Liv on Warpcast

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Erik Torenberg pfp

Why are there so many leftists within crypto? As Solana says in his bankless episode, crypto disintermediates and reduces the power of the state. I get why libertarians and rightists like crypto, but why leftists? Leftists should want state power to enact leftist policy goals if they care about leftist outcomes.

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tldr (tim reilly) pfp

tldr (tim reilly)

Much of the Left rejects of hierarchy — both that exists in nature and that it should be allowed in political arrangement. Crypto is based on a concept of decentralization that is idealistically non-hierarchical. You can see something like this in action in many early DAOs, including Nouns.

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There’s more economic inequality/hierarchy in crypto than in fiat, no?

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Liv pfp

I think you're conflating cryptocurrency with blockchain technology and decentralized systems as a whole. I think the systems of incentives built into decentralized protocols gives the creator of those protocols power over the outcome. If the incentives are purely financial and rewarded to people who already have a lot of money, then yes, there will be more economic inequality, with a few outliers of people who got really lucky. However, because this technology is open-sourced, borderless, free for anyone to use, there have been much more equalizing protocols and systems built, which incentivize other things. For example, I think Optimism's retroactive public goods funding has been successful at rewarding protocols for having a lot of active users, and then rewarding that by funding them to scale or make more things.

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