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John
@silentjohn
Another terrible leftist crypto take 😞 I'm so tired man.... https://www.counterpunch.org/2024/12/19/bitcoin-wont-put-food-on-the-table/
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@thumbsup.eth
So with respect to Bitcoin I kind of agree with this take, in part. Bitcoin, or any constrained supply good, is probably not a good currency for egalitarian outcomes. It will benefit anyone buying it with fiat now, especially those who have a lot of fiat, and benefits even more those who were able to take risk earlier when Bitcoin was cheaper. Additionally, the government buying Bitcoin would benefit more those who already have it, at the expense of taxpayers. The government does a lot that hurts taxpayers and this is probably nowhere near the top of the list though. Bailing out companies that use profits to pay CEOs while laying off workers takes the cake. But all that to say, with respect to Bitcoin the asset, not crypto the utility, there is a case to be made there, though I doubt it’s in good faith nor coming from an educated on the subject, perspective.
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Chainleft
@chainleft
Bitcoin as money is its straw man case. Bitcoin is gold, that's it. I never bought into this BTC=money grift new bitcoin maxis have been pushing, but it's a little sadder when trad left/lib circle uses the same argument.
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@thumbsup.eth
The more you think about it the more it’s obvious why no country uses the gold standard anymore. There would be literally no way to react in crisis. It guarantees a future where the rich become kings. Do I think the government should inflate currency all the time? No. I wish the rich were taxed out of existence and their wealth used to prevent spending via new issuance. I also wish we didn’t fund war and police with public money, or at least we reduced the spending to the bare minimum. But neither will happen any time soon, so we definitely don’t want “hard money”
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