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Proof of work kind of implies the labor theory of value if you think about it. Also imo fiat was an inevitable evolution of the dynamics of private property rights and finance capital. Bitcoin is definitely still capitalistic in that it is an attempt at saving property rights from this contradiction; but sometimes inventions have positive effects that were never intended and this may be the case for Bitcoin and the way economics evolves. Capitalism -despite what libertarians insist - is a top-down centralized system and the conflict between that and the decentralization of Bitcoin must resolve itself.
2025-11-12 00:11:05 from 1 relay(s) ↑ Parent 2 replies ↓
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Bitcoin is definitely property. It enforces its own property rights. Capitalism needs property rights but it also needs the State to enforce those rights. If everyone were to adopt Bitcoin as their means of savings, unit of account, and mean of transaction…I would call that Bitcoin end game, not capitalism. Maybe semantics, but I think there is something there.
2025-11-12 00:17:06 from 1 relay(s) ↑ Parent 1 replies ↓ Reply
*Bitcoin enforces its own property rights* This is a good point. Maybe just the fact of Bitcoin fundamentally being property isn't enough to make it inherently capitalistic. I definitely see the potential to be "politically agnostic" as Andrei Antonopolous put it
2025-11-12 00:40:20 from 1 relay(s) ↑ Parent Reply