Will take at least a century for these technological changes to fully play out within the domain of financial and political governance.
The main value cryptocurrency has added to our world stems from recent breakthroughs in computer science & their radical ability to reduce formerly needed financial governance, not from advances in governance itself, which have historically taken centuries to millennia to evolve.
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This time it may be less than that, because "mainstream" finance is currently running their own radical experiments in centralized digital systems, which are politically vulnerable and subject to catastrophic failure, and will so degrade or fail in most cases in under a century.
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Global politics seems to be fully backing those radical and dangerous FinTech experiments and not surprisingly call the crypotcurrency models radical and dangerous experiments. Hope their catastrophic failure will not cause politically catastrophic failure. But not unlikely.
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Would there be any way to hard-fork Bitcoin to use non-hardware-mining-friendly algorithms? That would help decentralize it as well as cut energy demand.
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More or less all proof-of-work algorithms are hardware-friendly. https://nakamotoinstitute.org/intrapolynomial-cryptography/ …
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Yes and no. Crypto has inflated perceptions of value, and we don't know what the fallout will be. Money is a medium of exchange, not a store of value. You don't care how many batteries there are total as much as you care how many are charged and their compatibility.
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The problems that have not been tackled adequately yet are: 1. Trust 2. Ease of use (functional liquidity) 3. Scale of transaction In the end crypto isn't a new commodity value (the current misconceived speculation), it is a new utility value to ease trust, payment and billing.
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The road to a decentralized society is paved by blockchain. No Gods, No masters, Code is law.
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Bitcoin incentivized open source ethos and created a generation of developers that intimately believe in security, cryptography, free software, and cooperative computing. BTC could be found to be broken tomorrow & it would still be one of the greatest forces in computing ever.
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Its amazing. There are less exscuses for having third party "hubs" each day. Banks own our money when they are in our very bank accounts. Only a fraction of the growth is passed on to the little man. And those that stand inbetween everyones economy get richer and richer.
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Great to see your use of the term cryptocurrency. It suggests you are not purely BTC maximalist. BTW, glad you support Trump
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10 to here, 5 to next level.
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Correct . Governance is a simple valuable logical concept . The less human subjectivity involved within the governance Eco system the better the governance .
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That’s why on a very general level the task at hand is to bring those who have thought long and hard about society and governance closer to those who know the tech.
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So if you take that approach, an electoral democracy is the best form of governance to date? Wouldn’t that make PoS the best path forward and not a PoW conglomerate of a handful of BTC mining pools calling the shots?
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Yes indeed, the advance of cryptocurrencies (technology, science behind it) act as a (badly) needed wake-up call for the banking industry
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understand the ‘why’ of digital currencies however mass adoption will not flourish until there is regulatory certainty or at least a widely adopted self regulating code of conduct in order to protect end users - clarity is needed for full optimisation of value
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