Peakd's AI image creator gives me this great cover image, apparently we will all follow a patriarch to freedom.
Crypto (on Hive) is Incredibly Empowering
When it is used with actual web3 technology like Hive where we don't have to worry about fees (yet), stability and the like crypto is an absolute game changer. Using it is fun and meaningful. Sending Hive and many of the L2s we have here to other users is very simple and straight forward since our ecosystem is so mature (Keychain is an incredible dapp). But I don't want to necessarily limit this conversation to Hive, as there are quite a few other chains out there that do a decent job of creating a good web3 experience. My point is that web3 works when the underlying tech is there and the community to support it.
Crypto as an Asset
Of course the majority (I would presume) do not use crypto in this way. They simply buy and sell it like an asset. $$$ is all that matters and crypto simply is a still new fad to generate good revenue (if one understands the 4 year cycle). There is nothing truly innovative here and the majority does not even understand what crypto tech is or why it matters. That's sad of course because we know here just how much of a game changer decentralized web3 is.
Strangling Regulation
The truth, however, is that using crypto as it was meant to be used is almost impossible in a heavily regulated environment. Just about everything goes against it. This becomes very clear when one wants to use web3 in such an environment. The system is literally not built to be compatible with the grander vision of crypto technology. Just to give you some examples where some of the friction lies:
- transfers: the system wants to know who is sending a transaction and who receives it. Receiving Hive and other cryptos from foreigners is a no no, since this could be seen as money laundering. So be sure to get fellow Hivers send you their documents (lol)
- exchanges: exchanging crypto currencies with one another (i.e. buying and selling them) is a taxable event. Are you keeping track of every instance that has happened throughout the years? Yeah, I thought so.
- generating income: Earning Hive from blogging is also a taxable event. If you haven't declared that as income, well ups... you got a problem.
Now I am not saying that it is impossible to adjust to such a system, but it is incredibly difficult and that is by design (the work required to keep track of everything is insane). They simply do not want people to gain autonomy which is what crypto does. They want to keep people in boxes that they can control since a free people are a threat to the system.
Innovoation > Regulation
So far we have seen that innovation has been far ahead of regulation. We can also observe macro cycles where the system becomes less or more hostile towards this tech and its ideas in various areas around the globe. As mentioned in some of my earlier posts, we can now expect the US to (finally) become the crypto hotspot with little regulation or at least such that is conducive to crypto's values. But even so, it will be important for the field to continue to develop since we cannot rely on politicians to understand the importance of these ideals. True, permissionless financial autonomy is not something that has been easy to come by ever.
Conclusion
Using web3, especially on Hive, has always felt very empowering to me. There is a sense of hope and freedom when using it and there is just something special to know that you are your own master. It's something worth defending and I hope this is just the beginning of liberating more people around the Earth.
