Re:Crypto, the left, and techno-feudalism
by nsotelo on Sunday February 06, 2022 @03:53AM
(#30230605)
He does state that when (not if) we move beyond the current system, distributed ledgers will become a useful tool.
> I consider blockchain, and Ethereum-style mechanisms, as technologies that will prove extremely useful once private property in the means of production ends. But, on their own, these technologies will not liberate us from the extractive power of the few.
Varoufakis assumes the current world system will continue to apply but on the scale of human history the current world system is a novelty and there is no reason to expect it to be stable in the long term.
True, the current system needs to create money at a whim so it doesn't want to bitcoin to flourish. It also needs to print money so it can't exist if bitcoin flourishes.