A little embarrassing…but before becoming a socialist, I briefly got into cryptocurrency 🤮. I had staked (locked up) some crypto on Coinbase and they kept extending the period before I could sell it.
Well, they finally let me sell it and now I don’t have any crypto. One positive about this experience…I doubt I’ll ever get scammed again.
How sad, that such an interesting technology (from a technical standpoint) has ended up becoming little more than an elaborate scam, a gadget of capitalism at best. I hope someone will find a way to use blockchain algorithms for good, but that simply hasn’t happened so far.
I’ve been thinking about the “work certificates” thing that Marx proposes for abolishing money when achieving communism, and one way to do that right could be through a blockchain-type thing, in order to perfectly calculate the certificate’s value based on the work performed, then make them nontransferable and forge-proof. So the tech could be useful by then. Correct me if I’m wrong on the work certificates thing though.
100% agree. There is a lot to be said for a massively complex and dynamic ledger system that is open to outside examination.
It will be used. Iran and the DPRK are already putting resources into it. What I always say is that it is something which will be useful, not valuable (in the long run). Also, I don’t judge a tool entirely based on how it’s been used by some people. I am still withholding judgment… from an administrative perspective I think blockchain and NFTs will be very convenient. But in the meantime it is definitely being used as a speculative cash grab by wall street and your standard capitalist leeches.