Is Crypto Really "Democratizing" The Economy?
May 28, 2022
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5:52Now PlayingIs Crypto Really "Democratizing" The Economy?
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as posted by the channelWill Web3 ever live up to its utopian ideals? One of the primary ideals that crypto evangelicals espouse is that it will foster a decentralized, radically democratic internet, and society by extension. Beyond that, it’ll give greater access to finance and the financial system than the current world of finance. This, as it turns out, is a complete fantasy.
Crypto, writ large, is a minefield. With no regulations in place, people can have as much freedom as they want to scam as many people as possible while victims have practically zero recourse. With regulations, however, which may be coming, Crypto will inevitably change. We’re talking anti-money laundering laws, laws that regulate ponzi schemes and other protections, will apply to the current space, maybe killing what many love about it: a lack of regulation.
One of the most tantalizing aspects of Bitcoin, and Crypto, is that it can democratize finance. While on paper it looks like that could be possible, in practice the Crypto scene has even more extreme inequality than the United States, which is itself insanely inequitable. Only .01% of Crypto wallets control over 30% of Bitcoin. The promise of Crypto is a good one, however it is not a solution, and only continues to exacerbate extreme inequality in the financial system.
Molly White is a software engineer, wikipedia editor and the creator of Web3 Is Going Just Great, a website cataloging grifts in blockchain, crypto and NFT world. Follow Molly on Twitter
Atsuko Okatsuka standup comedian who appeared on the The Late Late Show with James Corden, Hulu, Adult Swim. Follow Atsuko on Twitter
Recorded May 22, 2022
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