πŸ“š node [[the logic of cryptocurrency is inherently capitalist]]
πŸ“• contributed by @ryan πŸ”—

the logic of cryptocurrency is inherently capitalist

[[Cryptocurrency]] functions as a way to reify the most destructive parts of capitalism. Cryptocurrency emerged as a [[libertarian]] project, with the hope that it would replace the dollar and get around having a [[Federal Reserve]]. In practice, cryptocurrency has never been used as a currency[^fn:1] and has only been used for so-called criminal activity.

It is, in practice, essentially a get rich quick scheme, and those that benefit from it are the already wealthy.

So-called [[proof of work]] mining is β€œan encoding of the bourgeois labor theory of value.” It acts as a means of encoding libertarian politics into software.

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