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> “Within our present oligarchic, exploitative, irrational, and inhuman world system, the rise of crypto applications will only make our society more oligarchic
by RunSet 5y ago
> “Within our present oligarchic, exploitative, irrational, and inhuman world system, the rise of crypto applications will only make our society more oligarchic, more exploitative, more irrational, and more inhuman.”
Varoufakis assumes the current world system will continue to apply but on the scale of human history the current world system is a novelty and there is no reason to expect it to be stable in the long term.
True, the current system needs to create money at a whim so it doesn't want to bitcoin to flourish. It also needs to print money so it can't exist if bitcoin flourishes.
- nsotelo 5y agoHe does state that when (not if) we move beyond the current system, distributed ledgers will become a useful tool. > I consider blockchain, and Ethereum-style mechanisms, as technologies that will prove extremely useful once private property in the means of production ends. But, on their own, these technologies will not liberate us from the extractive power of the few.
- Andys 5y agoAnd yet the very printing of money itself is causing the Bitcoin price to go up even more, making it look more attractive.