The level of excitement surrounding cryptocurrency has reached a fever pitch. There were advertisements during the Super Bowl promoting cryptocurrency companies that included celebrities such as Matt Damon and Larry David. The Los Angeles Staples Center is now the Crypto.com Area. And underlying all of that enthusiasm is a very clear vision: a more decentralized economic system in which people have more control over their own finances, a grass-roots internet freed from the not-so-invisible power of large tech companies, and a cultural environment in which artists and musicians can really monetize their work.
But what if that imaginative and prescientific projection turns out to be gravely flawed? What if the technological know-how that underpins cryptocurrency isn’t as solid as it’s built up to be? Or, what if the technology is successful, but the world it generates is a hyper-financialized dystopia rather than a decentralized utopia? To get answers to all of these questions, this blog discusses a very important podcast on the Klein show by Ezra Klein called “a viral case against crypto, explored.”
What Exactly Is The Crypto Community Trying To Build?
Dan Olson and Ezra Klein are the persons responsible for creating the two-hour-long video on YouTube titled “Line Goes Up,” which has now garnered close to seven million views. The majority of individuals have never encountered a more in-depth analysis of crypto than what is presented in the book “Line Goes Up.” And this is due to the fact that Olson and Ezra Klein are not only interested in cryptocurrencies as a technology or asset class but also as a distinct culture supported by a robust ideology. Olson believes that culture and currency are intrinsically related. And this is significant since a large number of problems and warning indicators lie within this ideological superstructure underlying crypto. Dan Olson was the guest on the podcast “a viral case against crypto, explored,” and Ezra Klein was the host of the Klein show.
Answering the questions of Ezra Klein, Dan Olson has come to believe that the assertions crypto individuals make about the world they are attempting to construct have two levels. One, and he believes this stems more from the venture capitalists, financiers, and enterprises that they’re attempting to establish ownership. They are attempting to develop the ability to possess digital commodities. And this explains a great deal of what is occurring – ownership of a currency, an NFT, a JPEG, etc. However, there is a further level, which Dan refers to as the crypto community for want of a more appropriate name. On the Klein show, Dan Olson said that he believes the concept of participation is the unifying theme there, as he has attempted to comprehend it, report on it, and absorb it.
Why Do People Participate In The Digital World?
While discussing the participation in the crypto world in the “a viral case against crypto, explored” podcast on the Klein show, Dan Olson stated that at every level, it is a view about participating in the way our digital world is governed, participating in developing it, participating in managing it, and participating in profiting off of it, and that clearly, we all participate in the internet to the extent that we use it. He feels that content is created for it. But there is a sensation that we are only creators and that others have decided that we do not participate in the system’s essential layer. And according to Dan Olson, the thing that individuals are attempting to construct correctly, incorrectly, well, or poorly is the structures of participation.
And that what attracts people to it, what is attractive once they become involved, is the feeling, because he believes it is more of an emotion than a fact, but nonetheless a feeling of participation not only in the creation of something new but also in your NFT Discord communities. It is a metaphor for how you would be a part of the whole thing at a time when he believes that people feel extremely alienated by the firms that manage the internet, governments, etc.
At the end of “a viral case against crypto, explored,” Dan Olson said to Ezra Klein that the concept of making it, becoming a part of a group, and being a part of another group is central to the vocabulary used within the cryptocurrency industry. And none of this is novel or exceptional and it is applicable to dozens of localities. Dan Olson stated on the Klein show that he believes that it is prevalent in both online commerce and online gaming and people are dissatisfied with the current operation of the world and the way that things are plainly stacked in favor of those with trading connections. According to him, participation in the financial industry is essentially the only viable means of improving one’s position in life. It is impossible to shift from the working class to the idle class through salaries alone.
