25 Jul '14, 3pm

Bitcoin and Marx’s Theory of History

Bitcoin and Marx’s Theory of History

This article first appeared on page 26 of Issue 21 . You probably don’t think about Marxism when you think about Bitcoin. To most people, Marx is known as the guy who didn’t like private property and capitalism in general. Bitcoin, a cryptocurrency with the ability to encourage markets by breaking down the worldwide barriers created by multiple national currencies, doesn’t seem like it has much to do with him. You would probably think that Marx wouldn’t like Bitcoin. But I don’t think so. I believe if Marx were around today he would see Bitcoin as an excellent example of his Theory of History in action; a global system, with roots in the crisis’ of capitalism, that will bring the world closer to his utopian ideals. What many people don’t know about Marx is that he admired capitalism as a creator of wealth. While he despised the way that it abused the labor of the proletari...

Full article: http://bitcoinmagazine.com/15148/bitcoin-marxs-theory-his...

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