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0 sats \ 0 replies \ @birdeye21 10 Oct 2023 \ on: Imagine a Bitcoin society, but how will it function? bitcoin
What will be the role of government then; since there would be no taxes, because all transactions will be encrypted and anonymous.
See what happened to Blockbuster. Bitcoin is a BIG deal.
Would it not lead to more corporate crony capitalistic bullshit, since the idea of welfare state would fall apart.
The current monetary system is what props up crony capitalism. The free market has no ability to be "free" when money can still be manipulated. On the flip side, immutable money creates an even playground that everyone build off of.
Everyone (i mean every single human) would need to have a digital device to store, spend and earn bitcoins on. How will people at the bottom-most layer survive, who can not afford education, electronic devices etc. Some people and even countries depend entirely on cash.
Those at the bottom actually have the least amount of friction to incorporating bitcoin into their countries. Undoing the USA's legacy financial system requires much more work. Meanwhile, developing countries will skip the banks altogether and onboard new financial platforms built on bitcoin. To make this a reality we DO need more tech penetration throughout the world -- but zoom out a bit: today's tech is VERY, VERY young, and rapidly spreading throughout the world. We cant conceive of the solutions that's be available 5, 10, 20, 50 years from now, but the trend is clear.
What about the unequal distribution of Bitcoins among humans? Those who joined Bitcoin early would always have unfair advantage over those who adapt it later.
Bitcoin's distribution is perfectly fair. Those who got in early took on immense more risk than those onboarding today, hence they were more greatly rewarded. As nature intends. What's unnatural is assumed authorities with a malleable money supply that can avoid risk while still receiving the reward.
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