Crypto Does Have Utility.
Let’s talk about how to show that 1% of crypto has extremely high utility in the economic sense. That is, this 1% has the capacity to add significantly to the productivity of an economy.
How Does 1% of Crytpo Have Economic Value?
Often we hear pundits saying there’s no intrinsic value in crypto so it will go to zero in the end just like all Ponzi’s. But this is a world view lacking wisdom. If we can show that at least some kinds of crypto have utility they will certainly add to productivity and the good of the community on the whole. This isn’t to say that all crypto has utility. It is to say, like everything, some of it does and this is where the commons should focus its energy.
On Utility and Productivity
We’d better define what we mean by utility. Imagine anything which has utility is something which increases economic productivity. It can do this becuase something with utility makes the production of wealth that much easier. That is, less work input needed, less investement input needed, for the same output. Or the same amount of work and investment delivers greater output. Or any iteration in between. Getting more for less as time goes by. Increasing productivity means more wealth in the economic sense is now being created per unit input of hard work, skill and industry.
Who would object to that outcome? And yes, the distribution of that new found wealth might be no more justly distributed because of more productivity. The same flaws within social organsiation may persist in spite of the increased productivity. Theres no evidence more productivity means more of a chance people will start loving each other more. And thats a question for another day.
By just distribution, I mean those who create that wealth, actually end up keeping it or using it up. Rather than someone who somehow acquired it but did not create it. Are there any objections to that outcome too? Yes. And are these objectors healthy people who are likely to improve things generally within any community?
Comparing Crypto With Lawyers
We can look into this by comparing crypto to another often unfairly maligned producer of utility in an economy - the lawyer.
So what about lawyers and so called crypto currency tech both having utility? Well no one disagrees there are both bad lawyers and bad crypto. Then avoid the bad kinds like the plague? And select government, leaders and authority who build a track record of helping you avoid the bad players at scale more effectively than the individual.
Lawyers improve productivity by helping settle disputes which otherwise left unsettled would harm the economy either directly through less effective exchanges or by the results of poorer social organsiation abnd interaction. By rights lawyers are part of the whole process of production and should be rewarded to the extent they add to it. The much hated market deals with this automatically if left unfettered by the corrupt and needs no scientific precision to prove it works if just left alone.
So what about so called crypto currency? There’s no doubt 99% of it is inauthentic. That is, a scam or fraud of some kind which the slow progrss and actions of authority has yet to catch up with. They always do in the end. This tardiness is an example of room for improvement of government towards one which you select that can improve productivity. But we have to select them for cryin’ out loud. Its on us. Stop blaming politicians to escape from own complicity. Stop selecting leaders who incentivise you to escape from this obliogation.
There is 1% of crypto which does have a great deal of utility but its model is hidden deliberately and dishonourably by the 99% of crypto crooks dominating the narrative. Why? Because the 99% are terrified that once the utility of the 1% is brought into the light, the lack of utility and fraud of the 99% will be glaringly obvious even to the most ignorant members of public, the law and government. And because the 99% are an overwhelming majority they have enormous power to blind the general public, another problem we can talk about attending to in a later dialogue.
So if this 1% of crypto, with utility, is grasped hold of by developers, entrepreneurs and leadership, it certainly will improve productivity. A primary example of how is through a techno advance called micropayments.
Where today with traditional digital transactions the minimum price now acceptable is the unit of a dollar. Try making a digital transaction of less than a dollar from your phone. A dollar is usually the fee just to pay for the transaction, let alone the cost of the good or service on top. Today one cannot buy anything digitally for less than a dollar unit. But there’s an enormous market for total transactions cost measured in cents or even less.
The Micropayment Total Market Size of $Trillions is Here Already
There is crypto tech already running and soak tested which can make tiny transactions in as little as cents with ultra low fees of a hundredth of a cent. And at very high scale already in the millions of transactions per day and growing fast. These transactions might be used for payments to access an innovative shift in the consumption of digital services such as web content. Today we’re given web content for ‘free’, so long as we submit to being the product, and a product with no control over any of our self. The effect of the adoption of micropayment bitcoin tech would be that instead of that nightmare we’re able to pay micro cents for accessing the same content while staying in control of our privacy and remaining within the law.
I’ll leave it to the reader to imagine other examples of how much higher this innovation will help all people of the world to climb through the quintillions of more efficient transactions now possible. Maybe adoption of this bitcoin tech will contribute to a more just distribution of wealth too, we can only hope. It’s what we make of it that will tell.
The first stage is to try it. This 1% of bitcoin tech is already there. Let’s devote our skilled energy and wisdom to drive through the crooked resistance of the 99%. Find a way to shine a light on it, such that other wise people can take it up and be part of that drive.