Damien Donnelly


Universal Basic Income and Bitcoin

Recently I received a deluge of criticism for the statement “If you understand Bitcoin then you support Universal Basic Income”. This statement was seemingly obvious but was derided as being moronic and non-sequitur. Even when prefaced with the statement that those that are against Universal Basic Income (UBI) generally don’t understand economics or money. The sequential logic here being Bitcoin relates to understanding money relates to understanding economics relates to economic policy = UBI.

The general concept of money has ben confused with wealth, currency, and even dollars. Fortunately our language distinguishes between these concepts, even if the meanings of the words has blurred into each other. Wikipedia does a pretty good job of defining it;

“Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a...

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