Crypto-currency as a financial factor of netocracy

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Crypto-currency as a financial factor of netocracy

Journal Title: Naukovyy Visnyk Dnipropetrovs'kogo Derzhavnogo Universytety Vnutrishnikh Sprav - Year 2018, Vol 2, Issue 2

Abstract

The author has analyzed by the crypto-currency, as a financial component of the manifestation of netocracy in the information society. The netocratic character of the production technologies of the crypto-currency is determined. The features of the crypto-currency are given as a fundamentally new generation of digital computing units that function only on the Internet, without any controlling authority. The facts of increasing interest in the crypto-currency of both public and financial structures. If the emergence of electronic money, the creation of special virtual funds aimed at securing the goals of transnational financial capital, then here, by all accounts, we have a definite answer from the modern network of netocratic elite, which in its own desire to profit, no longer hopes only on its traditional ways, tries to defend itself in this way, from the adverse effects of control by the states, in the context of the ever-increasing networking nature of modern society. Internet users, who have a great experience in numerical computer games with bonuses for game progress are of particular interest to the emergence of virtual opportunities for obtaining real profits beyond the control of the state, because globalization not only brings together the societies of different countries, but also creates conditions, which significantly affect the new aspects of understanding financial freedom. The destabilization and non-management of transnational financial and credit an institution by the state de facto undermines the financial component of state sovereignty. In the conditions of the globalization of financial and economic relations, the development of non-monetarism and dematerialization of labor, the ideological support of which is the neo-liberal model, it can be argued that there exists a financial factor for the influence of netocracy on the transformation of traditional state-legal institutions of society. The financial factor - the virtualization of financial relations, the emergence of electronic money and payments, digital counting units contribute to the formation of conditions of inefficiency of existing traditional customs, tax, tariff levers of state regulation. Crypto-currency, when its powerful emitter can be any powerful computer, is a seductive option for gaining profit beyond the limits of state control, which in turn, at first glance, substantially reduces the impact of the role of banking transnational capital, since it is able to reduce international borders, it can stored on a hard disk, and not in a bank, does not depend on inflationary risks or politics. Given the controversial nature of the question of the lawfulness of extending state sovereignty to virtual space, when the technical feasibility of implementing such an extension is rather problematic, virtualization of finance may have certain threats to the financial component of state sovereignty, in par-ticular in its classical sense.

Authors and Affiliations

Oleksandr Taldykin

Keywords

Block-Cheyne globalization virtualization power information society cyberspace mining crypto-currency netocracy financial gomponent of state sovereignty digital money digital counting units digital world

EP ID EP561154
DOI 10.31733/2078-3566-2018-3-29-35
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