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Title: What if the minimum wage was set to 1 Bitcoin per hour? Post by: EndTheBanks on January 09, 2012, 04:06:51 AM What would be the economic effects of setting a scarce currency to such legislation?
Let's assume Bitcoins can only be legal tender in this situation. Nothing else. Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: Phinnaeus Gage on January 09, 2012, 06:04:35 AM I was just on Twitter and searched #Bitcoin. The title of this thread was at the top of the list. I knew when I read it, who penned it.
~Bruno~ Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: JeffK on January 09, 2012, 03:17:47 PM Permanent serf underclass
Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: FreeMoney on January 09, 2012, 06:27:05 PM It would be similar to outlawing work in 2014.
Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: Explodicle on January 09, 2012, 07:00:06 PM 1. Gradually increasing unemployment, and
2. gradually increasing warm fuzzy feeling among people who don't understand economics. Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: Nesetalis on January 09, 2012, 07:01:06 PM 1. Gradually increasing unemployment, and +12. gradually increasing warm fuzzy feeling among people who don't understand economics. Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: RandyFolds on January 10, 2012, 11:48:57 PM Oh Atlas, you will appreciate minimum wage when you can't get a real job due to that mean case of pompous-ass-syndrome.
Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: SgtSpike on January 10, 2012, 11:51:03 PM 1 BTC/hour?
Considering there are a few billion working-class people in the world, and only 21 million BTC to potentially pay them with... I'd say there's bound to be some riots when companies can't cut their employees paychecks at the end of the month! Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: tiberiandusk on January 11, 2012, 10:50:08 PM We would run out of whole bitcoins very quickly. There are way more than 21 million man hours put in per day.
Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: Sovereign on January 12, 2012, 07:09:20 AM You would only prevent people who can produce less than 1 Bitcoin per hour from work.
Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: The Script on January 12, 2012, 08:56:28 AM Oh Atlas, you will appreciate minimum wage when you can't get a real job due to that mean case of pompous-ass-syndrome. Do you deny that minimum wage causes unemployment? Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: film2240 on January 14, 2012, 08:00:44 PM I'd welcome it if I was hired/paid in BTC for a job (That's just because I grew up in a country where minimum wage laws are generally used often,like in UK).Expect running costs to go up for businesses.
Title: Re: What if the minimum wage was set to 1 Bitcoin per hour? Post by: brunoshady on January 27, 2012, 07:42:07 PM don't worry, there will be a solution to this
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