A gambling hoax in a world full of rogue states

Of all the lies that the young tech world has fed the older generation and fooled it, the cryptocurrency comes second only to the biggest lie of all time, the pornography on internet, for me.

I feel that the porn net is obviously too powerful to counter as it feeds on sex, but I still have the hope that the cryptocurrency lie would soon be caught because it has now reached a point in evolution where it will attract parasites. As, human parasites with infinite greed are capable of overkill, unlike natural parasites who feed for need, we can hope that we will bury cryptocurrency deep into dark net and remember it only as a cyber delusion. But, before it happens, it may take economic and social toll and hence I want to explain the fakery that it is.

As the world of cryptocurrency is shrouded with tech mystery for the old, I will not go into how it is mined, but how it is different from all forms of “money” we have ever used, and why it needs to be dismantled.

If you are above 40, the first misconception that you may have is that it is a “digital currency”.

Digital currency is nothing but the real “money” that is transacted over the internet. Here internet is just a tool of communication and hence it should not be mistaken with the “cyber world” that is an artificial reality.

Cryptocurrency is often mistaken as digital currency because it is also transacted over internet, but that similarity is a complete illusion (probably promoted by the dark lords of the cyber world). Cryptocurrency has absolutely no roots in the real world. It is “created” in the cyber world and the mistake now we are making is to allow its use in the real world.

To understand the problem, we need to first understand what is money that is often called currency for practical purposes.

Money, or currency, is nothing but a state-proposed idea to show ownership and hence the most important quality it has is that it is ratified and thus protected by state. In simplest words, a state accepts that you own something and if someone takes it away from you, you can ask the state to intervene and restore your ownership. There is statutory recognition of your ownership so you also have sovereign protection.

So, if someone steals your wallet, you can call the cops. This is the quality that is a must for every currency.

The problem is, the paper money/digital currency and cryptocurrency go hand-in-hand till the authentication stage, but then they part ways.

Cryptocurrency is authenticated by the cyber world and its transactions by a very powerful and almost infallible technology called block-chain, but the problem that we need to recognize is that there is no sovereign protection critical for any currency.

In short, if your crypto wallet is stolen, you have no matching state protection as you have for your real wallet.

Now, if you think that it is not a problem as the state can recognise cryptocurrency and solve the problem, but the bitter truth is, it is impossible, as there is no global sovereignty, even as we are globally connected. We not only have non-state rogues but also rogue states plugged into the same cyber world where cryptocurrency “exists”.

If we take some real-world situations, it may get easier to understand two basic faults in the crypto system.

Let us imagine that you meet a man with a gun who forces you to transfer your cryptocurrency into his wallet. In theory, as per some laws in some countries, you can try and file a complaint of robbery (if you are lucky to have some CCTV footage showing the act), but there isn’t much hope to implicate him as he can easily claim that you had willingly “paid” him.

The worse is he need not have a gun, as he can just hack your wallet and “steal” the cryptocurrency while sitting in a place like China or Russia. Here you may even have all necessary trail of crypto transaction to identify who has taken it, but there is no sovereign support of any state that recognises your ownership for you to demand or force recovery.

As cryptocurrency offers a state-less structure, it has charmed the young rebels who want to break free, the truth is, it is an impossible idea when the world is not “one” in terms of sovereign authority (and if the world has “one” sovereign authority, cryptocurrency will end up being just another digital currency).

At this point, the myth of crypto is fooling the young into thinking that is means freedom and the old that it is a new techno-economic opportunity but the reality is that it is just a grand gambling platform.

Another problem is that its quasi-acceptance (because people are actually making money from its purchase and sale) is allowing it to support a massive underground economy of porn, drugs, weapons and all other means of gratification that the world has developed insatiable hunger for.

With no state intervention, it allows complete freedom from conventional moral boundaries that the happiness-seeking ape requires to stop going overboard pushing the gratification button.

So, if nothing is done and the crypto market continues enjoying such traction, driven by speculators, it will soon destroy not just the economic foundation of the real world but also impact the social fabric of humanity.




Views expressed above are the author’s own.


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