#+title: the logic of cryptocurrency is inherently capitalist

[[file:20210103205314-cryptocurrency.org][Cryptocurrency]] functions as a way to reify the most destructive parts of
capitalism. Cryptocurrency emerged as a [[file:20210103205430-libertarianism.org][libertarian]] project, with the hope that
it would replace the dollar and get around having a [[file:20200616223055-federal_reserve_of_the_united_states.org][Federal Reserve]]. In
practice, cryptocurrency has never been used as a currency[fn:1] and 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 [[file:20210719163343-proof_of_work.org][proof of work]] mining is "an encoding of the bourgeois labor theory of
value." It acts as a means of encoding libertarian politics into software.

* Footnotes
[fn:1] It 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.