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I remember that a lot of people were saying that cryptocurrency is not revolutionary but that blockchain is. I think the opposite is true. Cryptocurrency is rev
by jondubois 8y ago
I remember that a lot of people were saying that cryptocurrency is not revolutionary but that blockchain is.
I think the opposite is true. Cryptocurrency is revolutionary and blockchain is just one of several known technologies that make it possible.
Cryptocurrency is the most important use case for blockchain tech.
What I like most about cryptocurrency is the fact that it financially incentivizes massive collaborative behaviour without requiring participants to actually own any capital at the beginning.
It lets you create financial incentives out of nothing. Before cryptocurrency, this kind of collaborative game-rigging behaviour was only accessible to people who owned a lot of capital (e.g. 'activist' investors).
For example, I could launch my own cryptocurrency tomorrow and then use it to air-drop (aka bribe) journalists to write about my project in a positive way - This is pretty standard behaviour among Silicon Valley startups but now you can do it without VC money.
It sounds bad but it's much better than what we have now.
It levels the playing field for everyone.
For the first time ever, regular people have the power to change the world together through incentivised collaboration.
- aklemm 8y agoBut if those cryptocurrencies keep never amounting to anything, then the bribing won't keep working, right?
- jondubois 8y agoIt will but maybe it will be harder to do it. It's like if you could give some shares of your startup to a journalist in exchange for writing an article about your startup. Cryptocurrency can act like shares without central authority. If enough software services rely on a specific cryptocurrency as payment, then it has actual intrinsic value
- aklemm 8y ago"If enough software services rely on a specific cryptocurrency as payment, then it has actual intrinsic value" I wish I'd seen this earlier. Pretty sure this is false, but it is an excellent summation of the thought behind what's run up digital currencies.