Someone posted the below response to a recent article I posted:
Your condescending article completely ignores the array of interests that have the perpetuation of fiat money as the primary aim. Have you visited crypto forums and taken a hard look at those involved? Bitcoin is succeeding in destroying little else besides the environment. POW is an insult to the planet and unnecessary as a validation scheme. If that is the future we are in bigger trouble than we know.
It got me thinking on a number of fronts
Condescending in which way? To dare to dream of an alternative which provides more equitable value to billions of people? It’s no coincidence that cryptographic money grew off the back of a financial crisis which punished none of the people who profited from the demise of so many. Money is broken. Younger generations can no longer afford to live the lives previous generations expect as a birthright. I find it naive to suggest PoW can be used as a critique when we have willingly inflicted such damage on the planet through fossil fuel consumption driven mainly by our egotistical desire for bigger cars, homes, holidays and everything else. Bitcoin didn’t exist until a decade ago and the environmental damage is used as a stick to beat it with? Please. Those pedaling those fallacies benefit from the status quo.
Fiat and Crypto needn’t exist in isolation. An increasing volume of our economy is digitized, where it makes little sense to operate in atomic units of value which require friction to exchange. Not only that, the denominations are too large to allow for the emergence of a more decentralized web.
I frequent Reddit and telegram, and as the rise of finance and the internet before it, there are good actors and bad. Every ‘gets rich quick’ scheme that exists in cryptopia is replicated from somewhere else. How many wall street bankers do you know? Are they all the scumbags that peddled CDO’s that collapsed the global financial system? Of course not. Are some of them? Absolutely. To tar any movement with the lowest common denominator garbage is to inflict your biases on something you don’t understand. It’s lazy in the extreme and intellectually dishonest. When you see a…