Hello leftypool,

What is the general consensus regarding crytocurrencies around the lefty sphere?

I'm imagining a lot of anarchists like the idea of a decentralized currency. Is there literature that deals with emerging technologies and their place within leftists worldviews?

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Invest in them now, you will not regret it

literally read Bordiga

Spoken with some anarchists on FB who were really enthusiastic about cryptocurrencies. It sounds all good and nice, but I don't buy this for a minute that cryptocurrencies will somehow take over the centralized currencies. Cryptocurrencies could also face the very same crisis that centralized currency does - all it takes is some cryptocurrency millionaire to start selling quickly and tell some rumors about cryptocurrency suddenly going to shit, and everyone else would follow.

You are not from here, are you?
The mere idea of currency is revolting even for anarchists who favor labor vouchers.
In marxism currency is a commodity just like any other but it has been fetishized to the most ridiculous point. Cryptocurrencies are much worse because its a commodity that exists for its own sake and nothing else. being decentralized doesn't add anything good about it.
Also I remember seeing a book called "Marx ad digital labor" or something like that a couple of years ago before i arrived into Holla Forums, I should look it up again.

Massive bubble

Amadeo Bordiga, Proletarian Dictatorship and class party p.3 Paragraph 6

If you can flip them for money good but more than likely you'll lose your money. Won't be around in communism because currency will have been abolished.

They're a very potentially lucrative investment option and the technology could one day replace fiat currency.

That said, it's probably one of the most volatile markets on the planet. If you're looking for stable, slow, steady long term growth, you should probably look elsewhere.

Thank you guys for getting Trump the presidency. I had more than a few thousand bitcoin laying around in a wallet I thought I deleted years ago. But I found a backup when I was sorting through drives I wanted to destroy. Seeing how far the value has come since trump was elected. You've made me a very wealthy white, straight, cis man. It has been a muh privilege.

I guess I'm somewhat of an investor. Mostly cause I'm poor and crypto is helping. Not much to brag about, it's just another currency.

If you were to larp as a lolbert for a bit, you could appreciate the fact the government technically can't get their greasy paws on it. They could hypothetically make it really hard to maintain but they haven't yet.



A few years ago an ancap friend o mine was trying to sell me on bitcoins. He kept on going how this shit is was the future and he was gonna be rich. A few weeks ago i asked him how the bitcoins were going. He said bitcoins are shit now and not worth it, the good stuff was some other bitbullshit or wahtterver. As far as i can see we will just have infinite cycles of FOTM cryptocurrencies all of them working like pyramid schemes. Basically the stock market with extra autism.

Bitcoin's market cap is 90 billion dollars

0 correlation between the 2 but congrats ?

Reading this now. Thanks. This is exactly what I was looking for.

Well I was just considering buying a GPU yesterday and the seller ran out of stock followed by a $70 markup from another seller. Fucking cryptoparasites.

I really hate how they try to make "cashing out" as inconvenient as possible. Definitely gives off pyramid scheme vibes (even though they aren't.)

cryptocurrency emission mechanism is tied only to power generation industry
how can any faggot who knows "basic economics" not see a problem here is beyond me

Pic related.

holy shit dont these retards pretend to know "basic economics"

Cryptocurrencies will bring closer destruction of market economy, to this end, and only to this end will I endorse them.

expensive imaginary virtual numbers that almost nobody accepts

Well, this is the same currency that had a fucking economic crash one of the websites went so that is probably an indicator of the damn things stability.

Cryptocurrency is no less manipulable or prone to create hierarchies than normal currency.
The creator of bitcoin possesses something like a quarter of the total supply of bitcoins, he has far more power than any other holder.
At this point you should really ask yourself what are the advantages of bitcoins.

Constant deflation is not healthy for an economy. The absence of a central authority only means that compared to normal currency there's an extra step in becoming an hegemonic power.
Do you really think cryptocurrency will remain the currency of everyone if corporations seriously start investing in it?

Thare are cryptocurrencies with inflational emission model. Through they are not particularly popular.

People in lefty spheres don't really talk about it.

But it's main selling point, initially, was anonymity. Well.. Bitcoin is just a big honeytrap right now. Zcash and a few others seems to have genuine anonymity, but people who bought the anonymity BS line for Bitcoin are now basically screwed unless they used a mixer and took a ton of other precautions, but still.

Also, a shitload of people now owe years of taxes on Bitcoin, that they HAVE to pay, and the technology on how to analyze who had what keeps improving every year. Only like a few hundred people I think claimed Bitcoin on their taxes last year.

Oh jeez, I wonder who's behind this? Either centralise currency, defloat it and get rid of the independence of reserve banks, or bugger off money altogether

Cashing out without creating a tax hell for yourself is extremely hard.

Unless the cryptocurrency has a final use case that ONLY accepts that specific cryptocurrency, it could go to $0-1 at any time.

Most cryptocurrencies fail on nearly all their initial promises, especially Bitcoin. I would wait until the current bubble bursts and then buy stuff with an exclusive final use case like BCY and DTB.

an stupid 4chan semi-ancap pasty ass white goober is behind it. I can assure you that 100%.

not a banker who has better ways to pork the shit out of people

let's make a market that isn't supervised, what could get wrong ?
Nobody will dare to manipulated the market for the soul benefits to make a quick bucket hein ?
Isn't a bubble at all ?
Free People , Free Market.

Markets are Markets , When the objectif is just to make profit: to accumulate resources in order influence in the social matter the lose, Only throw rational self interested you will succeed but for it you must give a lot of blood, not your blood.

Markets never changes.

It's a technology.

It's also used as a race by Libertarians to see who can complete the most tax fraud in the shortest amount of time.