Degen Communism

Degen Communism proposes a world where calculated risks and innovation are encouraged, while safety nets protect those who fall behind. This blend of chaos and social responsibility offers a thought-provoking alternative for a future defined by constant flux.

Degen communism is more of a starting point, a provocation, than a fully formed roadmap to the future. If we decide that our old ways of operating don't work, the hard work of figuring out the "how" is where the real challenge lies. How do we create safety nets that protect the vulnerable without stifling risk-taking? Where do we draw the ethical line when risky ventures might impact the public good? And most importantly, can technology be truly neutral, or will it simply give rise to new forms of power imbalances and bias?

Understanding the "Degen"

Before we dive into the specifics, let's unpack the term "degen." It's internet slang, short for "degenerate." In this context, it doesn't mean something morally wrong. Instead, a "degen" is someone who:

• Loves risk: They're willing to bet big, even with long odds.
• Thrives on chaos: Constant change and the chance to shake things up excites them.
• Embraces memes and internet culture: They understand the power of humor and inside jokes within a community.

The Problem with Our Old Ways

Vitalik Buterin, the co-founder of Ethereum, argues that our traditional political ideas (capitalism, liberalism, etc.) are failing us. Everyone's arguing, no one seems to care about civility anymore, and those in power don't seem to have good answers. Some people want to go backwards to "nicer" times, but Vitalik thinks that's impossible – the world has changed too much. Today, things change at lightning speed thanks to the internet. Here are some specific problems:

• The loudest voices win: Social media amplifies extreme opinions, drowning out thoughtful discussion.
• Short-term thinking: Politicians focus on the next election, not long-term solutions to big problems.
• Elites vs. everyone else: The wealthy and powerful often protect their interests at the expense of the average person.

What Does the Internet Want?

Vitalik points out that the internet we have today is all about chaos. People love drama, taking big risks, and shaking things up. They don't want the same old boring debates. He thinks trying to make the internet more "respectable" is a losing battle. So if chaos is where we're at, how can we make it work for us?

Degen Communism: Chaos with a Conscience

Vitalik's solution is "degen communism." Here's what it's all about:

• Embrace the chaos: Let people take risks, innovate, and make big changes. This is what drives progress.
• Protect the most vulnerable: When things go wrong (and they will), we need to look out for the average person. Help them recover from setbacks.
• The upside for everyone: Find ways to use the energy of chaos for the greater good.

What This Means for Crypto

The cryptocurrency world is all about this kind of risky chaos, but people get hurt when projects fail. Vitalik proposes that:

• Help the little guy: Instead of bailing out everyone who loses money, focus on protecting small investors first during crashes.
• Spread the wealth: Projects should donate money to charity, and find fair ways to distribute tokens to individual users and those who support the community.
• Community power: If project leaders make bad choices, the community should be able to take over and reset things.

Governance - The Degen Communist Way

Vitalik believes these ideas can change how government works too:

• Tax the land, not the people: Instead of taxing income, which can be moved around to avoid taxes, tax land – it can't run away! This makes things fairer, and a portion of the money could even be given back to people as a 'dividend'.
• Build more, restrict less: Embrace development, even if it changes our cities. Places that let people build more tend to be more affordable.
• Open borders: Let people live where they want. With smart policies, governments can handle the increased population.
• Better decision-making: Use new technology to make government more responsive and let the best ideas quickly rise to the top.

The Challenges

Degen communism isn't a magic solution. Here are some key questions it raises:

• Balancing risk and reward: How much risk is okay before it becomes harmful? How do we fairly share the rewards?
• Who defines the common good? People disagree on what's best for society as a whole. Degen communism needs ways to resolve this fairly.
• Can this work at scale? These ideas are easier in small crypto projects than they are at a national level.

The Bottom Line

Degen communism, at its core, isn't just a set of policies. It's a radical shift in how we think about society. It challenges deeply ingrained ideas like the inherent value of stability, the necessity of top-down control, and the illusion that success is solely based on merit. Instead of neat order, degen communism proposes that well-managed chaos could be the key to breaking free of stagnation and driving innovation. It suggests that decision-making systems can be more fluid and responsive, drawing on technology to surface and prioritize collective wisdom. It forces us to acknowledge the role of luck and risk-taking in determining outcomes, leading us to question how we ensure everyone has a fair chance in a constantly shifting landscape.

Degen communism is about accepting that the world is wild and unpredictable. Instead of resisting change, let's use that energy while figuring out better ways to protect regular people and ensure the benefits of this chaotic world are shared by everyone.

FIN.

Hashtag Web3 is a global community of web3 professionals. 55 million+ yearly views on our Job Board. Join our Community on Telegram: t.me/hashtagweb3