What is leftists stance on cryptocurrency?

What is your stance on cryptocurrency like bitcoin and your experiences with it, if any?

I heard about it back in 2010, I figured the technology may eventually be used in some effective way but with all the crypto news lately I've been thinking about its impact in general and on economics and class struggle in particular.

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bitcoin (and all other crpytocurrencies) is 100% bourgoisie.
alos it's fucking gay but hey, that part is kinda subejctive.

It's not very good.

The same with any other currency. That being said, its decentralized aspect makes it useful for subversive activities.

Not a leftist but it's one of the best agorist counter-economics techniques. Legal avoidal of taxation and all, without any possibility of destroying the block chain and thus removing the ability for a government to prevent it.

waste of energy

Abolish all cryptocapital!

It's a currency associated with libertarians and petitbourg scum, what do you think?

It's the most disgusting thing silicon valley liberals have created
It's nothing but speculation and hollow assets, it even show that libertarians can't tell the difference between currency and stocks.
I'm dying for the crypto bubble to fail but even after that those idiots will keep investing and keeping it afloat, disgusting.

+ simple and effective method for trading commodities, would be useful under socialism
+ it is a nice practical proof for ricardo's/marx theory of value
+ under capitalism it can theoretically make people financially independent from bankers and their monopolies, the gold lobby et al., which was actually the whole point in light of the last big financial crisis. however the financial 'markets' have integrated bitcoin fully into their casino by issueing futures and derivates, so cryptocoins act like any other commodity now.

- energy resource hog
- helps porky and the mafia to avoid taxes, laundry money and buy/sell drugs/weapons anonymously

it would be obsolete under communism ofc

It's an interesting thing to note, though, about how our economy has become financialised both in the way business pursues profit, and the way people's thought has become financialised. You're right, it seems as though people could trade in cryptocurrencies indefinitely even after it might fall from its peak and move sideways for a long time. Ironically this is what the idealists are waiting for, they want the currency to move sideways because then it can be the true libertarian solution to fiat! But there is the whole contradiction that the market is made up of people investing in it because it is supposed to go up. If stability meant that it did start getting used more it would ironically probably send it shooting up again, creating another absurd bubble.

This useless speculation being capable of going on indefinitely seems indicative of what people consider "investment" now. Anons think they are "investors" when they buy cryptocurrency, but nothing is being created. They say they are buying virtual real estate of a platform that itself is the value, but this runs into the same speculative problem of being perpetually caught between any kind of adoption and the bull run.

Blockchain based crypto wasn't created in silicon valley or by liberals you dipshit.
The slow drop for the bubble just goes to show how strong the market for crypto actually is. There is a constant stream of people bailing but the fact that it's popping so slowly is a miracle, never seen in markets before. Crypto will rise again, so don't you worry yourself about it completely falling and keeping your ability to enstate communism :^)
You still seem to mistake crypto for stock. Crypto can be traded for goods, stock cannot. It's most certainly a currency. It's just not the regular πŸ‡¬πŸ‡§πŸ‡¬πŸ‡§πŸ‡¬πŸ‡§central bankπŸ‡¬πŸ‡§πŸ‡¬πŸ‡§πŸ‡¬πŸ‡§ type of currency.
Lrn2 in2 basic economics


What slow drop? The only reason it isn't crashing harder is because it is difficult to cash out (by design.)

Is it really though? I've hodl'd .5btc at one time. Cashed it out real easy. Gave me a good extra 5k. All I needed to do was trade a little at a time.

I guess this would be a good place to remind people Venezuela is launching their cryptocurrency (Petro) soon lol

I think there could be use of the blockchain and ethereum under socialism. Cryptocurrency is definitely disgusting in it's current state though. There was a really good piece on beneficial uses I read a while ago but I can't find the link. Things like voting, etc., etc.
Here's a PDF to a similar paper I just found (haven't read it entirely) but it seems to hit some similar points.

This is unironically good

I get that they want to subvert traditional banking institutions and can sympathize with that, but basing a speculative currency on meaningless and very energy-intensive number-crunching (and hence the additional resources required to mine, refine, build, and transport all of the materials that go into a modern GPU) is just wasteful.

Bitcoin can't even do that anymore.

Mining doesn't actually have to take as much energy as it does right now. The difficulty of the mining scales with the mining power. This is part of the design. If there is less mining, it doesn't affect bitcoin.

it wasn't supposed to be something to speculate on and infact it did work as predicted and intended precisely to the point when people started trading btc for dollars and euros.
it went totally to shit when the big banks moved in large scale, the stupid liberal mainstream media hyped it all up attracting normies who now, of course, all get fucked when the banks speculate on falling value via futures etc.
fucking capitalism.
t. mined in 2009

TOR was also a bit part of that original kind of marketplace. That kind of anonymity factor is not really in play the same way it was back in the late 00s.

Yes, tha's everything that disgusts me.
people invest in bitcoin for the sake of investing into something and not for the sake of having a profitable commodity to sell.

Is this post serious? It's too smug to be real

Further proof that venezuela is not socialist

Smugness is my domain, commie

You gotta fucking rekt

Please refer to the last /biz/ related thread

I would rather not use any energy on calculations that are LITERALLY POINTLESS.

doesn't it take like an hour to process a bitcoin transaction now?

It's just "Tor." It's not an acronym. It's not a "part" of any market place. That's not how this works.

This is not a true answer considering all the thousand of different cryptographic currencies out there.

It's speculative as a currency. Idiots are speculating on it against the will of the communities.

Again, this is mainly only true of certain cryptographic currencies, look into Faircoin or Peercoin.
This is good.

Being a programmer and coming to this board is suffering.

You mean like bitcoin? Look at how bitcoin turned out.

CIAcoin is about controlling the black markets, note that the blockchain records every transaction and every wallet as a consequence.
On the surface ut's also a simple Pump-and-Dump stock scam.

Bitocoin is quite useful to funnel money into radical groups. Hopefully after the buble burst it'll be a more stable and will be easier to trade with.

How do you know where it was created?
Are you Satoshi Nakamoto?

It's the future of finance and anyone who thinks it's going to crash or fail doesn't understand this fact. Just because """libertarians""" sperg about it doesn't mean we have to be reactionary towards this technological progress.

Cockshott did an article on why socialism doesn't need bitcoins but he didn't say anything negative about the blockchain technology itself, so I wonder if he or someone else will improve upon labor vouchers. As of now the obvious use case for revolutionaries is to circumvent government institutions and not deal with the process physically printing their own currency.

That's a problem with proof of work/proof of stake coins and not coins that use things like byzantine agreement, XLM for example doesn't need mining.
here's some neat stuff: dashboard.stellar.org/

There nearly instant with altcoins.

Why would the CIA want to destroy their own currency? If anything, they would want to keep the dollar and suppress cryptocurrencies.

No it's not. It's a solution looking for a problem. We don't need "decentralization." That's petty bourg bullshit. We already solved the problem that the blockchain claims to solve (poorly btw). It's called a relational database. There are also other styles of database if that's your thing and all are far more efficient that this blockchain bullshit.

Should be banned

Yes, it is, why do you think major corporations are getting involved? They want to want faster, safer, and less costly transactions.

How so?

Yeah, what we need is centralization and single points of failure. /s

Open source software is petty bourg bullshit. See? I can say stupid shit too.

What are you talking about? How does centralization solve issues like single point of failure, data integrity/transparency, and control?

You're blinded by ideology, it's almost like you don't want to threaten US imperialism.

All currency is bad, a crypto just replaces a problem with another.

Who cares what leftist think about anything. Stop trying to identify with a group of people and start thinking for yourself. Cryptoccurrency and cash are the only ways to buy items anonymously. Why do you think the darknet runs off bitcoin? Dosen't matter what ignorant political secs think, crypto is here to stay,

just goes to show that communism is obsolete/will never happen, that you can be rich/capitalist without ever employing anyone else's manual labor, that basically all factories and manual laborers are in china anyway, and that there exist no "working class" anywhere in the west, everyone is some sort of a bullshit manager or whatever

there is no working class in the west, everyone's a fucking flourist or a hair dresser, no one is exploited because there is nothing to exploit, the "labor" they all do is meaningless, no one works with stone age tools like sickles or hammers anymore, there are no peasants, there are no workers or coal miners or factory children, and you can buy a chocolate bar with a crypto fucking currency, because manual labor is obsolete, and because westerners have infinite safety nets and are basically unexploitable

Those graphics card had to be made by some one and bought with fiat money to begin with
The service industry is still alienated labor.
Also nice reddit spacing

Do you ever get tired of being an illiterate retard?