Some thoughts on the inequality of Bitcoin ownership

Even if I am a proponent of Bitcoin, this bothers me. When Satoshi Nakamoto envisioned bitcoin as a payment protocol for everyone, one computer one vote, he was definitely unable to see how capitalism and the already accumulated money will also accumulate Bitcoin. I personally don’t identify myself as a capitalist, I actually dislike capitalism on many grounds, but at the same time, I know why and how it works, it’s not that there are many alternatives in the world. I understand Marxist, communist and socialist ideas but I fail to see how it can propel creativity and drive to move forward and change. It’s like a tradeoff and that’s why I probably like social democracy where they envision a balance of both. But with imperfection. Money is power and powerful always concentrate power and money for their own gains. Equal opportunity ought to be established but equal outcome we can never guarantee. The tension is always there. The concentration of Bitcoin in few places or few hands or few organizations go against the spirit of Bitcoin, as by protocol it is decentralized. But the fact is it is centralized in the big hands and this is the only reason I have against Bitcoin. And maybe that’s why I don’t believe completely that Bitcoin will be a currency for the future. I view it as a digital asset like digital gold which will be used as a store of value. But Bitcoin has shown us how money or value system or payment system can be created without a central money-making machine. I do believe that Bitcoin is better than government currency. I am against the spirit of nationalism and I think the national borders won’t make sense after few millennia and we will appreciate a global currency like Bitcoin. So, ultimately I want to say, Bitcoin will be there. But probably there will be a better currency which can surpass Bitcoin and which will probably not centralized. But then again that is Marxist, libertarian or anarchyst part of my brain talking. As I can see how capitalism is reigning in our world by the power, for the power, with the powerful, who knows Bitcoin might be the winner. Anyway, just some thoughts. I am not an astrologer who predicts future. I speculate and I miss.
 
The ethereum founder Vitalik Buterin also doesn’t believe in proof of work anymore. So, there are smart people who are already thinking about better solution already. That’s always our best bet for survival. Isn’t it? We need an einstein, we need a Nicola Tesla, we need few scientists, we need probably a work and innovation machine like Elon musk as most of us are just fooling around. Well, it’s too much for one little brain sometimes.
 
 
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Capitalism, Communism, Fascism, Socialism- The concepts

I had insufficient ideas about Capitalism, communism, Fascism and socialism. Throughout human history, we have seen different types of governance, economic systems in different part of the world. Political and economic policies very often were shaped by the ideas of these four systems. I liked the brief summary in this article from an English Course at University of Idaho which gave me a general idea about them. Trying to make a contrast  just to keep track of my reading these concepts.. Will try to read and write more.

No.

Characteristics

Capitalism

Socialism

Communism

Fascism

1.

Ownership of

the means of

production

Privately owned

Owned by central state

Owned by

community

Primarily owned by a dictator

2.

What determines

the investment of capital?

A free market, rather than by state. Profit driven system.

State, rather than by free market.

Community requirement etc.

Will and desire of the powerfuls.

3.

Public property/Privatization

In pure capitalism, no public schools, no state owned or maintained roads and highways, public works, welfare, unemployment insurance, workers compensation, social security benefits etc.

Everything is privatized.

State owns or maintain  roads and highways, public works, welfare, unemployment insurance, workers compensation, social security benefits etc. In a pure socialist state, state owns and operate the means of production.

Communities owns or maintain the means of production.

4.

Religion

Humanism

Humanism

State sponsored

Any

5.

Personal Growth, Individuality, Creativity

High as individuals can earn status

Low personal growth. Individuals are not focussed.

Low.

Low as everything is for him and him only.

6.

Power/Governance in hands of

Upper class/corporations

Elite/people

Low/middle class

Elected congressional members

7.

Centralized control/ Centralized Banking

No

Yes

Yes

Yes

8.

Historically

America

Western Europe

Soviet Union

Nazi Germany, Italy, Rome

9.

Equality-Freedom in general

Low equality – High Freedom

High(somewhat) Equality- High Freedom

High equality- Low Freedom

Low Equality- Low Freedom

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Reposting some interesting part of the article.

“These are complex concepts concerning both economics and government ….. these concepts are not always mutually exclusive (most modern states combine elements of more than one)…. some of the terms refer strictly to economic systems (capitalism) while others (fascism) also refer to government and economic systems (communism and fascism). ”

United States is a Constitutional Democratic Republic that has long embraced both capitalism (free markets) and socialism (public schools and universities, and public works – parks, roads and highways, sewer and water, dams, harbors, as well as social welfare, such as worker’s comp, unemployment insurance, social security etc.).

Capitalism

An economic system in which all or most of the means of production are privately owned and operated, the investment of capital and the production, distribution and prices of commodities (goods and services) are determined mainly in a free market, rather than by the state.

Socialism

  “State ownershipof common property, or state ownership of the means of production.  A purely socialist state would be one in which the state owns and operates the means of production.

Communism

Most generally, communism refers to community ownership of property, with the end goal being complete social equality via economic equality.  Communism is generally seen by communist countries as an idealized utopian economic and social state that the country as a whole is working toward. Fundamentally, communism argues that all labor belongs to the individual laborer; no man can own another man’s body, and therefore each man owns his own labor.  In this model all “profit” actually belongs in part to the laborer, not, or not just, those who control the means of production, such as the business or factory owner.  Profit that is not shared with the laborer, therefore, is considered inherently exploitive.

Fascism
   “A governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc., and emphasizing an aggressive nationalism and often racism.”

Other interesting Tables: http://texags.com/forums/16/topics/1386979