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Is there a history analog of bitcoin tho?
(hexbear.net)
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this post was submitted on 19 Sep 2024
226 points (99.6% liked)
chapotraphouse
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Company scrip is the closest I can think of, but it lacks the gambling component. It's funny money with arbitrary value that can only be spent in a controlled and exploitative pseudo-economy. There are no currency protections, you can't put it in a real bank or use it outside of places designed to steal from you, it's backed by nothing but the promise of the thief.
Hilarious to see hexbear defending "real banks"
Even Marx himself drew a distinction between capital and fictitious capital in 1864. I'm not defending real banks. I'm saying that my credit union is FDIC insured up to $250k of the same currency that I can buy bread with at any store. I can't deposit penis420coin in that account because it doesn't exist outside of a claim to ownership. That actual economy will continue to exist even if Penis420coin Inc. goes bankrupt, while any fuckery by that minter of the coin immediately destroys all of its speculative value. The US dollar is real because it's universally adopted and backed by the US military even if it isn't directly pegged to gold. Any crypto bullshit is only backed by the empty promise of the shadiest pseudo-capitalists out there.
Fair enough
Personally I stuff all my banknotes and coins under my mattress
Company scrip from a company with no capital