Cryptocurrency is an abject disaster.
All of this is correct. Also in keeping with the request at the top of the post: I have never had any stake in any crypto bullshit, but I do have somewhere north of 30 million Meseta, which is far more practically useful.
It's important to note that scams like cryptocurrency are an inevitable result of capitalism, and are, in substance, not that different than many "reforms" many people - even other revolutionary socialists! - tend to support. Consider many of the vaunted "benefits" of crypto:
- Not controlled by a government or central bank (deeply questionable)
- Not subject to manipulation (absolutely laughable)
- Free of rent-seeking middlemen (so pathetically false it's barely worth addressing!)
Note that all of these are failures of capitalism. In particular, various forms of rent-seeking are, for all intents and purposes, the undercarriage of capitalism, "passive" income being entirely exploitative. Cryptocurrency sells itself as a cure for the ills of capitalism while being the most bare-faced example of capitalist destructiveness and exploitation, and this is similar to so many liberal "solutions" and "reforms" within capitalism, whether the PPACA for health care or body cameras for pigs.
Whenever someone tries to sell you a solution to the problems of capitalism, think of Bitcoin, and then think of the words of Lucy Parsons. There is a route to liberation, but no one's going to sell it to you.