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disclaimer: i'm a bit of a lateral thinker so you might not like some of my metaphors, but fwiw they're backed by a biochem degree and a not-insignificant number of years working at intersection of tech/society/democracy.

I'm not a crypto fan, but am mostly understanding it as a financial churn mechanism. Wealth and power tend to pool and become self-stabilizing -- power is inherently conservative imho. Assets moving between hands is part of renewal cycles -- generally a chance for change or something different. It allows new possibilities to be stumbled into. Even just assuming we're doing a random walk of the possibility space, churn is better than stasis, no?

If there's any value in crypto, it's imho mostly about moving money between hands. Crypto has funded a ton of garbage and fads, but also a ton of research and advocacy. So yea, new garbage, but also new and different research and advocacy, different than we'd have had otherwise. I could certainly judge and express opinions on which hands it's moving between (and that's a site of action for justice work) but it can still be a net positive even when that's flawed.

re: moving X between hands. The value here is comparable to how some believe the main value of democracy is that it's a stable system for moving power between hands, and nothing more.[1] We wrap it in a nice story, but some smart people genuinely believe it's nothing more, and that most things we tell us about how and why democracy works, it's pretty suspect. (I've worked in democratic reform movements for almost a decade, so that's not an unconsidered perspective.)

Again, speaking of "churn" and keeping power circulating. The value of churn is kinda like the value of tidal action or diurnal rhythms generally -- it doesn't have a goal on which to judge whether it's "succeeding", but from the churn and flow of resources, it supports ecologies that find new niches. So maybe crypto has no purpose. But even if pointless, it can still have a role in the environment we live in.

Tides, democracy, american dreams, crypto or any goldrush past -- it's maybe stuff with mystique because each is a churn that creates some sort of renewal, like turning the earth with a shovel and mixing it up. I'm glad for most any churn, especially in a society lacking it in certain spaces, even if it leaves things to be desired. imho the alternative is to allow power to entrench more and more, which isn't the team i want to be on while wishing crypto away * shrug *

[1]: https://www.amazon.ca/Democracy-Realists-Elections-Responsiv...

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