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Why cryptocurrencies matters for society?

Every time I heard someone saying “crypto is bullshit, it’s just digital capitalism and speculation profits” I scratch my head. I know bitcoin energy costs is something to be fixed, as it consumes more energy than a lot of countries. And environmental issues must be one point of concern.

However, I feel the cryptocurrency technology is something important for society. At least it was created on top of cypherpunk ideals and it probably brings something good to the world. I just couldn’t have a good panorama yet (that’s my hypothesis. I could be wrong).

Help me put that all together. Why crypto matters for society? What do you think?

My starting point is this Time Magazine article: https://time.com/5486673/bitcoin-venezuela-authoritarian/



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8 Comments

  1. Cryptocurrencies remove the countless middlemen who only think for themselves and act as if they know what’s best for everyone, it decentralizes atuff, where, everyone stands epual to one another, no advantage over another or anything.

  2. DeFI matters. Think about being somebody in a small town in Africa how do you enter global markets? Get loans? Etc. They aren’t afforded the ease it comes to download an app and enter some of the greatest capital markets on earth. Add on horrendously managed governments that have hyper inflated their native currencies and people in this areas are fucked financially all because of things out of their control.

    DeFI allows people to engage in global finance without some top down structure approving you to do so

  3. just because something is created with certain ideals doesn’t mean it can’t be co-opted by corporations/the rich – just look at how the recording industry commercialized and as a result neutralized punk rock.

    right now the market cap of crypto is still relatively low, meaning institutions/rich people still have the capital to manipulate the market in their favor. pump the coin, retail FOMOs in, then sell, retail FOMOs out at a lower price. i think the community seems to be learning how to handle the volatility, but it still happens with very new entrants (look at the massive individual sell orders for DOGE during SNL).

    however with platforms like ethereum i think there is very real opportunity to create a better process for creating monetary dynamics that are more fair, or incentivizing and rewarding those who deserve merit, through decentralization. for example, permissionless finance with the same requirements and terms for everyone. or creating social media/search engines that encourage either holding tokens or small fees to access, which would disincentivize the developer from using data or prioritizing certain search results that align with the developer’s interests rather than trying to provide objective results for a given search query (FB/google are free to use, so the only way they can ensure their existence and growth is through selling user data/increasing purchases made through ad links) – developers could hold tokens that increase in value with usage, either because of higher demand or due to deflation from burning fees

    current incentives for internet developers are terribly misaligned with what would benefit the user the most, which is funny because without users they wouldn’t have any profit opportunity in the first place. decentralization (important due to trustlessness) and tokenization of current services could truly change the internet and as a result the culture at large, and i’d love to see this pipe dream realized – hopefully the speculation will bring rise to better understanding at large, though i still doubt whether it is ultimately good for the space

  4. Ok, from what is being said up to now, it matters because:

    * Decentralization in general (and DeFi by consequence) is important.
    Right. Agreed. Mostly because of what is being said in the Time article I linked. But this explanation lacks real world grounds. I mean, I agree, but besides the value it adds of being able to bypass censorship and messed economies, what else? Why removing “the middle man (aka the banks and govs) is crucial? That’s the kind of clear explanation I’m looking for.

    * a blockchain-based Internet could be probably better.
    Fair point. That’s something I haven’t been thought. Agreed.

    But it seems I can’t see more beyond it… how can I argue with someone saying that crypto is bullshit? How can I convince them we should have widespread cryptocurrencies for a better world?

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