It’s no secret that the world is changing, but some parts are changing faster than others. In recent years, the finance sector saw massive disturbances, primarily caused by the disruptive arrival of a range of impressive new crypto technologies.
Seizing an enormous market share, the blockchain and its prospective use cases quickly made waves and changed how everyone from retail investor to hedge fund manager saw the world and their wallets.
On the surface, this might appear to be yet another symptom of a wider trend of progressive change in the 21st century. Digital sounds fair. A reduction in the barrier to entry from last century’s unnecessarily complex portfolio algorithms to the tap of a smartphone.
We all have smartphones and credit cards — yes, it all sounds so fair and good, doesn’t it? Finally marginalized communities can get a piece of the action.
If you thought that, however, you’d be wrong. You’d be wrong when we first raised the issue and you’d still be wrong today.
Crypto might have changed our perception of money, but it hasn’t made a dent in the prevailing and oppressive power structures of our society. It hasn’t done anything about participation suppression being orchestrated by KYC — Know Your Customer — laws that are no different from the illegal practice of requiring an ID at the voter booth.
In fact, if statistics are to be believed, it has only reinforced them. This is perhaps best seen in the face of the average crypto investor and developer; one that remains disturbingly straight, white, and male.
Related: Bitcoin: By The Privileged, For The Privileged — ThinkProgress
This brings us to our central question. If we are to see the financial system undergo a revolutionary change, if a monumental shift in the distribution of wealth is to occur as so many pundits predict, do we not have an obligation to ensure that the beneficiaries of this seismic event are representative of the changing face of America?
A WEF report earlier this year suggests both women and other oppressed minority factions are severely underrepresented in the space, making up just 11% of all involved. Given the enormous capital gains seen by many nearly exclusively heterosexual, white, male investors and developers, perhaps it is time we called crypto (in its current state) what it really is: the latest tool of white supremacist privilege, designed to buttress and advance a disparity in wealth defined by race above all else.
While this critique is both real and fair, none of this is to suggest we write the promising new technology off and return to older technology, nor that we inhibit or tamper with it in any way.
The implication is rather to the contrary; we believe that if enough social pressure is applied to the blockchain space, we can ensure the profits benefit everyone.
Related: Why Are So Few Black People Using Bitcoin? — The Atlantic
This would be consistent with many of the policies championed by forward-leaning thinkers like Cortez, an incredible and principled woman who has stopped at nothing in her quest to speak truth to power, to push for socially equitable programs, wealth redistribution, higher taxation and ultimately a more progressive and equitable society.
According to Cortez, we can do better, and we will do better, but only if we use our voice to encourage a fairer and kinder society — a society that isn’t defined by dollars and cents, ego or hatred. If we speak with one voice, they will have to listen.
So speak up, speak loudly, speak clearly; BIPOC and women are here, and we’re ready to become part of the blockchain — like it or not.
Related: Are women and people of color being excluded from cryptocurrency?
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The block and chain stand for the block and chain us white folks be putting on Black folks before buck breaking them into submission. Don’t be telling me it aint.
So you’re saying you’re too stupid to figure out the game so someone should give you a head start.
bruh no fucking way this whole website exists what the fuck this is next level where can I contribute
This is very aladeen
The lack of black representation in crypto is basically a form of cyber buck breaking and it needs to stop!!
KYC means you pay taxes so you stay poor and depend on them more all while funding them to at least some degree.
Voting IDs are “racist” because not having it means illegals can vote so they don’t have to go through the hassle of rigging elections.
Neither of those things make any sense when you examine them and they are not mutually inclusive as you would expect.
Bottom line is that if it fucks over whitey they do it and if it doesn’t they don’t. The end.
If you’re ready then you better look into me and all of my research. I’m cryptoDevPines. I’ve got oracles that will blow chainlink out of the water.
>“It’s called Buck Rugging, the new problematic alt-right trend in crypto”
Looking forward to that headline.
Serious question – why can’t the bitcoins that have verifiably been lost be given to (confirmed) members of marginalized communities via a network upgrade?
it’s hard to establish identity on chain.
It’s literally 2021. Why are diversity-friendly and equitable reparations not coded into the bitcoin program ??
Because you can’t access them if you don’t have the keys. With bitcoin, if you lose your keys your money is gone. That’s the whole point. No-one, absolutely no-one can access your crypto without that key. Otherwise what’s the point?
Did I miss something? Are there decentralized exchanges that only trade to white dudes?
When you put in an order is there a pop up asking your race or sexual orientation before the trade completes?
Do the computers or phones of non white men not allow trading or wallets? Do hardware wallets only work for white dudes?
What, exactly, is the issue? Are blockchains for whites only?
I know right? This whole article is throwing a tantrum over nothing. The whole point of Bitcoin is noone controls it and the infrastructure doesn’t care who you are or where you come from.
because they are not being given anything for free! nothing is being handed to them. they missed out and want YOUR tokens because that’s FAIR right???
Gib me dat crypto white man!
Buy my coin sirs! Village is hungry
Please black sirs and womens, do the very needful
women and blacks start noticing crypto means the party is over.
I’m black and I’ve been in crypto since 2013, what are you talking about? Would have been in earlier too if not for some reasons beyond my control, none having to do with race.
Why do people write shit articles like this? Nothing is stopping people of color from buying cripto, you download coinbase or Gemini an make a purchase. and anyone can do it!!! There is no color check!!! Stop acting like there is!
This lol. Or just get TrustWallet or MetaMask, buy crypto directly in there with only a credit card, go to a dApp like PancakeSwap and happy trading
black folks can’t do math, they wont figure out how to do it
The Hidden Figures of history did all the math behind great achievements, including going to the moon. And they were Black. Read real history and educate yourself.
Cherry picking a few dedicated ladies with a math gift decades ago….. now you have the rest of the population of declining education and crap parents…. (so tiresome)
That is powerful. Only someone enduring hell and becoming ennobled rather than sundered by it can write like that. I felt tingles throughout my body as I envisioned the bold future we BIPOCs are building for humanity. It’s time to speak up. Demand planetary share distribution of crypto riches. This technology belongs not to the Japanese POC who invented it, nor white males, but to all humans.
Why can’t you just press a buy button without turning it into a social justice issue? Just fucking press buy. No exchange has ever asked for my race before buying crypto, and quite frankly no one gives a fuck. There is no more of a barrier to entry for some black woman to buy crypto.
Asians, Indians and Africans (actual africans who live in africa, not “african” americans) seem to have no issues or troubles buying crypto. Their money is still accepted. Why do north american blacks feel the need to alert everyone that they’re “becoming part of blockchain whether we like it or not”. Just. Fucking. Press. The. Buy. Button.