Back to the list

“Degen communism”: Vitalik Buterin’s vision of chaos and common good combined

source-logo  cryptobriefing.com 01 April 2024 19:47, UTC

In an era marked by the apparent obsolescence of traditional political ideologies across the Western world, Ethereum co-founder Vitalik Buterin has introduced a provocative concept called “degen communism” in his latest article.

In what might be an April Fools’ Day prank, Buterin advocates for an ideology that embraces chaos while aligning it with the common good. He mentions the feeling of disillusionment with established political ideologies, such as capitalism, liberalism, and progressive social democracy.

Ethereum’s co-founder suggests then that the solution might be embracing chaos, mentioning the ethos of the 2020s internet, far removed from the sanitized versions envisioned by platforms like Substack or a censored Twitter, as a desire for unbridled chaos and decisive action. This zeitgeist is incompatible with gentle debates and respectful disagreements of yesteryear. Instead, it craves a world where individuals are free to take bold risks with their convictions.

This is the base of “degen communism,” which emerges as a forward-looking ideology that marries this craving for chaos with a focus on the common good, proposing mechanisms that mitigate the harms of unpredictability while maximizing its benefits for society at large.

In crypto, Buterin suggests innovative approaches to minimize the damage from market crashes and project failures, such as prioritizing refunds for small investors and encouraging charitable donations from meme coins.

Moreover, government policies under a “degen communist” framework would embrace market chaos while steering it towards the common good, with proposals for land value taxes, Harberger taxes on intellectual property, and more open immigration policies.

The degen communist also applies to institutions’ decision-making, emphasizing democracy, dynamism, cross-tribal bridging, and quality. Buterin advocates for the use of public discussion platforms, prediction markets, and innovative voting mechanisms to facilitate rapid, large-scale decision-making that transcends traditional partisan divides and elevates the quality of governance.