Estimated Reading Time: 3 minutes 51 seconds
One must acknowledge with cryptography, no amount of violence will ever solve a math problem. – Jacob Applebaum
Can the cryptoverse be compared to a utopia? Or will we see crypto-utopias popping up as the cryptoverse grows?
By definition, a utopia is an imagined community or society that possesses highly desirable or nearly perfect qualities for its citizens.
When you dig deeper into what cryptocurrency is and the socioeconomic problems they solve, we can compare it to a utopia. They create an ecosystem of equal opportunity, freedom, and censorship resistance. They challenge a broken system of governance, government coercion, bias, financial mismanagement, mass surveillance, and suppression.
Decentralisation eliminates control by any single person or entity and enables participation by anyone, no matter their creed or race, wherever they are located in the world.
Decentralised Autonomous Organisations (DAO) offer complete transparency, accessibility, are democratic, and empower many business models that previously were impossible to create and give everyone a say, a vote, a voice.
What are DAOs? – Organisations that run autonomously, in a decentralised manner, and functions without the need for centralised parties to make decisions for the organisation to grow, be profitable or physically exist.
All actions of a DAO are visible by anyone. The balance sheet of the DAO is available on-chain, and business decisions are made in public forums. Anyone can join at any time.
Imagine distributed venture capital firms, decentralised hedge funds, decentralised insurance, decentralised public utilities, and even decentralised governments. The opportunities are limitless, and some of these DAOs already exist.
Cryptocurrencies have made persons their own banks, giving them the power to transact with who they want, whenever they want, without the involvement of a third party. They shelter persons from totalitarian control over their finances.
Decentralised Finance has levelled the playing field for investing and has provided all with the opportunity to become wealthy, unlike the traditional financial system.
Distributed Ledger Technology (DLT) changed the way organisations do business and are creating new opportunities for them.
All of this is made possible through the power of the internet, code, computers and smart mobile devices.
Would you say this gets close to what a crypto-utopia offers?
Governments can and will try to destroy or regulate what they cannot control.
However, with decentralised technologies evolving so rapidly, becoming more robust and scalable, and many educating themselves on how to utilise these technologies effectively, they will have a tough time.
Only a tiny percentage of the world participates in the cryptoverse, and the engagement, attention, and investment it has encouraged are quite impactful. Imagine what will happen when more retail and institutional investors start participating.
In the beginning, there was Bitcoin, and Bitcoin is great when used properly. However, the cryptoverse has grown exponentially and improved significantly beyond bitcoin. Get the DeFi Ecosystem.
Remember Gandhi’s famous quote?
First they ignore you, then they laugh at you, then they fight you, then you win.
We are in the ‘…then they fight you stage’. We will be in this stage for a while.
How do we know that we are in this stage?
Pick any or all of the following:
- Regulation – CFTC, FATF, FCA, FinCEN, FINRA, FINTRAC, SEC, NASAA, etc
- Banning of cryptocurrencies (can they really 😉)
- Enforced KYC and reporting
- De-listing of privacy-preserving cryptocurrencies by some Centralised Exchanges (CEXes) due to regulatory pressure
- Forced disclosures of holdings to regulators in some countries
- Implementation of CBDC’s
- Social Credit Scoring
Here is an interesting read!
There are several crypto-utopia projects brewing:
- Satoshi Island
- OCEANIX Busan
- Floating Island in French Polynesia
- Puertopia (Sol)
Do you believe that more suppression by governments would influence the development of more crypto-utopias?
Crypto-Anarchy, Cyber-Libertarianism, and Cypherpunks are all terms that have been associated with the cryptocurrency movement for centuries and are becoming more prevalent as persons gain knowledge and take back control of their rights and freedoms.
Traditional social media is controlled by monopolies that censor freedom of speech, mainstream media is an echo chamber for government lies, deceit and propaganda, and everything that infringes on freedom(s) are done in the name of ‘protection’ and for the ‘good of society, economy, and nation’.
This is why we are here. People want privacy and security, people want the freedom to transact in a peer-to-peer, permissionless, and censorship-resistant manner; people want financial inclusion, people do not want to be muzzled, people want to be free from the shackles of the traditional systems.
Crypto-utopias are not a far-fetched concept; they are coming. Learn, grow, participate, and succeed. Future-proof your future and the future of the next generation.
This article was inspired in response to AncestorMan on the Bitcoin vs Gold Debate with Michael Saylor and Frank Giustra.
Our mission is to be your leading resource for learning and exploring the world of cryptocurrency, finance, and alternative investing.
Since most of our content is FREE, your support goes a long way to helping us continue providing you with value. Here are some ways you can help:
- If you enjoyed reading this article, click here to tweet to tell others about it.
- Book a call with us
- Sign up for 1 and 1 consulting
- Buy something from our shop to support our work
- Join the discussion on matrix and access many resources
Have a question? Send us a message on Session.