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Author Topic: What if the minimum wage was set to 1 Bitcoin per hour?  (Read 1911 times)
EndTheBanks
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January 09, 2012, 04:06:51 AM
 #1

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.
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Phinnaeus Gage
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January 09, 2012, 06:04:35 AM
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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~
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January 09, 2012, 03:17:47 PM
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Permanent serf underclass
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January 09, 2012, 06:27:05 PM
 #4

It would be similar to outlawing work in 2014.

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January 09, 2012, 07:00:06 PM
 #5

1. Gradually increasing unemployment, and
2. gradually increasing warm fuzzy feeling among people who don't understand economics.
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January 09, 2012, 07:01:06 PM
 #6

1. Gradually increasing unemployment, and
2. gradually increasing warm fuzzy feeling among people who don't understand economics.
+1

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January 10, 2012, 11:48:57 PM
 #7

Oh Atlas, you will appreciate minimum wage when you can't get a real job due to that mean case of pompous-ass-syndrome.
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January 10, 2012, 11:51:03 PM
 #8

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!
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January 11, 2012, 10:50:08 PM
 #9

We would run out of whole bitcoins very quickly. There are way more than 21 million man hours put in per day.

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January 12, 2012, 07:09:20 AM
 #10

You would only prevent people who can produce less than 1 Bitcoin per hour from work.

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January 12, 2012, 08:56:28 AM
 #11

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?
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January 14, 2012, 08:00:44 PM
 #12

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.

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January 27, 2012, 07:42:07 PM
 #13

don't worry, there will be a solution to this

😆
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