Crypto Speculation and New Economic Culture

[TamB]

I notice a lot of speculation and pump n dumps in the crypto world. I wonder why cryptos, which should set the stage for a new way of building the economy, are following a lot of the greed and exploitation of the old economy. Does anyone agree? Shouldn't there be an effort to look back to the basic assumptions of why cryptos had to be developed in the first place? And by that I mean, not just new economic thinking, but also new cultural ways of thinking, new values.

[Mr. Socko]

like it or not profit is a motivating force behind any activity and it's unlikely, though not impossible, that crypto currencies would have formed without the potential for profit. I'll give them early adopters credit though... they nailed it, and you can see what the effect is...  the profit in bitcoin is the only reason it got media attention at all.

[TamB]

Sure, but I think profit could be redefined. I think that if crypto economies are founded based on the same principles that current banking systems were founded - greed, exploitation, speculation, profit - then you will end up with the same kind of system with the similar problems. There has to be a philosophical shift, beyond freedom of transaction.