Bitcoin was supposed to demonstrate the power of a true free market. Instead it’s full of bitcoin part 1, rent-seekers, theft, useless for real purchases.
Adam Chalmers Blaming the free market is a tried-and-true excuse for government wedging itself into situations that would normally resolve themselves. The free market is also a reliable scapegoat for messes created by government and its crony capitalists. Many people believe in the turpitude of the market place because the accusation is so often repeated and because it has a surface credibility. Financially awful things happen to people in the free market. But who or what is to blame? 94470 single-format-standard the-satoshi-revolution-chapter-3-wall-streeting-bitcoin-part-5 global-block-template-1 td-magazine single_template_2 wpb-js-composer js-comp-ver-5. The Satoshi Revolution: A Revolution of Rising Expectations.
Blaming the free market is a tried-and-true excuse for government wedging itself into situations that would normally resolve themselves. The free market is nothing more than individuals exchanging with each other in the absence of the state and other forms of force, including fraud. Some individuals will act badly because that is a choice human beings make on occasion. Not all bad behavior will involve force or fraud. The free market corrects for criminal behavior in many ways, including a court system for redress and ruination of the criminal’s reputation. The faux exchange is often one-on-one, which further limits damage because the injured party can refuse further contact and proceed with greater caution.
Otherwise stated: human beings are fallible, and some are given to vicious behavior. The free market is a massive collection of individual choices that are driven by an almost infinite number of motives upon which no ban is passed as long as the expression is peaceful and not fraudulent. Overwhelmingly, people will act in their own rational self-interest. But a significant minority will act like fools or like rogues. No human arrangement is utopia. The question is whether any other system is better. More pointedly, does a centralized system under government control contain more or less force and fraud than a free market one?