Title: Is crypto still a protest movement?
Author: Daniel McGlynn
Translated by: TechFlow
Open Money is a form of protest currency.
In other words, Open Money is anything that stands in opposition to the mainstream narrative, or what you hope it to become.
So, what does this mean exactly?
It's fascinating to observe the process of how cryptocurrencies are demonized or celebrated by politicians and business leaders.
Often, you'll hear claims like "cryptocurrencies have no value" or "they're just tools for criminals".
On the other hand, there are also people who launch meaningless meme tokens or frantically hoard Bits, which seems more like gambling than a financial strategy.
But in reality, cryptocurrencies, or more specifically, Open Money, are not about pursuing some kind of extreme ideology. The essence is about providing alternatives for the parts of the existing system that fail to meet people's needs.
Practical use cases for Open Money may include more convenient cross-border payments, more efficient ways to earn or store value, and the monetization of creative works without the need to become an influencer or affiliate merchant.
Open Money does not seek extreme positions, but rather provides a middle ground.
The main advantage of a parallel system running alongside the existing financial system is that it can provide a balancing pivot point in times of chaos or turmoil.
Open Money is a tool that helps people find direction in extreme times, while building personalized financial and information products. These products can provide both individual control and global connectivity (sometimes both).
However, as cryptocurrencies become more integrated into the mainstream, will they lose some of their utility?
Ambiguity of Use Cases: An Advantage
Not long ago, people could more easily understand cryptocurrencies, or at least know what they are not.
Early cryptocurrency users and developers were often dedicated to creating alternatives, trying to stand in opposition to the traditional system.
But in the past one or two years, cryptocurrencies have gradually become more like a part of the traditional system, rather than a completely independent entity. For example:
The launch of cryptocurrency ETFs and the influx of institutional money;
Cryptocurrencies becoming part of presidential political agendas;
Cryptocurrency-based prediction markets competing with traditional media during presidential elections.
Nevertheless, the core values of cryptocurrencies - the developers and teams exploring the boundaries of possibility - still need to continue innovating on the fringes.
Open Money: A Hedge Against Change
Every year-end, people tend to look back on the past while also looking ahead to the future.
Recently, I've noticed some news: the appointment of a new "crypto czar", the influence of newly formed cryptocurrency lobbying groups, and whether the incoming SEC (Securities and Exchange Commission) chair will have sufficient cryptocurrency-related experience. These headlines make me reflect on how quickly cryptocurrencies have gone from being a fringe topic to a focal point, with a surprising pace of development.
However, the trend towards "legitimacy" seems to overlook the core meaning of cryptocurrencies. It's important that we avoid being distracted by this superficial "legitimization" and not sacrifice the original intent, creating another "too big to fail" financial system.
The world is undergoing rapid change.
We need alternative solutions, backup mechanisms, and flexible systems that can scale from the individual level to the global, to cope with these changes.
We've discussed how shifts in population structure, advancements in information technology, and adjustments in the economic landscape are driving these changes. In this context, decentralized, permissionless, and Non-Custodial assets will become increasingly important in the future.
In short, we are facing a future filled with uncertainty, transformation, and change.
On one hand, these changes may bring disruptive shocks; on the other hand, they may also create new opportunities. In this context, we need a middle path.
Open Money provides people with more options to cope with change in the following ways:
Permissionless systems allow users to choose the systems that best suit their needs (whether in finance, information, identity, or creativity).
Non-Custodial wallets and key management give users full control over their assets, which is crucial for improving asset liquidity, portability, and privacy.
Interoperable and programmable systems support a variety of digital asset use cases, such as peer-to-peer payments, cross-border transfers, or digital asset value storage.
These features of Open Money not only maintain personal freedom, but also empower users with the scale of internet-based tools and networks.
As the world enters a period of reorganization and dramatic change, these attributes of Open Money will become increasingly important.
We still need this "rebellious currency".
