Since our Crypto section has been closed, this may be the best place for this. If it is not, mods, please move it.
We have had many discussions here about crypto, its impacts, it’s value and the many opinions we all have. As this evolves, it is getting clearer that it may not be the “Everyman” utopia that it was originally set out to be. Yes, I have been a critic of this, as I have been vocal about this concept for many years. Just read this article -
https://jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization - and it sums up the things I have been saying about this concept for a long time, but it also goes a bit further than I have. The last two paragraphs of the opinion sums it up well for me:
- “The 2008 financial crisis made clear why the financial sector must be brought under public control. Cryptocurrency and “decentralized finance” aren’t special — they’re just more of the same privatization and deregulation masquerading as high-tech “solutions” we’ve seen in other industries. Unregulated, privatized financial markets pose the same risks to the public whether or not they are “on the blockchain.””
- “In the case of cryptocurrency, regulation is an existential risk precisely because regulatory loopholes and fraud are the only reason the industry appears profitable despite being wholly unproductive and a waste of energy resources. The same applies to private cryptocurrencies as a whole. The longer governments take to ban them, the worse normal people will be hurt.”
If regulation is an existential threat to this concept, then the concept itself is a threat because if it cannot survive the regulatory, then it cannot survive. Please help us understand how it protects the “Everyman?”
The ramifications of this are all around us, our environment, foundry capacity, the supply chain, scalping, bots, inflation, and now the news about crypto-type concepts working into games for loot and other things. Is this good? If it was good for the “Everyman,” would so many be using this to increase corporate profits? I have never said blockchain is bad, as it has many applications and is yet to be leveraged to its fullest, but it is being stigmatized by the entire crypto concept and the way theft, bad actors, as well as those who support it, and the general operations within a crypto environment are playing out. NFTs anyone? If you cannot secure it, I know I will get push back on this, is it really a currency? Do we not already have digital currency in the way we all use credit cards?
When we then look forward to the metaverse or whatever this misguided concept is (even taking out Fadbook and Zuckerberg), it seems that these moves to the digital world are rife with potential problems. We already have Walmart and RLP selling digital items in this arena. Great, now we have to compete with the Jones on what our avatars wear. Do we need groceries and home furnishings in this place? What for? There seems to be a steady path to exploit the consumerism we have grown into the main unit of our economy. I’ll stop here to then let the discussions roll.