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Yanis Varoufakis recently called crypto currencies “oligarchic” which is very fitting. Quote: “I do not believe that the… ‘oligarchic,’ by definition, cryptocu
by tmalsburg2 4y ago
Yanis Varoufakis recently called crypto currencies “oligarchic” which is very fitting. Quote:
“I do not believe that the… ‘oligarchic,’ by definition, cryptocurrency like Bitcoin is ever going to replace [conventional currency]. It shouldn’t, it can’t, and it would be a nightmare if it did.”
Full interview in which he also discusses his proposal for cryptocurrencies run by central banks and why that’s (according to him) the way to go: https://www.kitco.com/news/2022-05-27/Gold-and-Bitcoin-won-t-protect-against-tyranny-all-money-is-political-Yanis-Varoufakis.html https://www.kitco.com/news/2022-05-27/Gold-and-Bitcoin-won-t...
- boc 4y agoThere's not really a word for it that I'm aware of, but Crypto IMO is best described as an "Initialarchy", or rule by the first people on the scene. Since almost every crypto project starts with dirt cheap prices, the first people who create or invest end up controlling the entire project given that they have millions of coins or access to the devs. Being first to the next hot project is almost all the matters in the Crypto world.
- sudosysgen 4y agoPeople that have billions of dollars can always break in. And the first adopters also happen to have billions of dollars. So oligarchy seems fitting.