Blockchain technology is going to change everything: the shipping industry, the financial system, government … in fact, what won’t it change? But enthusiasm for it mainly stems from a lack of knowledge and understanding. The blockchain is a solution in search of a problem.
My biggest issue is that cryptocurrencies basically try to be a remedy for an issue capitalism created, but at the same time they do not aim to transform capitalism but only to give a more pleasant alternative. Most of the times they can’t even be used for day to day shopping by regular people, so their only purpose, or at least it’s main purpose ends up being speculation by middle class white boys in first world countries.
Everything novel will eventually end up as a speculative asset. In ages past, the amount of money available to be invested and the amount of investments (mostly) matched. But as the world grew more wealthy, suddenly there were many more people (even some middle class) who had surplus wealth to invest.
However, the number of investment opportunities either didn’t much grow, or grew modestly. And now there’s a mismatch.
This causes those with surplus wealth to chase ever-riskier opportunities, to fall for all sorts of scams, and to speculate in all sorts of assets… even to the detriment of markets.
The thing I find ironic is that this seems to be an actually valid criticism of capitalism, but one that I never hear spoken among the so-called and self-identified anti-capitalists.
As for Bitcoin, its development is now in control of those who seek to develop it only as a speculative asset. It can never become a currency alternative at this point, they’re actively steering it away from that original goal. The rest will fare little better, given that there is rising sentiment (especially among the left, but not only among them) to ban cryptocurrency outright over concerns (legitimate? I can’t say) that it will result in even more frightening climate change scenarios. We’re probably only years away from outright bans (though how they’d police that is difficult to say, might require crackdowns on general computing itself).
Crypto wars :D
If white boys in middle class countries now have a something good, that is great. I think it is Venezuala that now uses Bitcoin for every transaction (not sure how). My main objection to crypto is the cheating by some who introduce the currency, so there are a few who control it, but still more people than in fiat. If it hurts central banks, I am all for it. It seems to have the ability to spread power around more. But, there are criminals in every field. I saw a video last night that some were calling for regulating “stable coin” more. I think that could just make people turn to other cryptocurrencies. Buyer beware, yes, that is with ANY product.
I am very turned off by the men treating crypto like gold-mining, though. I see their videos and comments and think they look like half-starved wolves ripping apart prey. Calm the f*ck down and try to show some restraint or class.
You’ll find that our overlords can’t care less what happens to banks. Only lowly people like us depend on banks for our savings and daily payments. The bourgeoisie owns the means of productions and vast areas of land, has private security and the police licking their boots.
As much as i’m against money, replacing money controlled by the State (eg. anonymous cash) with money controlled by private corporations (eg. far-from-anonymous Bitcoin controlled by Bitmain & friends) doesn’t sound like a great idea.
In the past they cared enough to create wars over it. If people agreed more on definitions, conversations would be more productive:
bourgeoisie boo͝r″zhwä-zē′ noun The middle class.
That tended to mean small to medium sized business owners in the old movies. I am not too worried about them. Conglomerates (BigTech, BigPharma, BigFarm, etc.) scare the hell outta me. These are the overlords and many of their names will never make the official Top 100 Richest People list because they prefer to not be targets or get too much attention.
Less well off people were sour about the bourgeoisie because they could see them and sometimes had to interact with them. They were jealous. They couldn’t see their real enemy and never knew their names or faces probably. They could never move in those circles.
In the past they cared enough to create wars over it. If people agreed more on definitions, conversations would be more productive:
bourgeoisie boo͝r″zhwä-zē′ noun The middle class.
That tended to mean small to medium sized business owners in the old movies. I am not too worried about them. Conglomerates (BigTech, BigPharma, BigFarm, etc.) scare the hell outta me. These are the overlords and many of their names will never make the official Top 100 Richest People list because they prefer to not be targets or get too much attention.
Less well off people were sour about the bourgeoisie because they could see them and sometimes had to interact with them. They were jealous. They couldn’t see their real enemy and never knew their names or faces probably. They could never move in those circles.