What a strange set of opinions, not that I find cryptocurrencies as particularly valuable right now, besides cases like having something reasonable in a country with huge inflation or crappy banking system that makes online payments and bank transfers hard. Crypto misses basic services like ability to revert transaction in case of mistake, charge backs, etc.
But:
"I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents"
Wow. Right. Wing.
"Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace."
Ok, sounds a bit like conspiracy theory (who are those wealthy figures? Elon Musk was playing with cryptos, yes, but this is Elon Musk, and he does all kind of funky stuff like electric cars or space travel), but yes, at some point cryptos might be somehow institutionalized and it will be done to avoid issues that crypto currencies have. Oddly enough the author lists them in the same twit:
"Lose your savings account password? Your fault.
Fall victim to a scam? Your fault.
Billionaires manipulating markets? They’re geniuses."
So, actually it would not hurt to "incorporate many of the same institutions tied to the existing centralized financial system".
The bad thing that happened to cryptos was that they become an investment instrument, not the mean of payment. They were supposed to be "a better gold" of old times. But right now everything is an investment instrument. The other thing are technical issues that bitcoin has (other cryptos are small players right now), slow transactions, energy consumption and the risk that someone finally manages to gather 51% of digging power and will take over the network.
But:
"I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents"
Wow. Right. Wing.
"Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace."
Ok, sounds a bit like conspiracy theory (who are those wealthy figures? Elon Musk was playing with cryptos, yes, but this is Elon Musk, and he does all kind of funky stuff like electric cars or space travel), but yes, at some point cryptos might be somehow institutionalized and it will be done to avoid issues that crypto currencies have. Oddly enough the author lists them in the same twit:
"Lose your savings account password? Your fault. Fall victim to a scam? Your fault. Billionaires manipulating markets? They’re geniuses."
So, actually it would not hurt to "incorporate many of the same institutions tied to the existing centralized financial system".
The bad thing that happened to cryptos was that they become an investment instrument, not the mean of payment. They were supposed to be "a better gold" of old times. But right now everything is an investment instrument. The other thing are technical issues that bitcoin has (other cryptos are small players right now), slow transactions, energy consumption and the risk that someone finally manages to gather 51% of digging power and will take over the network.