It creates a parallel medium of exchange in which those who make bitcoins first hope to
profit from their appreciation.
Brent
On 5/4/2014 6:12 PM, LizR wrote:
I don't know much about bitcoin, except you can "mine" bitcoins at some expense - to
your power bill, your time and the environment. What's the point? (And how does it
manipulate the medium of exchange?)
On 5 May 2014 12:34, meekerdb <[email protected]
<mailto:[email protected]>> wrote:
On 5/4/2014 12:38 PM, Telmo Menezes wrote:
Yes, and this already happened. I would add that capitalism is not catching
up with
anything because it doesn't even exist at the moment. The money supply
itself is
not under the control of the market, so the system is non-capitalist at its
core.
Bitcoin is an attempt at real capitalism, it remains to be seen if it can
survive.
I think that confuses financialism with capitalism. If you can invest in
labor and
equipment and produce something that returns a profit, you're a capitalist.
Bitcoin
looks to me like just another attempt to manipulate the medium of exchange
and
profit from it - a role traditionally taken by Wall Street and the Federal
Reserve
in the U.S.
Brent
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