This entry is part 1 of 2 in the series Two Minute Crypto

Please click the link to listen to the 15th episode of my weekly crypto podcast ‘Two Minute Crypto‘. These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Comments and critiques welcome.

https://www.podbean.com/media/share/pb-grkk4-a079dd

or

https://itunes.apple.com/au/podcast/two-minute-crypto-assumptions/id1441492450?i=1000424766572&mt=2

Transcript:

Welcome to Two Minute Crypto – Remember to Occasionally Re-examine Your Assumptions

This journey through the ever-shifting landscape of crypto is both engaging and exciting. If you extend your interest beyond price there is literally never a dull day. From project civil wars to announcements of new partnerships and blockchain initiatives – there’s a vast sea of information to tap into. However, in all this flow it’s very easy to take certain broadly accepted tenets as a given. Proof of Work at scale is enough to secure a network, decentralization is overtaking centralized institutions, banks are capitulating to the inevitable march of peer to peer currencies and Blockchain and crypto will change the world for the better. It’s this last assumption I would like to pick apart.

First to be clear – I would love crypto to the upend current models of inequality, to provide financial services to the unbanked, to facilitate free movement of capital even for those who have very little of it, to lessen corruption in all its manifestations in finance, supply chain and politics. All these things and more I hope blockchain will deliver.

But there is certainly no guarantee that much of this will come to pass. Who currently owns the majority of crypto – wealthy white guys – the very people gaining the most from the current model of economic and social activity. If crypto succeeds in bringing greater equality to the world it will likely be despite the current majority holders.

Sure, some cryptos are attempting fairer models of distribution through airdrops and the like but the real crypto wealth still lies with Bitcoin, Ethereum, Bitcoin Cash and Ripple where significant coin ownership is extremely narrow. So blockchain might improve the lot of the many or it might end up being co-opted into financial legacy systems with rehypothecation and comingling becoming new bedfellows allowing another phase of inflationary lending utilizing bitcoin.

My point then is that crypto and blockchain are dynamic tech where everything even immutability is open to revision. Where this technology takes us over the coming decades is an entirely open question and in my opinion best viewed that way.

In the words of Isaac Asimov:

Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in.

Thanks for listening.

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Responses

  1. Workin2005

    Well said @cryptosdecrypted. There will always be those who have, and those who don’t. That said, I do think crypto/blockchain will level the playing field much more than the current system. It may not be any of the current coins. It may require a completely new coin not yet developed…but the idea is there. The means is there. It’s just a matter of proper implementation. Much easier said than done…but possible. In the mean time, we all need to be careful assuming any of the current coins will be the world’s savior.

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    1. CryptosDecrypted Post author

      True @workin2005, inequality is a constant and unavoidable but as you note – blockchain could result in a generally more equitable distribution of access to the means to generate and hold wealth. As for ‘the one’ definitely, at this point, we just don’t know. The best we can do is stay engaged and learn as we go. Cheers.

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  2. eosbattlewom

    Hey mate. I’m with you. I have the same hopes and the same misgivings about the potential for crypto. One of the reasons I love EOS especially is that its community seems to have the same values – creating a more equal world and getting rid of poverty.
    More power to you 🙂

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  3. Adil Elias

    Excellent quote from Asimov. I hope I remember to scrub my own assumptions from time to time.

    P.S: I checked out Crypto Zombie, nice suggestion! I liked the dynamic style, I think that’s needed so that people don’t get bored.

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  4. Miguel A. Cabanes

    Today I didn’t listen but just read.
    I believe like you do that this is the future; we’re seeing many proves of it: banks buying the technology, etc.
    I don’t even care by the prices right now either but there is a thing that’s beginning to worry me: the every time most extended people afraid of technology and all the right-wing political movements that we see are taking power around the world.

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    1. CryptosDecrypted Post author

      Nationalism and rightwing movements are definitely on the upswing – I think people forget that Europeans, in particular, have never learned to get along – and the peace we know is a fragile thing – a veneer covering ugly nationalistic/xenophobic tendencies. Hopefully, the dial will swing the other way in the coming years.

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