Original title: (Is crypto still a protest movement?)
Author: Daniel McGlynn
Compiled by: Shen Chao TechFlow
Open money (Open Money) is a form of protest currency.
In other words, open money is anything that opposes the mainstream narrative, or it is what you want it to be.
So, what does this actually mean?
It is indeed very interesting to observe the process of cryptocurrency being demonized or praised by politicians and business leaders.
Usually, people hear statements like, 'Cryptocurrency has no value' or 'It is just a tool for criminals.'
On the other hand, some people launch meaningless meme tokens or hoard Bitcoin in a way that seems more like gambling than a financial strategy.
In reality, cryptocurrency, or more specifically, open money, is not about pursuing some extreme ideology. Its essence lies in enabling people to find alternatives for parts of the existing system that cannot meet their needs.
The practical application scenarios of open money may include more convenient cross-border payments, more efficient ways of storing earnings or value, and the monetization of creative works without relying on becoming an influencer or affiliated merchant.
Open money does not pursue extreme positions but offers a middle ground.
The main advantage of an alternative system operating in parallel with the existing financial system is that it can provide a balanced pivot during chaotic or turbulent times.
Open money is a tool that helps people find direction in extreme times while building personalized financial and informational products. These products can provide personal control and achieve global connectivity (sometimes both).
However, as cryptocurrency gradually integrates into the mainstream system, will it lose some of its practicality?
Use case ambiguity: An advantage
Not long ago, people found it easier to understand cryptocurrency, or at least knew what it was not.
Early cryptocurrency users and developers were often dedicated to creating alternatives, trying to oppose the traditional system.
But in the past year or two, cryptocurrency has 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 funds;
Cryptocurrency becoming part of presidential political discourse;
Cryptocurrency-based prediction markets competing with traditional media during presidential elections.
Nevertheless, the core value of cryptocurrency—the developers and teams exploring the boundaries of possibility—still need to continue innovating in the margins.
Open money: A hedge tool against change
At the end of the year, people always reflect on the past while looking forward to the future.
Recently, I have noticed some news: the appointment of the new 'cryptocurrency tsar', the influence exhibited by newly formed cryptocurrency lobbying groups, and whether the incoming SEC (Securities and Exchange Commission) chair has sufficient experience related to cryptocurrency. These headlines made me realize that cryptocurrency has rapidly transitioned from a fringe topic to the spotlight, and its development speed is astonishing.
However, the trend towards 'legitimacy' seems to overlook the core meaning of cryptocurrency. It is important that we avoid being misled by this superficial 'legalization', and we must not sacrifice our original intentions to create another 'too big to fail' financial system.
The world is undergoing rapid changes.
We need alternatives, backup mechanisms, and flexible systems that can scale from the individual level to the global level to respond to these changes.
We have explored how shifts in demographics, advancements in information technology, and adjustments in the economic landscape drive change. In this context, decentralized, permissionless, and non-custodial assets will become particularly important in the future.
In summary, we are facing a future full of 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 more options for people to cope with change in several ways:
Permissionless systems allow users to choose the most suitable system according to their own needs (whether in finance, information, identity, or creative fields).
Non-custodial wallets and key management give users complete control over their assets, which is particularly important for enhancing asset liquidity, portability, and privacy protection.
Interoperable and programmable systems support various application scenarios for digital assets, such as peer-to-peer payments, cross-border transfers, or value storage of digital assets.
These characteristics make open money capable of not only safeguarding individual freedoms but also empowering users through tools and networks of internet scale.
As the world enters a period of restructuring and drastic change, the attributes of open money will become increasingly important.
We still need a 'rebellious currency'.