Capitalism isn't the enemy, it's the state and fiat.
When you're free to redefine capital, capital ceases to be a system of control, but one of freedom.
Post by twetch#864
Satoshi chose proof of work. Contrary to proof of stake or other governing mechanisms, it’s powered by capitalist mindset that must compete in the open which also prevents it to cheat. That’ll drive everyone who wants to work to prosperity and freedom.
What the chain says
- Block
- 618 487
- Time
- 2020-01-20T17:42:55Z
- Signer
- 1JLButMZPU7xu2PUBPxekTcpJKPzZuaTuZ
- App
- twetch
- Type
- reply
- Content type
- text/plain
- Name in tx
- twetch#864
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1JLButMZPU7xu2PUBPxekTcpJKPzZuaTuZ VerifiedReplies (11)
You're not wrong. Blockchains that support second layer tokens also allow for a wide variety of capital definitions, from traditional to otherwise.
This is where the freedom opens up, and it's not incompatible with Satoshi's first level settlement layer.
For instance, let's say you're using tokenization to instrument a smart grid. Does it matter to your smart meter and lightbulb that your token has a monetary value? Or is it more important that it has a kw/hr value?
Best if your token has it's own intrinsic value for work/info it carries. It is only bound to the monetary value so it can't be cheated.
Intrinsic value isn't as important as is measurable value. Whether that value is measurable in some fiat abstraction is not necessary.
Word. We just needed a proper scaling on the byzantine fault proof decentralized main contract layer so we can program against it fast and cheap and then we can start to use merkle proofs on the application layers as well. So many open doors here.
Capitalism discourages competition. it's proof-of-stake that's similar to capitalism. You're maybe thinking of free markets. Supporing free markets is orthogonal to supporting capitalism.
Creativity is what drives capitalism, it wants to be free so it must compete and find ways to surprise with solutions in the sense to outperform existing ones. Whereas socialism wants to control, govern everything for optimising and redistributing.
State control is also orthogonal to both of those. There are both anarchist and statist socialists. There are socialist anarchists in favor of markets, and socialist anarchists opposed to markets. Sorry if this is too complex for you. You've been lied to.
Nah, I was on the fundamental level distinction, not even political.
Those are many of many in many, private flavours vs state flavours.
State control is absolutely not orthogonal to either of these. Because humans almost always automatically institute class distinctions in socialist and anarchists systems, they cannot ever be trusted to administer them properly.