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Capitalism by nature depends on (and incubates) inequality. Everything becomes about acquisition and hoarding of finite resources. Cryptocurrency, for good or

Capitalism by nature depends on (and incubates) inequality. Everything becomes about acquisition and hoarding of finite resources. Cryptocurrency, for good or bad, at least seems to democratize access to cryptocurrency systems and services (for some narrowly defined definition of what constitutes access). Anyone with cryptocurrency, unrestricted internet access, and a computing device can transact on the blockchain. That applies whether they have been erroneously flagged for ToS violation by google, or whether they're a corrupt nation-state that is being sanctioned by other countries. Anyone with the capital can purchase shares in a DAO without needing to be deemed a qualified investor (in theory, if such a DAO was actually decentralized). Or buy and sell crypto more than 5 times a day without meeting requirements to participate in pattern day trading. There are plenty of inherent problems also, but I think Olsen spends much of his video attacking strawmen. Crypto isn't going to solve inequality; the blockchain just provides a neutral place for parties to engage in various kinds of transactions/agreements.

chowells 5y ago
What's neutral about early dopters having paid far less for their cryptocurrency? That seems highly biased.
- pcthrowaway 5y ago
  Not just biased, it's unfair (like everything else) The blockchain itself is neutral; anyone who can pay the network cost (which safeguards against spam and rewards/incentivizes validators securing the network and executing the transaction) can transact on it Olsen (and a lot of other people) conflate the two. Absolutely, crypto prices mooning contributes to a widening divide between haves and have-nots (or early adopters and later arrivers). This is an issue with everything else too. People buying land in an up-and-coming city have an unfair advantage over people trying to rent a closet in a densely packed metropolis. People being born today inherit a planet that has been stripped clean of resources and polluted for centuries. Late-stage capitalism's end game is to consume everything and everyone. Crypto doesn't fix that, despite some people claiming it as a goal. In some ways, crypto can make this easier (improved market efficiency). In other ways harder (transparency, democratization of access)

chowells 5y ago

What's neutral about early dopters having paid far less for their cryptocurrency? That seems highly biased.

pcthrowaway 5y ago
Not just biased, it's unfair (like everything else) The blockchain itself is neutral; anyone who can pay the network cost (which safeguards against spam and rewards/incentivizes validators securing the network and executing the transaction) can transact on it Olsen (and a lot of other people) conflate the two. Absolutely, crypto prices mooning contributes to a widening divide between haves and have-nots (or early adopters and later arrivers). This is an issue with everything else too. People buying land in an up-and-coming city have an unfair advantage over people trying to rent a closet in a densely packed metropolis. People being born today inherit a planet that has been stripped clean of resources and polluted for centuries. Late-stage capitalism's end game is to consume everything and everyone. Crypto doesn't fix that, despite some people claiming it as a goal. In some ways, crypto can make this easier (improved market efficiency). In other ways harder (transparency, democratization of access)