Blockchain is like when you’re having a party, and you don’t want to tell someone who is not wanted there, so you find excuses.
“It’s because it’s transparent” => public companies and foundations are transparent, the government makes sure they are, right?
“it’s because it’s trust-less” => we shouldn’t worry about trusting entities, there is a court system we can rely on, no?
“it’s because it’s immutable” => who would disrupt any activity that doesn’t violate morality? it would be immoral and therefore we’re protected against this, aren’t we?
“it’s because it’s cheaper” => in a free market, financial services should become cheaper because of free competition, wouldn’t it?
“it’s because it’s decentralised” => public companies are decentralised, you can buy shares and vote for the CEO and important decisions.
“it’s because it’s censorship resistant” => we live in a democracy, why do you need blockchain, nobody will censor you.
“it’s because it’s impossible to cheat, print or manipulate currency” => are currencies being cheated? you’re crazy! governments would never do that!
Since the unwanted guest is very powerful, we’re all afraid to tell him the truth face to face, and other victims are so deeply in their Stockholm syndrome they would feel the urge to attack anyone who dares questioning his virtues.
This whole thing is confusing for outsiders who entered the party kinda by accident, and haven’t been briefed properly. They’re trying to get why it’s so fun, but they’re too often missing the point.
They can be placed into three categories:
– the financial opportunists who don’t get it but don’t ask questions
– the geeky aficionados who get hyped by the technological fashion trends and buzzwords
– the party poopers who love the unwanted guest and are trying to invite him and even push for worse
There is one main use case for blockchain, and it’s progressively replacing a 300 year old institution that prints money to fund wars and kill innocent people overseas, doesn’t respect property right and demands transparency on one side while operating behind closed doors with the money we entrusted them with, who censors and criminalises real journalism and is overall extremely costly and inefficient.
The idea behind blockchain and its origin in the cypherpunk movement, is not to bring chaos and violence into the world, not even to break any law or system, but rather offering a technological framework that will be so efficient at fairness and accuracy, that it will replace the current dusty and obsolete institutions.
It will take years for outsiders to understand what this party is really about, but the more we will build the more they will get it. Let’s just not forget along the way why we started it, and let’s enjoy the most legendary party ever held in the world.
Disclaimer: The information provided in this article is for educational purposes only and should not be treated as investment advice. I am not a financial advisor, and I am not giving financial advice. I encourage you to conduct your own research and/or consult with a licensed financial advisor before making any investment decision. Cryptocurrencies are a new digital asset class that is highly speculative and risky.