Let us please stop referring to New York City as a hub for capitalism.
It isn’t.
Instead, it’s a center for crony capitalism, a form of socialism for the rich.
It’s also a jurisdiction laden with red tape and high taxes that’s largely unaffordable for the poor, middle and working classes.
It’s also home to Wall Street, which has been bailed out time and time again at the expense of the U.S. taxpayer and the value of the U.S. dollar itself.
What is more, NYC is subject to the BitLicense, which makes it hard for Bitcoin companies to serve New Yorkers, creating more friction for those who want to break free from the crony capitalistic system via Bitcoin.
If more people held and understood Bitcoin, they wouldn’t have voted for Zohran Mamdani.
But the traditional financial system doesn’t want people to understand it, because it would make that system irrelevant.
So, in essence, I blame Wall Street and the other benefactors of the Cantillon Effect (look it up) as well as the bureaucratic hellhole that is NYC (and New York State more broadly) for Mamdani being elected mayor.
Until we confront on a larger level how Wall Street/bank bailouts, infinite money printing, and red tape hurts the most financially vulnerable among us and acknowledge that Bitcoin is an answer to this, expect many more Mamdani types to be elected.
Replies (24)
The sky is blue and Water is wet. Bla bla blah.
If NYC is not a center of capitalism, it definitely is the center of communism now.
Great post!
Everything broken with the world is downstream of the broken money
Fix the money and we can start to fix the world.
Unfortunately very frustrating that there are very few of us that actually understand this
Yes a gazillion times yes
but....Pubkey's nachos r 🔥🔥🔥
Suitcoiners Tokenizers will try to convince us that _they matter_ in the new system, but bitcoin removes excess finalization: back to basics: work, produce value, save
Bitcoin bypasses the entire corrupt system, which is why they fight it so hard.
What city, would you say is the most pro capitalist in America right now?
So what you’re saying is crony capitalism is better than socialism ?
Can you give an example of capitalism that doesn't become "crony-capitalism"? I don't believe there is a difference. It is the gravity of capitalism to concentrate money and therefore power and, well... You know what they say about power. What level of wealth does it take to gain absolute power?
This is so tiring and so common, but nobody seems to understand what capitalism is and how it functions. The same people that claim to speak for capitalism can't define it because they never read the definitive work Das Kapital
"That wasn't real communism!"
ROFL! 🤣
nailed it. Mandami isn't the disease, he's a symptom. so long as the disease you mention exists there will be ever more numerous and potent symptoms
I predict an increase in poverty rates to the level of Argentina in the best days...
💯
The main issue here is that people don’t understand what the disease is. And I get a bad feeling that it’s going to take a while still for them to see it.
For capitalism to exist you need destruction, which is what should have happened in 2008 and in 2023 as well as at other points.
If that destruction never plays out, you just have a system in which moral hazard runs rampant and the rich get bailed out no matter what.
No. I’m saying that a real market economy in which bitcoin is the money would alleviate some/many of the problems that Mamdani voters are rallying against in NYC.
I’d say that states like Texas and Florida are good.
Well put.
Amen 🙏
Unfortunately, if he does the things he wants to do, especially with price controls, you’re right. People may have to learn the hard way.
*benefactors = beneficiaries
What’s a real market economy? Is there an example?
Sad but true
Why would you allow that to happen as the capitalist? You have the wealth and power so you use it to your advantage. That is how capitalism works. It isn't some board game with rules that everyone follows and plays it is the real world. It's fine to play these what if games but the reality is 2008 and 2023 were just as much am example of how capitalism works as was 1880s and 1930s. It's a cute fantasy to think there is some pure form of benevolent capitalism that just needs honest players to exist. That is a fantasy that is not the real world.
An economy that uses bitcoin as money, where value accrues to the individuals in that economy, not the top 1%.
I’d also say the ERCOT power system in Texas is a good example of what an actual free market for power looks like.
