Is cryptocurrency right-wing?
Dogecoin co-founder Jackson Palmer has called cryptocurrency ‘inherently right-wing and hyper-capitalistic’.
Did you see Jackson Palmer’s latest tweetstorm?
But it’s the following quote about crypto somehow being right-wing that seems to have garnered the most attention:
“I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
Let’s take a look at whether cryptocurrency is right-wing and discuss the key aspect of cryptocurrency token distrubition.
No, cryptocurrency is not right-wing. Lol.
Cryptocurrencies are designed to be autonomous, secure and censorship-resistant.
It offers all individuals the freedom to take control of and use their finances when needed.
Yes, this includes ‘right wingers’ and ‘hyper-capitalistic’ banks.
Just like it includes criminals, idealistic greenies and that dickhead down the street who kicked your dog once.
Shock horror, I know but you can’t pick and choose who is able to access the censorship-resistant properties of cryptocurrency.
Everyone has it or, or nobody has it.
It’s a pretty simple concept and something that the Bitcoin mainstream media narrative continues to ignore.
Cryptocurrency doesn’t care about your political ideology.
As a result, cryptocurrency doesn’t care if you’re right-wing or left-wing.
It’s almost laughable that a question involving the buzz words of right-wing has to be answered, but this is 2021 after all.
While many people like to spruik the narrative that cryptocurrency is for the people, its inherent design means that anyone can use it.
Again, everyone can use it..
Right-wingers, left-wingers, criminals, banks and most importantly you.
Nobody can take away your ability to hold and use cryptocurrency, just like you can’t take away the ability for someone else to.
No matter how vehemently you disagree with their politics.
But not all cryptocurrencies offer the same level of censorship resistance
While Palmer’s right-wing comments are a bit laughable, the question of centralisation is worth exploring a bit deeper.
Ultimately, it's hard to disagree with Palmer's sentiment that most cryptocurrencies are highly centralised.
Heck, a single Dogecoin address holds 27% of the total supply, while 50% is held in just 20 other addresses.
Like come on.
What’s really interesting though, is that in this current phase of the cryptocurrency hype cycle, decentralisation just doesn’t matter.
When normies are buying meme-coins, they’re not looking at the token distribution to ensure that they’re decentralised.
But as the industry matures, token distribution and decentralisation is goin gto be THE ONLY THING that matters.
Crypto needs to be free, secure and censorship-resistant.
And it will be.
To achieve this, you can't have centralised token distributions or CEOs with the power to make decisions on their own.
This is what will set our very own HIVE token and hive.io blockchain apart.
Just take a look at the token distribution of HIVE.
No whale has close to 27%, let alone 20 wallets controlling 50% of supply.
I also highly encourage you to look back at the Justin Sun takeover of steem and learn how HIVE's current token distribution means it is impossible to repeat.
Also, keep in mind that while Sun may now have full control over the steem blockchain, the community forked to Hive and investors technically retained the full value of their steem wallets now in HIVE.
Just compare the market price of each today.
Hive is a battle-tested solution to censorship.
Final thoughts on whether cryptocurrency is right-wing
No, cryptocurrency is not right-wing.
As we spoke about above, cryptocurrencies are designed to be autonomous, secure and censorship-resistant for all.
They offer everyone the freedom to take control of and use their finances when needed.
You just have to make sure you’re using and advancing truly decentralised cryptocurrencies with good token distribution.
This is because as the crypto industry matures, we're going to see token distribution and decentralised blockchain governance be all that matters.
Because unless you want another bank account, it's the only thing that will.
And in this regard, no cryptocurrency can compete with HIVE.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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