reply on: Imagine a Bitcoin society, but how will it function? \ stacker news ~bitcoin

0 sats \ 0 replies \ @Ribbit 10 Oct 2023 \ on: Imagine a Bitcoin society, but how will it function? bitcoin

Imagine a world where we abolish all forms of money and banks as we know it now a days.

The way the transition happens is important. They won't so much be abolished as out-competed. Bitcoin is too fast and hard compared to their traditional model.

It's not so much governments or people abolishing. It's that they slowly stop being used.

What will be the role of government then; since there would be no taxes, because all transactions will be encrypted and anonymous.

governments and taxes will still exist. As will other gangs in real space. But they will have to compete for bitcoin users, or at the least, base their fiscal and social policies on real money, bitcoin. Taxes and the language around it will change. Fees would be more appropriate terminology. Fee or price for services like security.

Would it not lead to more corporate crony capitalistic bullshit, since the idea of welfare state would fall apart.

abuse will see loss. Abusive corps ill push users elsewhere or become noncompetitive and also be replaced.

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.

everyone has a device now though. Or someone in their family does. Those that do not can use barter. Bitcoin disciplines government spending. It does not replace it. Cash will still be around, as will gold and silver and snickers bars. There are also hard material versions of bitcoin being explores.

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.

So what ? This applies to gold and governments as it is. What matters is the free flow of this capital. It will eventually end up with those who use it best for the most people (Read Human Action)

You seem to have some blind spots in how markets work and some socialist assumptions holding over. That's ok , bitcoin is for everyone, including those who want to live in socialism. What bitcoin will do is prevent you from exporting the cost for your socialist lifestyle to others (through USD inflation)