Crypto: A Short Essay on Betting the Farm

Crypto: A Short Essay on Betting the Farm


In the wake of crushing college debt, anemic wages, and a global pandemic: many young people see the writing on the wall: financially speaking, they have no future under the current financial system. What is one to do? 

During the enlightenment, the answer was revolution: bloody, often merciless insurrections which would ceaselessly attack the aristocracies until the rebels could successfully wrest sovereignty away from them.   

Talk like that is beyond senseless in a world with modern militaries such as ours. Not only would it be completely fruitless, but it also means hurting our neighbors, loved ones, and friends. Maybe life was miserable enough back then that people were willing to do that. That's not now. We're not them. 

A less-discussed revolution was far more impactful than any 18th century rebellion: the economic revolution of the merchant class. These merchants didn't shoot or ransack their way into power. No, they won through forced adoption: capital centralized in their wallets, which required those who professed divine favor (nobles) to cater to their whims and sensibilities. It really is that simple. 

I'm hoping that in the world of crypto, the analogy I'm making here is not lost on you, dear reader. 

We often talk about how crypto de-centralizes currency. What is less discussed is the way in which it is decentralizing wealth. And it's going to succeed. Here's why. 

Crypto has a lot going for it that our current financial instruments don't, but at its most basic, it's doing something that the dollar or pound never could: it's providing immense and objective value beyond existing as an agreed-upon construct of describing someone's power. It's building the internet 3.0 and taking the whole economy with it.

The difference between internet 2.0 and 3 is that the previous advance was financed by fiat, that is, the power of wealthy elites.  3.0, by contrast, has blurred the barriers between that currency (which has no intrinsic value other than that which is conferred onto it by the nation state from which it was minted) and the new currency, crypto. And the new currency in turn blurs the line between money and equity. The elite bought into 2.0 with the power of fiat, which was decoupled from the will of individuals. The value of a crypto is based in its community *actively embracing it*: if it gets seedy or fails to deliver on its promises, that coin collapses. On the other hand, if the coin does good stuff and people love and respect what it's doing, it grows. 

Look at what Harvest (FARM) has done since its inception: after the IPO stabilized in Nov of 2020, the coin has steadily grown from an average of about $90 a coin to $170 today, barely one year later. The trend line is extremely stable. Why? Because of sites like publish0x! By engaging in discussions like this, you and I are both participating in the digital economy of the future, and by doing so, we are creating that future. Our stake is bought in by adoption. The wave is building. The sooner you hop on, the more you stand to gain. 

The crypto market is already on-track to eclipse the U.S.A.'s annual spending budget. Within a year, it will be larger than Apple. And all that money, that's not about making a small group of people super wealthy. That's going directly into an ecosystem of software that is redefining how we interact with one another and the world, and that terrifies those who have benefited from the current status quo. 

It's an investment in our collective power. The more businesses that are forced to adopt our holdings, the stronger our power is relative to the gatekeepers who have closed so many doors to us. Why wouldn't we bet [on(the)] FARM? 



(please note that this is not nor should it be construed to be financial advice, but is rather a reflection on the activity of young people adopting crypto and the reasons why this may be a good thing for society)

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OnlySocks
OnlySocks

Yale Philosopher and Crypto Enthusiast


Why Crypto? A Philosopher's Perspective
Why Crypto? A Philosopher's Perspective

The old guard keeps telling us that crypto is a classic example of a market bubble, and that it's about to burst But what we're witnessing is a revolution which can only be described by the market, and is not circumscribed by it. The next class shift is fueled by crypto, and it's poised to tear down their whole world

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