Socialism is an outdated, retarded political ideology that's for boomers still stuck in the previous centuries.

The form it takes can vary and take different names and definitions, but the underlying core idea remains the same.

It is also fundamentally incompatible with values that Bitcoiners generally care about - like privacy, free speech, property rights, freedom of trade, sound money, savings, and free markets.

Why?:

Privacy: Socialism involves coercive wealth redistribution in the name of equality, fairness, compassion and social justice. It involves taxation and expropriation of people's income, for which privacy will be eradicated by the government. Taxation and privacy are incompatible.

Free speech: Socialists advocate for the government to take over the means of production. This entails them taking over all the means of producing media and information like news channels, newspapers, social media platforms, websites, the internet, etc. Everything will be claimed to be democratically run. But the reality is, bureaucrats in the 'ministry of communication' will determine what speech is acceptable and not.

Property rights: Not only will your income be taxed, but all your supposedly 'excess' land will be 'democratically' seized by the government, collective or the community. What you use your property for will be determined by politicians, bureaucrats or caretakers.

Freedom of trade: You can't simply just start a business and make profits from it and keep it. The government will have a tendency or desire to run your business and determine what must be produced, in what quality and quantity. The pathway will be cleared to regulate everything and make sure only the acceptable businesses are allowed to run.

Sound money: The government will also take over the means of money production. It will decide what money people use and the acceptable interest rates for savings and loans. You can't simply transact with whatever currency you choose. A committee of intellectuals will decide how much total credit is acceptable.

Savings: And of course, if the government determines that you have too much wealth according to its arbitrary standards, it will call you a 'hoarder' who is not using wealth 'productively'. It will make sure you cannot save, because savings will cause unequal outcomes and opportunities for people.

Free markets: Because you can't save, use sound money or the money that is best for you, engage in the trade that you deem the best for your livelihood, properly own your property and decide how it is put to use, enjoy the complete fruits of your labour, there is little possibility for market prices and interest rates to emerge. The free market will simply be called the 'black market'.

It must also be made clear that conservative protectionism of 'native' and 'local' businesses - big and small, through regulation, tariffs and production subsidies is also a form of socialism.

It means production is subject to the interests and fulfilment of the ends of an arbitrary and collective 'race' or 'nation'.

This is not compatible with the above values either.