"Proof of Work" is the realization of Marx's Labor Theory Of Value.
Bitcoins are a commodity, not a currency.
You mine them, you don't -counterfeit-, I mean, debase, I mean, print more them.
They have INTRINSIC value.
It's pure monetized and mathematically calculated labor.
So free software, whereby 'capital' aka 'mining software', is used to seize the means of production?
Robbing the capitalists by bleeding their value into our new, SOCIAL Peer-to-peer decentralized
anarcho-socialist utopia? Where people are 'taxed' a network fee, in order to support the system?
Sounds pretty socialist to me.
You're right. They do have intrinsic value because they have inherent labour to produce. You could also argue that those who have been participating in the community and holding them for many years contribute added value to it. In other words, the storage of bitcoins is also labour as is the storage of gold for example, which requires securing.
Unfortunately, in terms of seizing the means of production. You could also argue that as well, that is, the means to produce more money.
However, it does not constitute seizing the means of production in society as a whole. The factories, transportation and the big companies continue to be held in the hands of capitalists and bitcoin cannot touch them.
It is also true that Bitcoin takes away the capitalists capacity to direct monetary policy and to produce fictitious capital in the form of loans. However, by piggy backing other projects that can produce loans, that is enabling precisely that kind of capital. The only way to literally take away the means of production from the hands of capitalists would be to develop and enforce more elements of exchange in society through smart contracts. So yes, cryptocurrency is very compatible with socialism. But as long as society continues to concentrate private property in the hands of a small minority, society is nowhere near socialism.
Could you explain how they have intrinsic value? You make that claim, but you didn't elaborate on it at all.
Free (as in freedom) software is a voluntary interaction. A person or team creates software and then provides the source code voluntarily to others under the condition that they agree to use it only by certain terms laid out in a contract that is only enforceable under a capitalist system.
The value that miners get in return for mining is dependent on the value of a cryptocurrency within a capitalist society that is allowed to freely trade and exchange these cryptocurrencies. You've failed to provide a convincing argument for your claim that Bitcoin is socialist.
Bitcoin is not socialist.
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