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Buy bitcoin, bro (thelemmy.club)
submitted 17 hours ago* by to c/memes@lemmy.world
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Buy bitcoin, bro
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[–] 14 points 11 hours ago (3 children)

I loved the idea of crypto. There was even a niche but growing Crypto Leftist movement, creating tech/apps to help the working class (Breadchain), but in 4 years they built basically nothing. Then just fucking everything else got captured by VC money, big tech, and institutions. It's just capitalism 2.0 now. It's such a shame.

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  • [–] 3 points 5 hours ago* (1 child)

    IMHO the problem crypto leftists have had is that our implementation choices generally ignore the "decentralized" requirement to avoid difficult economics problems. We try things like having nonprofits checking IDs, or creating yet another money supply so we can pay the devs from it, or recreating treasury bonds because it looks greener.

    What we need isn't "open source money, but generous". We need to build a new economy outside the old one, and what we're selling won't shoot to the moon overnight. While we can contribute useful tools, we aren't the architects of that future and can't be in charge even for now.

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  • [–] 2 points 4 hours ago*

    IMO the goals of leftists within crypto is:

    1. protect the unbanked, underbanked, and even banked from the exploitative financial system: we’re making progress. There's is demonstrable proof of this. Even just the base protocols (Bitcoin, Ethereum) offer real relief from tradfi. A very simple example is sending aid to Gaza.

    2. remove US hegemonic power by undermining the dominance of the US dollar: we’re making progress, but some things like USDC are actually reinforcing American dominance. The influx of institutions into the crypto space has really undermined this.

    3. move away from capitalism and asset speculation to collective ownership (governance tokens), trade of useful goods (digital or physical), and savings protocols: we’re not making very much progress and are actively moving against this. This is where Breadchain / Bread Coop comes into play. There's so much potential, and some things have been built ... but overall it's been slow and big disappointment as we watch Capitalists actively co-opt crypto. The amount of scams, VC vaporware, rugpulls, casino games, etc seems to grow by the day. I truly believe there's genuine use cases out there, but crypto right now is mostly just ultra-capitalist speculative garbage.

    It's been sad to see crypto leftists like Joshua Davila (author of Blockchain Radicals) move away from crypto and pivot into AI. sigh

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