Bitcoin: Threat or Blessing?
The debate between liberty and censorship has been going since the dawn of the world wide web, but seeming the success of Russia in the Y 2016 US election has brought on a crack down.
Currently, Bitcoin is trading at: 11,533.6904,+450.966, or +4.07%, as of 6:32a GMT, the market is open.
China has gotten the Chinese iCloud keys of Apple Inc. (NASDAQ:AAPL), Europe has endorsed a “right to be forgotten,” and Americans demand that Alphabet Inc (NASDAQ:GOOGL) and Facebook Inc (NASDAQ:FB) be broken up in fight about “Fake News.”
As we know so well: 1 man’s terrorist is another man’s freedom fighter, 1 man’s lies are another’s truth.
The same is true about Blockchain and Cryptocurrencies.
Naval Ravikant, the Angel List’s founder, recently Tweeted on this with ‘talk’ of blockchain replacing networks with markets, of market rulers gaining power based on merit, of blockchain fixing the problems inherent to both the internet and dictatorships.
This idealized view of blockchain, and cryptocurrency, is wrong, wrote Red Hat Inc (NYSE:RHT) technology evangelist Gordon Haff, thus:
- Blockchains that get garbage in, deliver garbage out.
- Technology cannot, by itself, replace human frailty.
- Contracts rarely cover edge cases, which is why they are subject to laws.
Meaning, that blockchains need governance, which may not be entirely open to automation. This is evident when you look at Initial Coin Offerings, or ICOs, the “stock” that cryptocurrency owners can “buy” with their coins. Over half of last year’s ICOs already count as failures, and many were outright scams.
All this is informing government actions today, much as the early Internet informed laws like the Digital Millennium Copyright Act (DMCA) of 1998, which created an entire legal industry but has, so far, resisted all attempts to change it.
Efforts to patent the results of using this open source technology, to restrict it under some global legal framework and to strictly regulate it are battling on 1 hand Vs plans to use cryptocurrency for Crude Oil, gambling, coffee, sex and affordable housing on the other.
Extremism in the defense of liberty is a Vice for with extremism there is no liberty. Moderation in the pursuit of justice is a virtue, for without moderation there is no justice.
That means that speech, markets, the Internet or blockchain, can ever be all 1 or all the other.
Compromises might be found, structures might created, that might allow for order within the chain.
Or things will change and the disruption will be evolution on the power, way and consent of the people on how ‘things’ are governed.
Have a terrific week.