost of both US workers and the foreign economy. And wars get started not because the US has money, but because the US doesn't allow enough democratic control of its workings.