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I do think that this is one of the few things that blockchains offer that is unique. It enables the financialization of everything. Suddenly I can make financia
by UncleMeat 5y ago
I do think that this is one of the few things that blockchains offer that is unique. It enables the financialization of everything. Suddenly I can make financial derivatives of ape jpegs or other transactions or any thing I can find on the blockchain.
A big question is whether this is good. We've seen surveillance capitalism turn much of our lives into advertising derivatives over the last two decades and many people think that this is a bad thing, enabling megacorporations to extract value from our ordinary lives. I can see the same thing happening over the next two decades with megacorporations extracting value by creating financial derivatives of my behaviors as expressed on a public blockchain. And I'm not super excited about corporations betting on how much money I will pay to watch a superhero movie or whatever.
We saw how much damage financialization of just mortgages could cause. Imagine how much damage the unregulated financialization of everything could cause.