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this post was submitted on 06 Jul 2024
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Enshittification
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What is enshittification?
The phenomenon of online platforms gradually degrading the quality of their services, often by promoting advertisements and sponsored content, in order to increase profits. (Cory Doctorow, 2022, extracted from Wikitionary) source
The lifecycle of Big Internet
We discuss how predatory big tech platforms live and die by luring people in and then decaying for profit.
Embrace, extend and extinguish
We also discuss how naturally open technologies like the Fediverse can be susceptible to corporate takeovers, rugpulls and subsequent enshittification.
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You've filled me in on a few things a bit better crypto-wise, though I still feel many of the problems still exist. It still seems assets would either be easier to sieze vs cash or more of a liability to store on one's own. I imagine if it were to become an official currency, some more protections would get out in place, but that would probably compromise the anonymity of you were to make a claim about it.
While you can't look at all of a bank's ledger, there is still redundancy and a known route to clear up discrepancies and fraud. Benefits of traceable currency.
I'm not super techy, so I don't know if man in the middle attacks are still possible or other methods of intercepting transactions.
It didn't seem like a good idea to go back to things like the drachma, but I get why people would want it. Again, I think the blame gets placed in the currency rather than the things that lead to that currency being devalued, but that's another story.
We also didn't just print money thoughtlessly. I didn't agree with all the choices the Fed has made, but overall I think they've done ok, but it's not as though we can examine how the alternatives would have played out.
These are all things we could debate endlessly of course. I can't ever see a government giving up control of currency though. That's just too big a thing. I try to stay open to useful cases for crypto too, but most proponents just seem so off-putting.