Cryptocurrencyfunctions as a way to reify the most destructive parts of capitalism. Cryptocurrency emerged as a libertarianproject, with the hope that it would replace the dollar and get around having a Federal Reserve In practice, cryptocurrency has never been used as a currency¹and has only been used for so-called criminal activity.

It is, in practice, essentially a get rich quick scheme, and those that benefit from it are the already wealthy.

So-called proof of workmining is "an encoding of the bourgeois labor theory of value." It acts as a means of encoding libertarian politics into software.

Footnotes

¹It has only ever been used as an asset. Banks do not loan out cryptocurrency, thus blocking what would be a major step towards becoming a viable currency.