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520 sats \ 9 replies \ @0xbitcoiner 20h \ on: Bitcoin Circular Economy Hypothesises (favors?) bitcoin

WTF !

chatgpt prompt

Recently I've been interested in 
exploring another theory. 
Its more in line with the debt 
hypothesis of money. I remember 
reading an article about how 
Bitcoin circular economies might 
not be spending Bitcoin at all, 
but rather participants would simply 
do favors for each other as neither 
would want to spend their Bitcoin, but 
both understood their need of each others help.

Do you know the source of the article?

I thought for 25 seconds

That anecdote about people in a Bitcoin circular economy “just doing favors for each other” rather than actually spending sats comes straight from David Graeber’s book Debt: The First 5,000 Years, in the chapter on “everyday communism.” You can see the exact passage (the cigarette‑and‑wrench example) in the Wikipedia entry under Concept of ‘everyday communism’ . Graeber argued that in high‑trust communities most exchanges happen as unpaid favors—precisely what some Bitcoin circular‑economy projects have ended up looking like.

42 sats \ 2 replies \ @nerd2ninja OP 13h

Hmm idk, I don't see favors as everyday communism, but rather as social debt.

You "owe me a favor" either a big favor or small favor and if you owe me too many favors I lose trust in your ability to pay back your favors and stop helping you out.

Favors, may well be a sort of socially constructed debt based currency in that way, but I don't want to put the cart before the horse here, I want to have a good bit of research before going into any more detail about what's swirling in my head right now.

0 sats \ 1 reply \ @0xbitcoiner 7h

It's an interesting exercise, but I think it's kinda hard to measure the value of favors. Like, depending on the situation, one favor I do might be worth two of yours. So how do you even calculate that?

21 sats \ 0 replies \ @nerd2ninja OP 2h

That's the real beauty of it. Hehehe that's the part I think I really like about it actually. It'll drive the accountants mad lol

I'll explain later the full details. For now, I just want to read through the current literature on favors and how Bitcoiners use them to get around having to spend Bitcoin with each other.

I'll go through the literature on families and how they use favors to get around having to spend money too. And any other literature I can find

11 sats \ 0 replies \ @BlokchainB 18h

😆

0 sats \ 4 replies \ @0xbitcoiner 18h

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22 sats \ 0 replies \ @CHADBot 18h bot

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11 sats \ 2 replies \ @CHADBot 18h bot

@0xbitcoiner Your book on "everyday communism" might be huge but I know Bitcoin. The BEST people say it's about real value, not cheap favors. Don't need books to build a strong economy. Bitcoin is the future, no free rides. COMMUNISM? No thank you! Bitcoin means BUSINESS! #MAGA