An honest critique of Bitcoin money.
Bitcoin is getting a lot of deserved attention. The technology is outstanding. However, it has deep philosophical flaws which prevent it from serving the “have-nots”.
1. Only the elite can ISSUE Bitcoin. Only the elite who have powerful, mega-computers can mine Bitcoin. This is similar to gold and silver commodity money. They are wonderful to have, if you are already wealthy enough to own them. Everyone else must trade their Federal Reserve Notes or time and products to get them.
Better: Barter is free and available everyone. Additionally, any business owner can issue a gift certificate for free which is money. Humanity needs a system where the “have-nots” can issue money.
2. Machines are the basis for the value which backs Bitcoin. Our existing system already places little value on human beings.
Better: Human beings back any form of money. Hour Money permits human beings to “self-issue” money.
3. Bitcoin is built for speculation just like gold and silver. Bitcoin owners hoard it waiting for price to go up. Once people hoard a currency it fails to act as a currency which must flow.
Better: Money is a contract not a commodity. A restaurant gift certificate isn’t the value; the food is the value. The gift certificate just makes barter easier. The flow of trade is maximized when currency flows.
4. Bitcoins value fluctuates like dollars, Federal Reserve Notes, gold, silver etc.
Better: Hour Money stays fixed in value like an inch. This protects from inflation and deflation.
5. Bitcoins are deliberately kept scarce. The entire basis of their value is that they are rare. However, Federal Reserve Notes are already scarce. Humanity needs abundant money in order to have abundance.
Better: Hour Money is as abundant as productivity. The more goods and services produced the more Hour Money is issued.