The Crypto Illusion: How "Decentralization" Will Create a New Financial Oligarchy
From Net Neutrality to Bitcoin—Why Every Revolution Gets Captured by Elites
1. Similarities Between Net Neutrality and Crypto Deregulation
a) Disrupting Gatekeepers, but Creating New Oligarchs
Net Neutrality (2015): Broke the stranglehold of ISPs and legacy media, allowing decentralized content creation (YouTube, podcasts, indie artists). But the real winners were Big Tech (Google, Netflix, Facebook), not small creators.
Crypto Deregulation: Aims to dismantle traditional finance (banks, Wall Street), but the beneficiaries will likely be billionaire whales, hedge funds, and VC-backed crypto projects—not the average retail investor.
b) Erosion of Human Connection
Net Neutrality’s Social Cost: The internet became a global town square, but human interaction turned transactional (likes, clout, parasocial relationships). Real-world socialization decayed.
Crypto’s Potential Social Cost: Financialization of everything—friendships, art, even memes become speculative assets. Human value is reduced to token holdings. Imagine tipping your Uber driver in a shitcoin that crashes 80% the next day.
c) False Promise of Democratization
Net Neutrality: "Anyone can be a star!" → Reality: Algorithmic favoritism, influencer monopolies.
Crypto: "Bank the unbanked!" → Reality: Pump-and-dump schemes, rug pulls, and the same old whales controlling liquidity.
2. How Crypto Changes Society (For the Worse)
a) Hyper-Financialization of Life
Everything becomes a tradeable asset (your attention, your tweets, your DNA).
Lose-lose for normies: Either you’re a bagholder or you’re priced out entirely (see: Bitcoin becoming a billionaire’s store of value, not a currency).
b) Greater Wealth Inequality
Pre-mining, insider allocations, and VC dumping mean retail investors are the exit liquidity.
Just like Big Tech won Net Neutrality, Big Money will win Crypto.
c) Erosion of Trust in Institutions
Net Neutrality’s Legacy: People trust algorithms over experts.
Crypto’s Legacy? People trust anonymous devs over governments—until the scam unfolds.
3. Why Politicians Should NEVER Own Crypto (Insider Trading on Steroids)
Crypto is the ultimate insider’s game:
Pre-launch allocations to Congress members (like how they trade stocks now, but worse).
Pump-and-dump via policy: A single tweet from a pro-crypto politician can move markets.
It’s worse than stock trading: Crypto is unregulated, volatile, and manipulable in ways even Wall Street can’t match.
Solution?
Ban politicians & their families from holding crypto (just like they should be banned from individual stocks).
Treat crypto like a national security risk (China bans officials from holding it—for a reason).
https://www.danielbrummitt.com/
Final Prediction:
Crypto, like Net Neutrality, will accelerate connectivity but deepen alienation, disrupt old monopolies just to create new ones, and ultimately benefit the 0.1% while leaving everyone else with a digitized wasteland of financialized social decay.
The only difference? This time, the middlemen being replaced aren’t record labels—they’re central banks. And the winners won’t be indie artists—they’ll be billionaire crypto whales and the politicians they lobby.
TL;DR: History doesn’t repeat, but it rhymes—and this time, it’s a dystopian crypto rap battle where retail investors get ghostwritten.
The most important video on crypto you need to study.
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