Bitcoin and the Political Economy
story © Michael Betancourt, June 18, 2013 all rights reserved.
My analysis of Bitcoin has been published on CTheory.
What is apparent in Bitcoin is a dramatic reification of capitalist ideologies and valorization of commercial exchanges as the currency itself (new Bitcoins are mined through the exchange of existing Bitcoins) in a direct expression of the capitalist imperative to expand into new domains: the valorization of social activities -- such as friendship circles, browsing in a bookstore, or shopping without purchasing -- becomes valuable as the "authorship" already present in social media is taken to its logical conclusion as the Bitcoin.
Copyright © Michael Betancourt June 18, 2013 all rights reserved.
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