There is now $3 Trillion in cryptocurrency that is tied, higher than ever, to larger markets via publicly traded companies such as Coinbase ETFs, and in the near future, even your retirement savings.
Like the mortgage-backed derivatives from the late 2000's and beyond, the more non-regulated, fraud-ridden assets are introduced into the financial system, the more unstable the system will become.
What began as a critique of the financial crisis is likely to repeat itself in the near future.
However, the enthusiasm for the technological advancement that (so far) clearly hasn't delivered on its promises suggests something far more than just populism that is cheap.
Blockchain and crypto are attractive to the venture capitalist vampires such as Peter Thiel or McKinsey & Company as they represent another step toward a digital financial future in which all and everything can be purchased in the marketplace.
An anarcho-libertarians' utopia where there are no gods, no masters, only the Market. Sola coda, sola blockchain.
This paradise is advertised as the sole way to escape from the increasingly dull life that a lot of young people face.
Would you prefer to take a break early after putting your money completely with the Shibu Inu coins or work for the rest of your life as the Instacart serf?
Like most utopian endeavors which are always in the near future faith is the only thing that will keep you going during the interim.
It isn't about what blockchain technology can accomplish, it's about the things you believe it can accomplish.
It doesn't matter if the majority of cryptocurrency are scams but they will -so long as the line is rising and you are free from the shackles of your job.
The rise in cryptocurrency truly demonstrates the failure of any political or social groups to offer an effective solution to the post-2008 financial crisis. Instead of introducing new democratic control of the market, we've turned our anger over our financial system to a speculation commodity.
If this isn't what makes America amazing, what is?
The ferocious desire for social mobility at all costs drives the rise of technology-driven fetishism up to new heights of religion.
Since the technology is evidently unusable and ineffective, all we have left is an empty, unsubstantiated belief that gods of the night and magical technology will help us overcome our social, political, and environmental woes. (And bring us all wealth by doing it Of course.)
This belief is supported by the mythology of the printing press, but rewritten to reflect the digital age, the new technology, and the changes that they bring to society are considered to be technological. Basically, God's will.
The story that explains the beginnings for the print press the Ur-myth of the power of social transformation that comes from technology-- is a shambles in a brief glance at its past. The first time that moving type --
Which is the basis of the printing press
It was created 150 years before Gutenberg by a Korean minister named Choe Yun In. While the press of Yun-In produced some religious work, it was not able to make any tangible lasting effect in East Asia.
Even in Europe the spread of technology for printing was slow. In the first 100 years following Gutenberg's invention in 1450, books were mostly a pastime for the wealthy and were a way to enhance status, and a means to keep up the discussions on religions in the middle age and even as collateral for loans.
Bitcoin Mining harmful our the Living World
Then there are the environmental costs, which are usually ignored by crypto-boss. Bitcoin mining alone consumes the equivalent of 91 terawatts of electricity per year.
This is more power than Sweden and nearly 91 times more energy than Google or Google, and .5 percent of the energy used globally. That's without even providing something as tasty as a kottbullar or as comfortable as the Gursken.
What Bitcoin illustrates is the general belief that technology is a failure in the sense that innovation and acceptance (or utility) are two distinct things.
Instead of the technological revolution that Satoshi promised in his white paper, we're dealing with an enormous carbon-spewing Ponzi-scheme, whose primary innovation is to spread the solid investment advice which is "buy low, sell high".
Despite the obvious environmental, economic and social risks associated with crypto, there's bound to be some kind of meaning to it.
How Social Media Influencers about Crypto
It seems like everyone is getting involved including celebrities, influencers as well as your own nephews.
Why is that? If the price continues to rise,
aren't we all on our way to becoming wealthy?
You'd like to be wealthy, don't you?
What's the matter with the blockchain?
With all the hype, there's sure to be some benefit there?
Who wouldn't want a vending machine selling titles and wills or citizenship rather than Snickers bars?
Who wouldn't want to be capable of earning some cents from an NFT-minted digital identities every time,
Facebook sells your personal information to advertisers?
However, the same characteristics that make blockchain attractive - secure, decentralization and impermanence are also what makes it extremely slow, inefficient and without privacy or consumer security.
However, even if nobody makes use of the Shibu Inu coin, or is able to get their Exciting Slug NFT market in place however, that doesn't mean the impact of these new speculation assets won't be significant.
In the Conclusion, Technologies are always part of, and utilized in a society.
Printing presses were not a sudden breakthrough, but gradually adopted and developed over many centuries.
The factors that accelerated its growth during the first half of the 16th century were shifting economic, social and ecological conditions. Luther's 95 Theses became so popular due to their location in the fertile soil of medieval Catholic Europe.
The thousand-year rule was being weakened by the rise of market-based economy, increasing competition between states that were proto-capitalist, and the inability of the feudal system of agriculture to cope with the harsher conditions that was the Little Ice Age.
However, the Reformation was not a quick-fix event. Luther's ideas were being developed over centuries before they hit a crucial mass. Then, due to the spread of writing, Luther's ideas grew and ultimately helped to destroy the feudal system.
However the fact that crypto and blockchain have exploded quickly onto the market indicates that it isn't an actual social or technological trend, but rather a religious one.
What we're seeing is an unintentional grift disguised as an edification.
In the forefront are pump and dump preachers selling junk technology that's swift, passionate adoption only reveals their superficiality as speculation.
What they've created with cryptocurrency is a new form of casino that allows people who are desperate to gamble their savings in order to get away from the pain of their lives.
It does not matter the amount of money lost or stolen or swindled insofar that the illusion is preserved in a world of technology where nobody has to work and everyone is wealthy.
Who wouldn't like to enter the gates of pearls?
All you need to do is to roll the dice and then ask for prayers.
