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this post was submitted on 14 Oct 2024
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Is Crypto a racial issue now? How long was I asleep?
It isn't, and it doesn't need protecting. I say this as someone who was mining bitcoin back when it was still valued at under $1 a coin. The concept of bitcoin was really interesting and I had hoped that it could actually function as a digital currency outside the control of the major credit card processors. The execution however leaves much to be desired. We were promised a federated digital currency, what we got was an unregulated securities market.
Early cryptocoins had the right kind of nerds who cared about solving problems with a strange new digital... thing.
After a few years, the community stopped solving problems and focused on money-making instead. Its a distressing and sad thing to watch, but as it became obvious that Crypto was a ponzi / money making scheme, the nerds and problem-solvers disappeared. Its very demoralizing to see your hard work used for... well... evil. Maybe not the biggest evil but wantonly stealing funds through convoluted tricks and supporting literally black market evils is evil. A lesser evil than murder but evil nonetheless.
There's nothing fundamentally wrong with BTC. Its just technology. But the cryptocoin world has drawn all the evil people to it, to the point that the well-meaning community has collapsed. You only see assholes with BTC these days.
There is something fundamentally wrong with BTC and cryptocurrency tech in general: it is incapable of actually addressing the problems it is nominally intended to solve.
It's a people problem. The people don't want to fix even well known technical issues.