I think blockchain currencies could be an incredibly useful resource to some sort of scientific socialist market state, but all of the existing blockchain currencies founded on the riches extracted from stolen land, stolen people, stolen labor power, and imperialism would need to be abolished first, and are a total fucking waste. Blockchain currencies in their current manifestation are being used to solve the wrong problem, and the whole concept of mining to achieve scarcity needs to be outlawed. The concept of a fully public, cryptographic ledger is redeemable though. Monetary policy could be directed by a socialist state, instead of moore's law and ecological destruction.
I used to do some computation for Folding@home and SETI on BOINC. Such projects would at least be useful as a basis for manufacturing scarcity (controlling inflation), as compared to Bitcoin mining which solves incredibly resource-intensive problems which have absolutely no utility at all besides calling dibs on a block. My issue is mainly that I don't think such a mechanism for producing scarcity is necessary. Bitcoin exists to isolate the value form from the influence of centralized monetary policy. For Libertarians this is a win because there is no Federal Reserve which can arbitrarily decide to start minting trillion-dollar coins, but it still doesn't prevent exceptionally wealthy people from stockpiling reserves of currency and influencing the market the old fashioned way like when we used to use specie (think Fort Knox but Bitcoin) .
For a socialist state, we could instead simply mint digital currency as needed the way the Fed does now (but not evil), while reaping the benefits of full financial transparency.
I think blockchain currencies could be an incredibly useful resource to some sort of scientific socialist market state, but all of the existing blockchain currencies founded on the riches extracted from stolen land, stolen people, stolen labor power, and imperialism would need to be abolished first, and are a total fucking waste. Blockchain currencies in their current manifestation are being used to solve the wrong problem, and the whole concept of mining to achieve scarcity needs to be outlawed. The concept of a fully public, cryptographic ledger is redeemable though. Monetary policy could be directed by a socialist state, instead of moore's law and ecological destruction.
deleted by creator
:100-com:
I used to do some computation for Folding@home and SETI on BOINC. Such projects would at least be useful as a basis for manufacturing scarcity (controlling inflation), as compared to Bitcoin mining which solves incredibly resource-intensive problems which have absolutely no utility at all besides calling dibs on a block. My issue is mainly that I don't think such a mechanism for producing scarcity is necessary. Bitcoin exists to isolate the value form from the influence of centralized monetary policy. For Libertarians this is a win because there is no Federal Reserve which can arbitrarily decide to start minting trillion-dollar coins, but it still doesn't prevent exceptionally wealthy people from stockpiling reserves of currency and influencing the market the old fashioned way like when we used to use specie (think Fort Knox but Bitcoin) .
For a socialist state, we could instead simply mint digital currency as needed the way the Fed does now (but not evil), while reaping the benefits of full financial transparency.