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\u201cCapitalism ruined crypto\u201d<\/h2>\n
D\u00e1vila acknowledged that there is a fundamental capitalistic mentality within most of crypto, saying the space has been \u201cheavily influenced by kind of, I would say, more right-leaning libertarian thought, which includes a lot of, let\u2019s say, support for capitalistic structures, for free markets and for all these things.\u201d <\/p>\n
This is reflected at a core level within the consensus mechanisms of most blockchains, which tend to rely on profit-seeking and asset accumulation to incentivize validators, he argued. \u201cIf there was no reason to accumulate profits or wealth in our society, then blockchains would crumble because that\u2019s the way that they\u2019re designed.\u201d<\/p>\n
Related: <\/em><\/strong>Mutual aid, DAOs and activism: The Agenda podcast chats with PactDAO co-founder Marisa Rando<\/em><\/strong><\/p>\n D\u00e1vila pointed to venture capitalists, in particular, as a negative influence on crypto. He believes that while there were a lot of interesting experiments in the early days of crypto, the influx of venture capital has brought with it the expectation of massive returns for investors, which just ends up replicating the traditional economic order.<\/p>\n \u201cIf there is no protection or some reason stopping them from coming in, of course they\u2019re going to come in, and they\u2019re going to ruin things because that\u2019s like the modus operandi of what they do.\u201d<\/p><\/blockquote>\n There are many applications for cryptocurrency and blockchain that don\u2019t fall within the existing socio-economic order, argued D\u00e1vila, who pointed to alternative chains such as Cosmos as examples of the way that a blockchain\u2019s design can influence its social implications. <\/p>\n He gave the example of a 2022 incident on Juno, a part of the Cosmos network, in which the community voted to \u201cexpropriate\u201d $35 million worth of airdropped JUNO tokens from a wallet that had allegedly managed to receive more tokens than it was supposed to. \u201cThey have very clear on-chain governance directly for the chain itself that had obvious sociopolitical consequences,\u201d he said. \u201cThey would not have been able to do that if this was Bitcoin.\u201d<\/p>\n For D\u00e1vila, that is a good thing: \u201cUltimately, we are the creators of our destiny, so we should embrace that fact and implement that in technological code the best we can.\u201d<\/p>\n As for his broader dreams for the crypto and tech landscape, D\u00e1vila said he would love to see \u201cthe creation of applications that allow for collective ownership of digital infrastructure.\u201d<\/p>\n \u201cThey [Web3 founders] need to create something that is different, that specifically gets at the root of the problem, which I think is how we own things and how we govern those things, and recognizing that our resources should be shared in common rather than completely privatized by whatever next billionaire comes up with another Big Tech company.\u201d<\/p><\/blockquote>\nWhat\u2019s the alternative?<\/h2>\n