Listening to a recent episode of the Solarpunk Presents podcast reminded me the importance of consistently calling out cryptocurrency as a wasteful scam. The podcast hosts fail to do that, and because bad actors will continue to try to push crypto, we must condemn it with equal persistence.
Solarpunks must be skeptical of anyone saying it’s important to buy something, like a Tesla, or buy in, with cryptocurrency. Capitalists want nothing more than to co-opt radical movements, neutralizing them, to sell products.
People shilling crypto will tell you it decentralizes power. So that’s a lie, but solarpunks who believe it may be fooled into investing in this Ponzi scheme that burns more energy than some countries. Crypto will centralize power in billionaires, increasing their wealth and decreasing their accountability. That’s why Space Karen Elon Musk pushes crypto. The freer the market, the faster it devolves to monopoly. Rather than decentralizing anything, crypto would steer us toward a Bladerunner dystopia with its all-powerful Tyrell corporation.
Promoting crypto on a solarpunk podcast would be unforgivable. That’s not quite what happens on S5E1 “Let’s Talk Tech.” The hosts seem to understand crypto has no part in a solarpunk future or its prefigurative present. But they don’t come out and say that, adopting a tone of impartiality. At best, I would call this disingenuous. And it reeks of the both-sides-ism that corporate media used to paralyze climate action discourse for decades.
Crypto is not “appropriate tech,” and discussing it without any clarity is inappropriate.
Update for episode 5.3: In a case of hyper hypocrisy, they caution against accepting superficial solutions—things that appear utopian but really reinforce inequality and accelerate the climate crisis—while doing exactly that by talking up cryptocurrency.
This is annoying in its inaccuracy. Crypto is a variegated set of technologies that are competing with each other.
Bitcoin, ethereum, etc all use proof of work, which is ridiculously energy-intensive, and not required for crypto to function.
…but there are lots of other cryptocurrencies out there that don’t use proof of work, and are no more energy-intensive than any other typical internet service.
It’s hard enough to get people on board with social movements that directly help them and have no downsides; you’re going to have a hard time promulgating a financial system that undermines the wealth of the people who dominate the standard financial system, especially when the more wealth you’ve accumulated (in the standard system) is directly proportional to your ability to spread propaganda to support your wealth.
There are better, more winnable, battles to fight than the global financial system.
While i agree that a victory there would be huge, part of the reason it would be so huge is because of how very, very unwinnable it is.
That said, if you’re super stuck on finance as the issue you want you be involved with, imo, the best thing you can do is communicate the questions – the problems with contemporary finance, of which there are so very many – and don’t waste your time offering solutions.
(Even if we had a solution that could work, it would surely be obsolete by the time it could be meaningfully implemented. Cryptos of all kinds, at this point, can only provide their benefits to people with disposable wealth, who can afford to take the risk, and those are exactly the people who don’t need you to fight for their interests. Or anyone – but you’re not anyone, you are you; your energy is finite, spend it where it can help the people who need it most.)
I appreciate your well-considered response.
I have a lot of things in involved with in life, and to varying degrees. Crypto is by no means my absolute focus.
However, crypto is immensely useful, and no amount of wishing it away or saying ‘the time hasn’t come’ for it will be effective. It has a niche, and will occupy that niche successfully, without any big battles to fight.
It also is flexible, and new uses will come around, paralleling the existing ones.
My own uses for it are primarily in DAOs, which are really neat and useful, for me. There are plenty of other uses, but voting and traceable structure and organizational finance as exist in some DAOs really is a major one.