Vitalik Buterin, the renowned figure in the field, has recently caused quite a stir with his bold proclamation: by 2024, the prevailing political ideologies of the Western world will have become obsolete and ineffective. According to him, the traditional frameworks, such as the capitalists’ praise of tariffs and the libertarians’ deviation from their original principles of liberty, no longer suffice. And let’s not even mention the “new authoritarians” who offer no appealing alternative.
Out with the Old, In with the Degen
Vitalik did not simply criticize the current state of affairs without presenting a solution. He introduced us to a concept that may initially sound paradoxical – degen communism. However, this is not your grandparents’ communism; it has been tailored for the internet age, in response to our collective desire for a touch of chaos in our lives. Vitalik observed that the internet no longer craves polite debates; it yearns for decisive action and the exhilarating uncertainty of risk.
However, Vitalik was quick to clarify that this is not about promoting anarchy. It is about strategically harnessing chaos for the greater good, ensuring that while we navigate the waves of risk, society as a whole benefits from the aftermath. He proposed degen communism as not only a set of ideas but also a practical ideology that could influence various aspects, ranging from cryptocurrencies to government policies.
The Crypto Connection
Speaking of cryptocurrencies, Vitalik emphasized how the crypto industry embodies the essence of degen, with its dramatic highs and lows. Yet, he pointed out that these fluctuations could be utilized in a way that minimizes harm during downturns. Imagine a scenario where, in the face of a project collapse, the smaller investors are the first to be compensated. Vitalik does not advocate for government bailouts; instead, he suggests a shift in how projects define their terms of service, prioritizing the well-being of the less influential individuals during challenging times.
However, it is not solely about protecting against the lows. Vitalik also believes in capturing the highs in meaningful ways. This includes donating a portion of memecoin proceeds to charity and encouraging projects to distribute wealth more equitably through airdrops. The objective is to align the wild nature of crypto with the greater good of society.
Degen Communism Beyond Crypto
Vitalik’s vision extends beyond the crypto industry; he envisions degen communism reshaping government policies as well. Take the real estate market, for instance. The current landscape heavily favors the wealthy due to outdated laws and restrictions. Vitalik proposes a reversal of this situation through land value taxes and the implementation of more YIMBY (Yes In My Backyard) policies, aiming to make housing more affordable and equitable.
And let’s not even delve into the topic of intellectual property. In a degen communist world, we would witness the implementation of Harberger taxes on copyrights and patents, encouraging open access and innovation. Additionally, immigration policies would undergo much-needed revisions, focusing on expanding safe and legal pathways for individuals to freely cross borders.
At the core of degen communism lies a dynamic, inclusive, and quality-driven democratic process. Vitalik envisions a world where decision-making tools such as pol.is and prediction markets enable us to find common ground and make swift, well-informed choices. It is about embracing the chaos of human activity while ensuring that the systems we construct serve everyone, not just a privileged few.
