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> because the main distinguishing factor is that 'real' crypto assets are designed to perform some economic or financial purpose whilst memecoins are not This

> because the main distinguishing factor is that 'real' crypto assets are designed to perform some economic or financial purpose whilst memecoins are not This seems like dressing up intent in another phrase and treating it the same. Regardless of intent, crypto currencies mark avenues of mass transfers of economic value. Introducing intent just seems like an obvious way for people pushing crypto to avoid regulation despite pushing the same venues of mass transfers of economic value. It doesn't matter if people had good intents, the behavior itself still must be punished for guidelines to make any sense. At the end of the institution of chattel slavery in the south, the justification wasn't economic, it was moral. (At least in popular, individual conception of the discourse.) To "free" enslaved people was to release uneducated, unprepared people to the world, unprepared to take care of themselves. It was clearly a moral motivation, even if extremely misguided and bigoted. Why would we particularly care about intent here when it's more difficult to come up with a plan for this "coin" where people are not obviously misled and misguided? Surely people would push that "great businessmen" or however you term rich people are better at guiding financial policy allegedly directed by democratic control. (Certainly, crypto offers basically no democratic control outside of control of crypto itself.)

desumeku 2y ago
> Certainly, crypto offers basically no democratic control outside of control of crypto itself. "For the hardcore neo-reactionaries, democracy is not merely doomed, it is doom itself. Fleeing it approaches an ultimate imperative. [...] Predisposed, in any case, to perceive the politically awakened masses as a howling irrational mob, it conceives the dynamics of democratization as fundamentally degenerative: systematically consolidating and exacerbating private vices, resentments, and deficiencies until they reach the level of collective criminality and comprehensive social corruption. The democratic politician and the electorate are bound together by a circuit of reciprocal incitement, in which each side drives the other to ever more shameless extremities of hooting, prancing cannibalism, until the only alternative to shouting is being eaten."

desumeku 2y ago

> Certainly, crypto offers basically no democratic control outside of control of crypto itself. "For the hardcore neo-reactionaries, democracy is not merely doomed, it is doom itself. Fleeing it approaches an ultimate imperative. [...] Predisposed, in any case, to perceive the politically awakened masses as a howling irrational mob, it conceives the dynamics of democratization as fundamentally degenerative: systematically consolidating and exacerbating private vices, resentments, and deficiencies until they reach the level of collective criminality and comprehensive social corruption. The democratic politician and the electorate are bound together by a circuit of reciprocal incitement, in which each side drives the other to ever more shameless extremities of hooting, prancing cannibalism, until the only alternative to shouting is being eaten."