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#176 – Robert Breedlove: Philosophy of Bitcoin from First Principles
Lex Fridman Podcast
Property is a Relationship, Not Just an Asset
Property transcends the mere concept of being an asset; it embodies the socially acknowledged relationship between individuals and the assets under their care, encompassing exclusive rights and responsibilities. This relationship is pivotal, as it emphasizes that property is fundamentally information rather than the physical asset itself. To ensure fairness, the contributions individuals make must align with the considerations they receive. The principles of natural law establish that people have inherent rights to life, liberty, and property, laying the groundwork for both morality and capitalism. At its core, the emergence of capitalism can be traced back to fundamental human actions—like a caveman seeking shelter to protect himself from the elements—as opposed to the aggressive appropriation of another’s labor, which defines early communistic or socialistic tendencies. In a capitalist framework, individuals retain exclusive rights to the products of their labor, fostering a system where they can trade ownership rights, while socialism implies shared ownership of these rights, often directed by the state.
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