I mean communism looks pretty cool on paper too, the actual idea. But we seem to have had a real hard time implementing it. Could crypto be like that?
Maybe it works poorly for traders but those of us actually using cryptoassets for privacy, inflation resistance, and censorship resistance ignore the scams and traders. Scams and traders dominate the conversation of most new technology. Same things happen in traditional markets.
Cults of personality and false promises by corporations inflate stock prices all the time. Takes a while to find the real price sometimes.
I was buying at $10, $1k, $10k, $60k, and everywhere between. I will be buying at 100k too.
Deflationary assets trend to be short term volatile, but long term up.
Heh, gotta say cryptos have weathered their first real test as a hedge against rising global inflation (since early 2021) really well. Meaning, the rising interest rates have almost decimated dollar valuation of cryptos as the tech gold rush imploded.
Please do not mistake this article's author's concern as an attack on the libertarian fundamentals of cryptocurrency. The article is about how crypto has been marketed as an investment to retail consumers, and this space is simply wrought with terrible scams.
Cryptocurrencies current landscape is just same as the current financial system indeed. Cypherpunk ideals are long gone.
(Also just to point out, Communism isn't an "alternative" to capitalism, but actually the conclusion to it... on paper) - That is, even if you're right, Capitalism is required to achieve communism... so it seems "hellscape" is the only way.
Same story in crypto. There will be shock and awe when Binance falls and plenty of people saying “real crypto has never been tried”.
Maybe the pattern is toltalitarian countries are going to be toltarian regardless of what they call themselves.
As far as crypto goes, there are like a billion different variations on the idea, most are scams, and i dont think i have ever heard anyone say "real crypto hasn't been tried" before this.
Australia, Sweden, Norway have been much better examples. Though their secret has been to not call it Communism/Socialism but instead something like "liberal democracy" or "democratic socialism".
Agree there is propaganda war that has been waged to ensure communism looks bad... which is why it's potentially a good parallel for crypto, as I think (potentially even literally not just metaphorically) the same vested interests are against it.