pull down to refresh
60 sats \ 2 replies \ @TheBTCManual 27 Jan \ on: Bitcoiner and Socialist bitcoin
In your view, how would a socialist state work under a Bitcoin standard? If there is no debt issuance, you have consumption tax on goods and services like VAT, income tax, capital gains which isn't likely going to be enough given the way governments operate, living within constraints is a foreign concept to governments who have enjoyed fiat for so long.
While anything can be tried, I think a socialist policy won't get very far under a hard money standard
Bitcoin is for everyone of course, and If you feel and others with your opinion think your government is the best place for your capital to be put to work, by all means, pay taxes, fund them by buying bonds, and let the market go to work.
Others who feel governments aren't good capital allocators can turn to the private sector for goods and services and those that wish to wait and decide what to do with their capital should be able to do that too
This is an interesting question. Probably a state that is restricted enough to be considered socialist will never "work" in the long run imo.
But I can't see why it wouldn't be theoretically possible? Right I mean they just couldn't print money but that isn't a core definition of socialism.
reply
Yes in theory and for a short period of time it is possible, before the money dries up, the government would also need to compete with private options, which isn't going to be easy either, so they would need to pick their battles and maybe that makes for a smaller healthier entity that focuses on things private markets in that country have yet to figure out
But I think you'd really need the buy-in from the citizens which I don't think is possible
reply