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Author Topic: DEMOCRACY VS COMMUNISM ON BITCOIN?  (Read 40 times)
vrd
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February 13, 2018, 03:41:55 AM
 #1

I have started this topic to have a greater understanding of the approaches of both the ideologies, on something which is beyond their control.
we have USA AND CHINA they both have a clear stand on cryptos, I  welcome you all to give your opinions on the same.

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February 13, 2018, 06:01:34 AM
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 #2

My guess is that neither likes it.

Authoratarian regimes (like the CCP in China) would never want the people to be in control or power to be distributed among the masses. Something like Bitcoin or decentralised ledger is a threat to that idea itself. And even Democracies like US, because of the existence of taxation etc, they like to think an alternate payment system is a route for tax evasion, money laundering etc.

And by the way, I'm talking the specific case of cryptocurrencies serving as an alternate payment method. I assume most countries have taken a positive stand on the underlying blockchain technology.

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February 13, 2018, 08:38:49 AM
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China is not a communist country. It is socialist country with market economy.

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February 13, 2018, 02:06:16 PM
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Democracy form of government has a lot of freedom to their people, including the trading of bitcoin,While Communism is on full control of their people, China was from communism then shift to socialism, but most of the rules are taken from communist form of government, maybe the reason why they banned the BTC,it is because they don't want their people earn money
in this way, they want the people go on farming.  

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February 13, 2018, 02:18:52 PM
 #5

Democracy is just have a freedom to choose but it must be guided because some will misunderstanding that will lead to abuse. While the communism is like you dont have a choice but well organize and less crime because the government can monitor the movement of the community.
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February 13, 2018, 02:25:35 PM
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Communism is made for economic purpose. It is for the equal share and responsibility of the people in an economy likewise, democracy is a form of government wherein the people have freedom and rights.
They are both different aspect and I cannot decide which is better because even a certain country have the best market structure and form of government, if the government itself is corrupted, the citizen always suffered from a great loss.
There is no such thing as best economic model.
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February 13, 2018, 03:31:03 PM
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Based on how both of those systems, socialism and democratic, treat a new and disruptive technology, we can see that at the bottom of those two systems is the greed for power.
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February 13, 2018, 03:51:31 PM
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America and China have different economic concepts.In as much as bitcoin
is concerned which is a totally different paradigm shift from the usual fiat
currency, the two western and eastern nations of the world are bound to
accept the innovation, study it while developing strategies to benefit
immensely from it.America tends to gain majorly through taxes generated
from crypt traders while China concentrates on mining policies and laws.

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February 13, 2018, 06:08:29 PM
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My guess is that neither likes it.

Authoratarian regimes (like the CCP in China) would never want the people to be in control or power to be distributed among the masses. Something like Bitcoin or decentralised ledger is a threat to that idea itself. And even Democracies like US, because of the existence of taxation etc, they like to think an alternate payment system is a route for tax evasion, money laundering etc.

And by the way, I'm talking the specific case of cryptocurrencies serving as an alternate payment method. I assume most countries have taken a positive stand on the underlying blockchain technology.

Well said. Totalitarian governments have more to lose from people switching to cryptocurrency than democracies. That's why the Chinese government has encouraged companies like TenCent to improve non-cash transactions. This have the additional benefit (for the gov't) of being able to track what people are using their money on. For citizens it basically fulfills the ease of transaction bitcoin promised minus the chance of gaining a profit (though no profit is worth it if the CPP decides to go after you anyway  Grin).

With democracies the main fear of the government is losing funds plus the loss of control over the financial system (they've reserved the right to mint for themselves as well as regulating banks, etc).
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