Behind the crypto hype is an ideology of social change

By Rick Wash

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Governments are inherently untrustworthy. Look what they have done to the world.

However, crypto and NFTs are not a solution, as they are easy to outlaw.

Stablecoins and digital currency wallets backed by traditional currencies are a better bet than crypto, which is likely to be criminalised by governments.

NFTs are just artificial assets. China seems to be taking early shots at them and other nations may follow.

Most assets are artificial - we ascribe value to stuff - diamonds, Rembrandts - that doesn't actually have much, if any inherent function, but NFTs are more insubstantial than that, being digital.

That doesn't mean that you can't make a tonne of cash off crypto or NFTs. Just make sure you have a rapid exit strategy, and don't risk more than you can afford to lose.

Distributed systems are more robust. Distributed digital cash allows you to hold you savings in other peoples currencies, if your own government is rubbish at managing the economy.

But be warned. Governments are 'taking back control' and targeting everything that crosses borders - trade, tourists, money. Governments win these battles as they write the rules but do not have to obey them, themselves.

The world was a much better place under the globalised system, with consumers and the free market pushing development and governments regulating the impact. That balance has been ended and control is now moving back to governments. Technological innovation will be an early victim of this. Much has already gone. As more does, more people will begin to notice it, but too late to stop it.

Corporates just wanted your money and usually delivered in return. Governments want to control and limit everything you do, see and say, and are terrible at running things. So we will be moving away from a reliable, workable, if not perfect system to a mess of shortages, high prices and wars.

Crypto, NFTs, the default-to-access net and cross border everything will go. Enjoy it whilst it lasts. Your kids will never have it as good as you did in the last few decades.

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I wouldn't call China's rapidly evolving crypto currency as technolibertarianism.

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