I'm responding to this because I find these ideas interesting and have spent over 10,000 hours studying economics and bitcoin. I promise I will not call you names even though I respectfully disagree.
I don't believe a community or state can abolish private property when the private property can be distilled into 12 secret random words.
Ironically, bitcoin does give the means of monetary production to the people, but this is a moot point given that individual people do not have equal ability. Very few people had sufficient knowledge to mine bitcoin when the block reward was 50 bitcoin every 10 minutes. Therefore, even though anybody could technically produce bitcoin blocks, very few people can.
The same is true for saving. Even if we could defy human nature with schemes such as this, it would not solve wealth inequality. Most people spend money like drunken sailors. If everyone had the same income that could not be debased or stolen, broke people would still exist because people do not have equal money management skills.
That is why I prefer capitalism with a non-socialist monetary system. The United States, contrary to popular belief, is not a capitalist economic system. It's a mixed economy where some people(banks and government) get money without doing any work aside from fudging numbers.
A bank does not **save capital** to buy a house. Banks print money to buy homes and **collect rent from HoMe OwNeRs**. It's an accounting trick, not capitalism.
Here's how capitalism works, according to the economist Russ Roberts.
https://youtu.be/ljULutAUL7o?si=bLPY5IvwwMQvfXJK
Marc26z
npub1ma…tf3g0
2025-02-12 22:29:52
in reply to nevent1q…3lt9
Author Public Key
npub1marc26z8nh3xkj5rcx7ufkatvx6ueqhp5vfw9v5teq26z254renshtf3g0Published at
2025-02-12 22:29:52Event JSON
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"content": "I'm responding to this because I find these ideas interesting and have spent over 10,000 hours studying economics and bitcoin. I promise I will not call you names even though I respectfully disagree.\n\n\nI don't believe a community or state can abolish private property when the private property can be distilled into 12 secret random words.\n\nIronically, bitcoin does give the means of monetary production to the people, but this is a moot point given that individual people do not have equal ability. Very few people had sufficient knowledge to mine bitcoin when the block reward was 50 bitcoin every 10 minutes. Therefore, even though anybody could technically produce bitcoin blocks, very few people can.\n\nThe same is true for saving. Even if we could defy human nature with schemes such as this, it would not solve wealth inequality. Most people spend money like drunken sailors. If everyone had the same income that could not be debased or stolen, broke people would still exist because people do not have equal money management skills.\n\nThat is why I prefer capitalism with a non-socialist monetary system. The United States, contrary to popular belief, is not a capitalist economic system. It's a mixed economy where some people(banks and government) get money without doing any work aside from fudging numbers.\n\nA bank does not **save capital** to buy a house. Banks print money to buy homes and **collect rent from HoMe OwNeRs**. It's an accounting trick, not capitalism.\n\nHere's how capitalism works, according to the economist Russ Roberts.\n\nhttps://youtu.be/ljULutAUL7o?si=bLPY5IvwwMQvfXJK\n\n",
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