Vitalik Buterin, the renowned figure in the field, recently created a stir by boldly declaring that all the political ideologies we have relied on in the Western world will become obsolete and ineffective by 2024. According to him, the traditional frameworks, from the capitalists’ endorsement of tariffs to the libertarians straying from their path of liberty, no longer hold up. And let’s not even mention the “new authoritarians” who fail to offer a compelling alternative.
Out with the Old, In with the Degen
Vitalik didn’t just criticize the current state of affairs without presenting a solution. He introduced us to a concept that may initially sound paradoxical – degen communism. But this is not your grandparents’ communism. No, it is tailored for the digital age, a response to our collective desire for some chaos in the mix. Vitalik observed that the internet no longer craves polite debates. It yearns for decisive action and the thrilling uncertainty of risk.
However, Vitalik was quick to clarify that this is not about promoting anarchy. It’s about strategically harnessing chaos for the greater good, ensuring that while we ride the waves of risk, the aftermath benefits society as a whole. He proposed degen communism not just as a set of ideas but as a practical ideology that could influence everything from cryptocurrencies to government policies.
The Crypto Connection
Speaking of cryptocurrencies, Vitalik emphasized how the crypto industry embodies the spirit of degen, with its dramatic highs and lows. Yet, he pointed out that these fluctuations can be utilized in a way that minimizes harm during downturns. Imagine a scenario where, in the face of a project collapse, smaller investors are prioritized and protected. Vitalik is not suggesting we rely on government bailouts. Instead, he suggests a shift in how projects outline their terms of service to ensure that the little guy is supported during tough times.
But it’s not just about safeguarding against the lows. Vitalik also supports capturing the highs in meaningful ways. This ranges from donating a portion of memecoin proceeds to charity to encouraging projects to distribute wealth more evenly through airdrops. The goal is to align crypto’s unpredictable nature with the greater good.
Degen Communism Beyond Crypto
However, Vitalik’s vision goes beyond the crypto industry. He envisions degen communism reshaping government policies as well. Take real estate, for example. The current market heavily favors the wealthy due to outdated laws and restrictions. Vitalik proposes flipping the script by implementing land value taxes and adopting more Yes In My Backyard (YIMBY) policies to make housing more affordable and equitable.
And intellectual property is another area of concern. In a degen communist world, copyrights and patents would be subject to Harberger taxes, encouraging open access and innovation. Additionally, immigration policies would undergo a much-needed reform, focusing on expanding safe and legal pathways for individuals to move freely across borders.
At the core of degen communism lies a democratic process that is dynamic, inclusive, and focused on quality. Vitalik envisions a world where decision-making tools like pol.is and prediction markets help us find common ground and make informed choices swiftly. It’s about embracing the chaos of human activity while ensuring that the systems we create benefit everyone, not just a select few.