Bitcoin system because it uses PoW principle is not a Capitalist system and very few people understand why

I keep pointing out that Bitcoin PoW mining based system is not a Capitalist. Here is why...

I know that you guys think its pure Capitalist system because you associate Capitalism with competition, but this is wrong. Competition is not tied to any specific economic system, its not tied to Monarchy or Slavery or Feudalism or Capitalism or State Capitalism or Communism, competition is natural thing and exists in all of these systems... every single one, so Capitalist is not based on competition at all, all it is based on, are 2 simple rules, which are hidden in plain sight because of all the massive amount of propaganda about it, to make it look like as something what its not, in this case... competition.

1st rule of Capitalism is that production (business) is privately owned

The owner(s) are what is called capitalists (capitalism is not ideology, its not personal belief and unless you own a business in which other people work in, you are not a capitalists, even if you like the system, for whatever reason. You are a capitalist if and only if you are the owner of a privately owned business in which other people work for you.

2nd rule of Capitalism is that capitalist is the central decision making power

This means that capitalist system of production is actually a centralised system. Yes, you read that right. Every person who sees Capitalism as decentralised system is getting it wrong, as I am sure they/you are looking at all businesses, thinking about all businesses combined as the system itself, but this is wrong, this system exists in each and every business, not as a whole.

In fact you can (and we do) have different economic systems used in same country/nation right now... we have capitalist businesses, we have state capitalist businesses, and we also have, believe it or not, Communist businesses, but I know you can't recognise them because you don't understand what makes a business belong to either of these economic system types... and this is because of lack of understanding, which is due to propaganda you've been under your whole life.

Competition is not and cannot be rule of the system, it can however only be enforced (fair competition that is) through law, but law in Capitalism can't enforce this because it would mean the state would be dictating the capitalists what they can or can't do, and this is against the very core design of Capitalism.

PoW is actually a Communist system, not Capitalist because:

- Each and every blockchain is a production line (sort of) because each blockchain produces different "product" (blocks & block rewards are what creates the digital money, ie "coins").

- Each and every blockchain is like a business, and each and every blockchain that uses open source PoW system (which Bitcoin system uses) is not owned by anyone, which means it is not a privately owned means of production, which means by very definition of Capitalist business, it cannot be Capitalist business or using Capitalist system.

- Each and every blockchain can be mined by anyone, and rewards go proportionally to those that do the work of mining, which makes the miners equivalent to WORKERS, and all of these workers are not working for anyone else but themselves, which also means no one is working for them... and they all work as worker cooperatives, which is exactly what Communist system is all about.

In Capitalist system the owners get the rewards, rewards do not go proportionally to those that did the work, if this was the case, the owner would not be getting profits at all, and if the owner did do some work, whatever proportion of the total work he's do, it would not allow the owner to get rewards from work of others.

Capitalist system, same as Feudalism and Slavery, just different flavor of the same system, is designed to have already wealthy people, people/families who got rich in the past, to use their wealth to just own businesses/factories and use work of others to make money.

This is what "Money makes more money" mantra of Capitalism, is all about.

This is literally what PoS system does but not PoW based system. Do you get it now?

So, I'm sorry guys, but almost everyone in crypto, BSV included, are yet to understand these things. You are all still few levels away from understanding the very last (core) layer of the Bitcoin onion ;-)

And of course, those who like to, or already do, use this system for their benefit (to get wealth not from their own work but work of others) will never admit to this.

PS: If you want to tip me, you can do so using BSV, my HandCash handle is $EDIN

Cheers

Author EdinK
Published Mar 14, 2019
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