>>455272Crypto currency aspired to be a-political finance. Unlike finance that is dominated by Wall-street. Apolitical finance is probably somewhat better or at least less dangerous. So it gets points for that.
However there are many problems.
Most crypto coins turned into get rich quick schemes, and that means most people stay away because it's too much effort to research which crypto isn't a pump and dump scam.
2 big strategical errors were made.
1. They appealed to investors who sought a "store of wealth" instead of a means for trading commodities.
2. They appealed to tax-evaders who sought to evade taxes, making governments fight against it.
The effect of this is that crypto could not ascend to the status of money, and wall-street could subjugate it to it's internal logic by treating it as some kind of speculative investment.
If you make a crypto-coin that has an easy interface for governments to do taxation and you design the system so that it appeals to commerce (simple, fast & cheap transactions) it has the potential to become a "real" currency.
Another big error was to have a dedicated group of miners who run the computations for the ledger, collectively burning as much energy as a medium sized country. There can be no mining-barons, and the energy consumption has to be competitive, meaning low.
Government have yeeted a huge chunk of crypto because:
Input : gigawatts of electricity and a million tonnes of semiconductor products
Output : 0 tonnes of anything
So it has to run on small computers that are cheap and low-power enough that you can make it mandatory to have one of these computers helping to maintain the blockchain ledger in order to use the currency. You buy the small computer thingy, you let it run and by doing that it gathers points for free transactions. Basically you pay for the hardware, electricity and internet connection of that small computer and that grants you a number of free transactions/day
From a technical perspective most block-chain grow way to large, you need to make it subdivide a lot and you need to truncate it periodically, by moving old transactions into an archive of some kind.
Right now a "killer feature" for a currency is being inflation-proof. So if you can find a way to make your crypto-coin have a fixed purchasing power relative to a broad commodity basket, that's an instant win.
It can't have pitfalls like Bitcoin where certain individual Bit-coins are black-listed and if you get one of these, you can't spend it, it needs to be relatively idiot proof.
You need privacy for consumers but not for commercial entities.
It's not a big problem if it can be used to buy recreational drugs for personal use. Small scale illegality is mostly irrelevant, but it can't enable the mafia to move large quantities of drugs or do human trafficking and so on. It's got to have pattern recognition where personal scale stuff goes through the privacy preserving pipe and medium or large scale stuff goes through the financial x-ray machine.
You have to replicate certain banking features, like security guarantees for deposits up to a certain size, because this is a financial system and it will have financial crashes, and you have to make it so that normal people using this can't loose their money/purchasing power, or else nobody is going to want to use it.
From a socialist perspective this is just another money-market-system that will have all the typical problems, like an inbuilt tendency to cause extremely lob-sided wealth distribution. If you want to get socialists at least a little excited about this, find a way to add some kind off inbuilt wealth redistribution to it. A socdem algorithm is not as good as Cybernetic socialism with economic planning using labor vouchers and material balances, but it's at least better than nothing.