cryptocurrencies are at this point bombarded with highly coordinated and well-funded marketing endeavors. Unfortunately, we see technical terms flying around while they don’t mean nothing to no one. After all, nobody will be in it for the tech without some sweet returns on their investment. In a sad turn of events, the Russia-Ukraine conflict has portrayed the significance of one of those overly-commercialized terms that is “decentralized”. Suddenly, a war breaks out in Europe where millions of people have to pack up everything and go. Can you withdraw from a bank in this situation? Are the banks even open? If not for war, what would you do if everyone panicked overnight and lined up to cash out on the ATM machines?
This terrifying experience has happened three times in February alone. Canada, Ukraine and Russia had their people rushing to empty their bank accounts, out of fear, out of desperation and perhaps with a rightful tendency to save their well-earned capital. Skeptics doubt Tether about their dollar reserves, but do the banks have all the assets in your cards printed and ready to go? In this uprising of devastating turmoil, cryptocurrencies are saving lives with an infrastructure that is immune to all missile strikes. In a time when bank servers are basically electrical waste, Bitcoin, Ethereum and other cryptocurrencies are safe in their owners’ pockets.
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Cryptocurrencies Matter!
Frankly, this is not a love letter crypto coming from a Midwest doomer who wants to shoot the bourgeoisie in the back of the head with a BB gun. In fact, the marketing strategies and the advertised content created by giant exchange apps are revolting to say the least. We do not need Hollywood and TV stars telling us to be bold and invest in the future while they surrender user data to the highest bidder. In fact, Changpeng Zhao can Tweet his libertarian stream of consciousness all day long and we’d still know how he shares transaction information with governments just for a competitive edge over Coinbase and KuCoin.
Having expressed my utter resentment for crypto moguls (like Elon), here is credit where it’s due. Cryptocurrencies are out there in Ukraine, available for payment, holding their investors lifesavings while the banks are obliterated. Cryptocurrencies are now pretty much the primary method of accepting donations from others as they immediately reach their destination without any hassle. On the eastern side of the conflict, there is something going on that could make an even better case for cryptocurrencies.
The Russian Government has shut down the stock market. In a state of panic where the investors fear an upcoming plunge would wipe their capital, someone decided that it’s not a good time for people to pull out. Say what you will about Bitcoin whales, but at least they can’t shut down the whole market and lock your money. Surely, the volatility is a big turn off, but one must remember how fragile a banking system is.
The Loudest Voice
Socialist literary critics like Mikhail Bakhtin believed that each language contains multiple other sub-languages that each have their own agenda. And sometimes, one language is the dominant voice for the whole group. Today, the dominant voice is the language of marketing, oversaturated with flowery and top-shelf words meticulously designed to capitalize on our senses. Cryptocurrencies used to be cool, you could trade, hold or simply move these cryptographically secured assets without anyone knowing anything about it. They used to be ours.
What happened in Ukraine, Russia, Canada and what will surely happen in the future is a testament to crypto utility. Cryptocurrencies are dominated by the marketing voice of venture capitalism, drowned in the vicious advertisings of Harvard-graduates with a careless over-competitive attitude that disregards the common folk. This is why I see hope for cryptocurrencies, not because of the massive pumps in Bitcoin value and certainly not for shitcoins. I see hope for cryptocurrencies because at the end of the day, they are our only alternative for a flimsy traditional finance.
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