The Rise of Crypto Capitalism

Blockchain, Bitcoin, the Metaverse and Capitalism have reached the Colosseum. It was about time. Let the games begin!

Time will tell if the cure is worse than the disease, but it is inevitable that a correction in the current system will happen sooner or later. As with any novelty, the consequences of change are unpredictable.

Capitalism is neither good nor bad in itself, it is like a hammer, a tractor or a car that do not have an intrinsic moral value as tools, but are determined primarily by the object and intention of the actions that humans carry out with them. The secondary elements of an action are the circumstances, and these are changing rapidly.

Capitalism emerged as a system of free exchange between free subjects, with mutual trust, who make voluntary contracts in a place called the market. The infrastructure of this mercantile practice comprises the subsystems of capital, land, and labor that serve as artifacts for obtaining money for something that is offered (supply) and offering money for something that is paid for (demand).

After the fall of the Berlin Wall, the flaming golden hammer and sickle on a red background remained just as a bad memory of History. Capitalism was awarded as the undisputed winner and chosen by the Nation States as the main economic system on the planet. It is clearly superior to the alternatives of past centuries, this does not mean that it is the definitive option. There is still a long way to go and one such instance is happening now.

But just as the machete, the loom, the desktop computer, the gasoline-powered car and the steam locomotive were at the time innovative and ingenious devices whose time came, so it seems that current capitalism is concluding its bustle. Of course, thanks to the wisdom of History, we will not return to alternatives that did not work and do not work, but we will move towards new systems that we are unable to predict.

The object of capitalism is to use the land as private property to produce goods necessary for the subsistence of humanity, generate and distribute wealth, eliminate poverty and create new forms of work. These ends are good, but the actions taken seem to have had conflicting intentions.

While men performed their capitalist service, they satisfied their vanity, greed and avarice at the same time, achieving an unprecedented growth of societies and colossal inequality.

Cryptocapilalism has risen. Let’s see what it does.