Bitcoin mining is a real world version of Keynes' quote about labour productivity[1].
The important difference is that the money doesn't belong to any country, and is transformed purely into personal wealth. This will lead to wealth inequality the likes of which we have never seen. Governments should charge miners a lot more for just existing, and using all the infrastructure the public has funded to spin money out of thin air which will never help pay for that infrastructure or contribute to any of the economic activity which keeps a country going.
Why we let people dealing in financial instruments acquire so much wealth and power continues to baffle me.
This is also a good argument for the wealthy to pay their taxes. The roads people use to get to the store cost real money. But that doesn't really happen either.
The important difference is that the money doesn't belong to any country, and is transformed purely into personal wealth. This will lead to wealth inequality the likes of which we have never seen. Governments should charge miners a lot more for just existing, and using all the infrastructure the public has funded to spin money out of thin air which will never help pay for that infrastructure or contribute to any of the economic activity which keeps a country going.
Why we let people dealing in financial instruments acquire so much wealth and power continues to baffle me.
[1]https://en.m.wikiquote.org/wiki/Talk:John_Maynard_Keynes#%22...