Cryptocurrency For The Rest of Us

As a queer woman who experiences multiple minority statuses, I often ask myself what has drawn me to the world of cryptocurrency. It seems that I’ve been interested in exclusionary, male dominated spaces my entire life. I’ve struggled through my professions as a carpenter, bicycle mechanic, and recently a data analyst – as much as I’ve struggled through my hobbies, from skating and hip-hop as a teen, to surfing and now crypto as an adult. This blog post however, is not meant as a “woe-is-me” rant. Rather, it is a reflection on which groups are dominating the sphere of crypto, and the pressing need for outreach to bring greater diversity to the space.

For a movement that prides itself on decentralized authority, community, and consensus – with the goals of dethroning a viciously inequitable traditional financial system, the cryptocurrency sphere is extremely dominated by tech savvy men - a majority of them white. One article written by the New York Times reflects: “data suggests that about 94 percent of the Bitcoin wealth is held by men, and some estimate that 95 percent of the wealth is held by 4 percent of the owners.” There is an irony and a massive tension here that needs addressing. Questions need to be asked. Voices need to be heard. The disenfranchised need to be included. These things HAVE to happen if the crypto movement is going to stay true to its vision and not devolve (further) into a frantic money grab that exists solely to make the rich profoundly richer.

Upon getting involved in this space – around March 2018, I intentionally did not seek out literature, blog posts, podcasts, etc. that address the lack of diversity in the crypto sphere. I wanted to see what came my way as I built my knowledge of how to invest in and navigate this realm financially. So here I am, eight months later, reporting that maybe 10% of the content I came across addressed issues regarding diversity in crypto. Many things I am citing came from more intentional searches on this topic I have done recently.

I say “many” because I do want to give credit where credit is due. One of my favorite crypto related podcasts, Coin Talk often surprises me and has guided me to content created by brilliant female journalists. While the podcast is certainly no bastion of equity (it tends to follow the standard format of two crypto obsessed dudes sarcastically bantering about every new development in the space), I do appreciate that Jay Kang will often correct his co-host in assumptions that a hypothetical developer, founder, or investor is by default, male. Kudos to this; they shouldn’t be needed, but in a world where the involvement of women in STEM is still a glaring issue, and in a space where this is inadequately discussed, appreciation for these kinds of comments are warranted.

Coin Talk has made me aware of a handful of important and interesting women in crypto. This constitutes a majority of the diversity related content I came across while not intentionally seeking it. Adrianne Jeffries did an entertaining guest spot on the podcast, and her Verge article Blockchain is Meaningless is a very worthwhile read – especially for those interested in alt coins. I also really enjoyed the interview with Maria Bustillos, and even though the CVL project bombed, I think she is someone to pay attention to in the space. I have also done some listening to Unchained and Unconfirmed, podcasts created by independent journalist Laura Shin. This podcast is totally crypto oriented and has produced some fascinating reporting, often on controversial projects such as Ripple (XRP).

While I am obviously concerned about the inclusion of women in the crypto space, I am not biased towards it. I am equally concerned about the disenfranchisement of people of color, seniors, those with disabilities, and people living in poverty who lack access to technology – especially in the Global South, but also in ‘Developed’ nations. I have come across very little content on this without looking for it – however I did stumble upon the Crypto 101 podcast, hosted by Arron Paul, which is also quickly becoming a favorite. His interview with Oz Sultan: Race, Ethnicity, Politics, & Blockchain is the most thorough exploration of these issues in the world of crypto I have come across.

I imagine at this point half of those reading this are saying “Right On!” while the other half are rolling their eyes – probably painting me as a man-hating-tree-hugger who owns 12 cats and lives on a commune. Let me assure you I am not. I am grateful to the men involved with the content I have mentioned – they are making a point of giving air-time to those who are generally excluded from the crypto realm. We need men in positions like these to be more outspoken and to act as bridges for integration. If the crypto movement truly seeks to achieve its stated objectives, the discussion needs to be much broader, and has to include all voices; its success hinges on us becoming a vibrant, interconnected community that represents everyone – that is true consensus.

At the end of the day I am attracted to crypto because I think it has enormous potential to change our world. One early documentary on Bitcoin (I can’t remember which or I’d credit it) described the currency as being an intersection of economics, philosophy, and political science all at once. I agree with this and it’s why I find the movement fascinating. That and I’ve been poor and disenfranchised from the traditional financial system my entire life; with crypto I see some potential for building financial security (though, to quote Coin Talk – rather than getting rich quickly I may just be getting poor slowly (LOL - kinda)).

I think if it evolves in a conscious and intentional way, crypto can serve to redistribute wealth and promote real social equity. Projects like Fair Coin give me some hope that this can become a reality. The establishment of militarized Bitcoin bunkers on the other hand, lead me to fear that we are actually headed towards an even more hierarchical, inequitable, and concentrated system of wealth than what already exists – a sort of neo Mad Max dystopia.

I hear A LOT of talk in this space, especially by Bitcoin Maximalists and Libertarians, about how this movement is going to free the world from the shackles of poverty, government repression, and war; to many it is intended to “bank the unbanked”. If this is the goal, why aren’t those who are really in the spotlight (publicity issues aside), people like Roger Ver, John McAafee, Vitalik Buterin, Changpeng Zhao, Jihan Wu, Brad Garlinghouse, or Charlie Lee, instituting programs to involve more women and people of color in crypto? While I like some of these guys and dislike others, they have all seen thousand-fold return on investment, have literally made money out of thin air, and I’m wondering why all of them are not establishing foundations specifically for recruiting and educating those who are excluded from the space – due to gender, race, poverty, tech illiteracy, etc. I am not negating the fact that these projects have some diversity in leadership and community– especially Ethereum, but donations, outreach, and education are different necessities. (And please – if there are projects like these you think I should know about, share them in comments.)

So, why aren’t non-profits being established by the thousands, to provide education and inclusion for those who Bitcoin and other cryptocurrencies are purportedly intended to ‘save’? Anyone who is even vaguely involved in crypto knows that this space has a vicious Wild West mentality. I have been hacked, I have had funds stolen, and I consider myself to be fairly tech savvy. Those who are not, those who are intimidated, need some bridging into this world if it is ever going to have any hope of serving them.

If these issues are not addressed, if they are not put more in the spotlight, I fear that the movement will be co-opted. Once institutional investors get involved this could really become an issue. I see tremendous potential for change promised by the cryptocurrency movement, but I also see tremendous potential for replicating old systems – and making them even more inaccessible and inequitable. This is because we aren’t just talking about fluency in economic jargon and investment barriers anymore, but tech literacy, the savvy to navigate extremely risky markets, and in many cases, the ability to code.

I am writing this post because I want to be an active voice in this discussion. I have done most of my research and learning in a vacuum and I have made some painful mistakes. None of my friends are interested in crypto and I’ve had no real guidance. I’d like to be involved in an online community and to help build, educate, and learn within that community. I have plans for some posts on what to do as a new investor, what mistakes to avoid, what resources to utilize, and what to be skeptical of. I welcome feedback – and if I have any facts wrong about people or organizations I have mentioned in this post I welcome constructive corrections.

I will end with this thought: What if Satoshi were a woman? If her identity was public from the get-go would you still have found Bitcoin to be a genius and eloquent system? Alternately, if her identity were revealed today, how might you react?