Bitcoin, Dirtcoin, and Dirty Coins

Abstract

This chapter examines the relationship between Bitcoin and the Marxian theory of value, building upon recent papers that argue for Bitcoin’s association with Socialism. Drawing parallels between the two, both Bitcoin and Marxian theory seem to consider labour, or work, as the basis of value. A similar perspective can be found in Platonov’s novel, The Foundation Pit , written during the peak of productivity propaganda in the USSR in the 1920s. Is “mining” for Bitcoins akin to ceaselessly excavating a pit, generating something devoid of use value, but ascribed economic value through an idealization of labour? Ultimately, this chapter claims that Bitcoin is more akin to attempting to sell bottles filled with exhaust fumes. If seen through the lens of the Marxian theory of labour, the value of the Bitcoin should be grounded on the concept of labour of nature.