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You put up the capital. A miner, cooling, real estate, and electricity. It’s a risk because you may or may not find a block. The person putting up the capital (stored time and energy) may or may not get paid. They may never hit a block. Not all businesses are successful.

BlueDuckBTC 5mo ago 💬 1

Yes, but you are compensated for that risk, that’s what a salary or wage is.

Yes, you buy the equipment but you don’t get paid unless the miner is…mining. It is rent seeking behavior to want something for nothing, bitcoin does not allow that.

You are right, if they are not good at the work they do, they may not get paid…workers take the same risk. I would argue the workers have more risk if someone else owns all the means to production. If one person owns the means and they make a stupid mistake, those workers lose their job to no fault of their own. How is that not more risk?

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Discussion

CarteBlanche 5mo ago 💬 2

That’s how.

BlueDuckBTC 5mo ago

I’ve started multiple companies without going into debt and although I did not take a salary until after 6 months, I was still making money.

Now, if you have a company that takes on large amounts of debt on the front end, it may seem “unprofitable” until the income outweighs the costs. Now, keep in mind, an owners salary is included in the costs…so they are making money.

Moving on to “proof of work” and risk. If a company is in so much debt or is unprofitable AND someone decides to help that person(s) make more money…are they not taking same risks AND building the company as well?

BlueDuckBTC 5mo ago 💬 1

This also has the nuance of broken money involved. Capital has to seek risk in order to maintain purchasing power by creating capital with capital. Hence so many “investors” out there throwing money around. I believe in a Bitcoin world, we will get back to growing companies they way I have done it and it was done in the past. You start small, pay your way, share profits, create a reputation, and compensate those who actually work.

CarteBlanche 5mo ago 💬 1

I 100% agree with this 👆🏻

BlueDuckBTC 5mo ago 💬 1

Well good, I’m glad we found common ground!

CarteBlanche 5mo ago 💬 1

We agree that organic growth will make a comeback. However, even on a bitcoin standard, starting a business will be risky still. If the economy is deflationary, people will become much more risk averse. This could cement in legacy businesses such as Walmart.

BlueDuckBTC 5mo ago

lol, I disagree with your second part. IF Booth is right, and I think he is, bitcoin will create a means for true savings AND cost of living will continuously go down.

When this happens, workers will become the ones with power BECAUSE you will need to highly incentivize people to work, especially if they really don’t need to. Leading to workers being able to negotiate from the strongest starting point.

This still doesn’t negate that it is intolerable to steal the wages of workers because you own the means of production, that ideology would still need to be cemented in “proof of work” BUT, bitcoin gives the workers a leg up.

I still fear centralizing of money, influence, and power…only if we lose the war with ideologies. nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe