The Future of Crypto: Challenging Right-Wing Economics
Joshua Dávila, known as The Blockchain Socialist, argues in his new book “Blockchain Radicals: How Capitalism Ruined Crypto and How to Fix It” that the right-wing economics that shaped crypto’s early days do not determine its future. Dávila explores the potential of crypto as a tool for organizing non-state social and economic alliances, such as mutual aid groups and bail funds. He also highlights the widening of political thought within crypto, with Ethereum’s smart-contract architecture attracting economic engineers focused on creating new incentive structures for a more balanced society.
Key Points:
- The political affiliations of early Bitcoin adopters, often extreme libertarians, sparked interest in crypto among survivalists and “gold bugs” in the wake of the 2008 financial crisis.
- The past few years have seen a shift in political thought within crypto, with more focus on building incentive structures for a balanced society.
- The Blockchain Socialist, Joshua Dávila, has published his book “Blockchain Radicals” to explore the potential of crypto as a tool for organizing non-state alliances and to challenge reductive condemnations of crypto.
- The book introduces basic crypto concepts like proof of work, smart contracts, and NFTs, while also discussing historical events like the creation of Litecoin and “the DAO” hack.
- Dávila sees crypto’s radical potential in redefining the commons, enabling digital commons through open-source software development, and circumventing unjust laws.
Closing Thoughts: Crypto’s Radical Future
“Blockchain Radicals” offers a refreshing perspective on the future of crypto, challenging the right-wing economics that shaped its early days. Dávila’s exploration of crypto as a tool for organizing non-state alliances and his critique of dismissals by neoliberal centrists provide valuable insights. The book’s emphasis on rethinking assumptions at a deep level and its exploration of concrete proposals and projects make it a must-read for crypto enthusiasts looking to understand the potential for a more balanced and radical future in the crypto space.
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