They are, so to speak, true utility tokens
Posted: Wed Jul 09, 2025 8:40 am
I fear the distributed benefits that a lot of DWeb projects envision are of the GameStop sort. Everything becomes a market: storage space, processing power, code contributions — the works. Crypto-tokens matter less for what they are for than what they might someday be worth. Speculation is a game of profiting at the expense of whoever comes later, pilfering from other people’s grandkids. Community ownership, in contrast, means that those who come after us can share the benefits of what we have built.
Open Source software has in some respects modeled a world where we don’t need money to motivate us, where we don’t hide behind artificial scarcity and needless monopolies. The cooperative tradition involves shared ownership and shared wealth, but rather than encouraging speculation, it invites solidarity. Co-op shares usually can’t be traded on an exchange. , but with long-term benefits. Cooperativism is the ultimate HODL.
Wrap Markets in Democracies
The old offline world had a pretty sensible idea: When you want to special database set up markets, enclose them in a democracy that sets the rules. Wall Street was even more dangerous than it is today, before elected governments put limits on what it could do. Flea markets follow the rules of the cities where they operate. This is a principle that DWeb projects should strive for as well.
Consider, for instance, the blockchain project Cambiatus, which has helped communities in Latin America set up their own cryptocurrencies. Before deploying the tech, Cambiatus works with the communities to develop goals and governance processes; the crypto serves the communities, rather than the other way around. Here in the United States, the labor-market startup Opolis is wrapping its token economy within the overarching legal structure of a cooperative. (I recently became a member — my first co-op membership paid for with crypto!) With these kinds of democracy-first designs, we can steer our distributions of benefit more toward the common good than toward the cleverest gamblers.
The six-figure dream of front-line worker-owners is not a fantasy. One of my favorite breweries here in Colorado, New Belgium, was recently acquired by a multinational beer company. This was a disappointing outcome to those of us who prize local business. But it was not the usual corporate acquisition. Rather than leaving workers in the lurch, as buyouts usually do, New Belgium’s current and former employees saw six-figure payments, at least. Why? It was 100% employee owned, through a trust the employees shared. From the CEO to the forklift drivers, the wealth that they had created, in the end, was theirs, together.
For too long, we have hoped that distributed technology would produce distributed power. Again and again, the tech alone doesn’t cut it. The web won’t be truly distributed until the wealth it creates is.
Open Source software has in some respects modeled a world where we don’t need money to motivate us, where we don’t hide behind artificial scarcity and needless monopolies. The cooperative tradition involves shared ownership and shared wealth, but rather than encouraging speculation, it invites solidarity. Co-op shares usually can’t be traded on an exchange. , but with long-term benefits. Cooperativism is the ultimate HODL.
Wrap Markets in Democracies
The old offline world had a pretty sensible idea: When you want to special database set up markets, enclose them in a democracy that sets the rules. Wall Street was even more dangerous than it is today, before elected governments put limits on what it could do. Flea markets follow the rules of the cities where they operate. This is a principle that DWeb projects should strive for as well.
Consider, for instance, the blockchain project Cambiatus, which has helped communities in Latin America set up their own cryptocurrencies. Before deploying the tech, Cambiatus works with the communities to develop goals and governance processes; the crypto serves the communities, rather than the other way around. Here in the United States, the labor-market startup Opolis is wrapping its token economy within the overarching legal structure of a cooperative. (I recently became a member — my first co-op membership paid for with crypto!) With these kinds of democracy-first designs, we can steer our distributions of benefit more toward the common good than toward the cleverest gamblers.
The six-figure dream of front-line worker-owners is not a fantasy. One of my favorite breweries here in Colorado, New Belgium, was recently acquired by a multinational beer company. This was a disappointing outcome to those of us who prize local business. But it was not the usual corporate acquisition. Rather than leaving workers in the lurch, as buyouts usually do, New Belgium’s current and former employees saw six-figure payments, at least. Why? It was 100% employee owned, through a trust the employees shared. From the CEO to the forklift drivers, the wealth that they had created, in the end, was theirs, together.
For too long, we have hoped that distributed technology would produce distributed power. Again and again, the tech alone doesn’t cut it. The web won’t be truly distributed until the wealth it creates is.