Bitcoin: the currency of the ideal of a Communist economy or the nightmare of capitalism?

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Bitcoin: the currency of the ideal of a Communist economy or the nightmare of capitalism?

In “the Communist Manifesto” by Karl Marx, stating their views on the nature of society and the economy, said on the evils of capitalism and predicted the gradual transition of humankind to communism is the socio— economic system based on social equality and public ownership of the means of production. According to the founders of Marxism, in such a society would be dominated by the principle: “From each according to his ability, to each according to his needs!”

Marx believed that the way to such a social system the government will be “decentralized”, that is, will be that will eradicate the bureaucratic class.

And here is cryptocurrency? The blockchain technology involves the registry, which records each transaction. Entry is available to all and not controlled by the Central authority. The model itself is, in a sense, represents the perfect scenario of the Communists.

People are pinning their hopes on cryptocurrency because of the wide possibilities of the latter. Digital assets can replace not only an existing Fiat currency, but all political and economic structures.

Bitcoin is often a subject of criticism from the Communists, experiencing him in antipathy for the reason that among the owners of this cryptocurrency a lot of rich and super-rich people. In addition, many Communists believe that cryptocurrencies do not provide remuneration for work and a species of lottery or financial pyramids.

However, some socialists and Communists appreciate cryptocurrencies in a positive way. Perhaps the most famous example is Venezuela’s President N. Maduro, a leader of the United socialist party, whose ideology is founded including the ideas of Marxism. Recently, Maduro has initiated the establishment of a national cryptocurrency Petro and is now trying to develop it.

In fairness, it should be noted that many, and experts in Venezuela and abroad believe Petro dud, and in the spring of this year the U.S. government first officially brought Maduro and his inner circle of accusations in drug trafficking. Unofficially, many experts on the issue have long said that the only real profitable item of the Venezuelan economy is the transit of cocaine, from which huge profits into the pockets of the President and the local security forces— “socialists”.

However, bitcoin and other cryptocurrencies have the support of many Communists, since we are talking about a decentralized structure and a government, which belongs to everyone, not a handful of favorites.

On the other hand, in the left camp, there is no unity on this issue. Some socialists/Communists are considering crypto-currencies as the means of deliverance from the fate of “slave wages”, while others believe cryptocurrency is a purely capitalist idea.

The arguments of the representatives of the first group are as follows: the basic principle of communism (in its intermediate stage of socialism) is a fair wage for all. Bitcoin is meet this condition. The whole system works and is distributed “peer-to-peer” (P2P) nature, which makes it “Communist”.

Some Communists also believe that because cryptocurrency and decentralized’re untraceable, they can contribute to the financial revolution and even “undermine the current scenario of banking”. According to them, cryptanalyse can be an incentive for the construction of the Communist society and the “perfect economy”.

Their opponents claim that the miners use pre-acquired capital, which makes the process of mining capitalist in nature. The ideal of communism – a society without classes and money. Cryptocurrencies can serve as an alternative to the classic Vietnam currencies, but remains money and generate capital (albeit in digital form).

Thus, the question of what kind of economic system belongs to the bitcoin, remains open.

One thing is certain – cryptocurrency could change the existing economic scenario.

Despite single statements “bubble” that will soon burst, most realised their potential and agrees that digital assets are durable and able to replace traditional financial instruments. And this may happen in the coming years, rather than the mythical bright future.

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