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What if the ease of creating new currencies leads to constant churn where many lose more value from their crypto holdings than they would have from mere inflation? What if PoW causes massive economic centralization because energy generation has high economies of scale?
What if the banks and Wall Street turn out to be the best at value capture from crypto and instead of empowering geeks it ends up being a new way to make the suits rich? Please join in - what are your weirdest, most counter-intuitive, yet plausible crypto-enabled scenarios?
My view is that institutional capital is setting itself up to be major players in crypto. Look at @novogratz and @MarkYusko for starters. Once ppl realize you can tokenize the world’s illiquid assets, it’ll be off to the races.
what if crypto turns out to be an efficient form of outtelligence (a la @EricRWeinstein ) that then outsources the building of AI to humans and we end up facilitating our own demise, or flourishing beyond our wildest dreams?
A few countries with abundant, cheap, electricity could dominate cryptocurrency networks - those countries governments could nationalise mining - causing centralised control of the worlds money by a small group of state actors. This would be a disaster, but hopefully reversible.
Not using gold is better than a gold standard because you can manipulate the supply.
Then the next step is to decide whether game theory states to have the stronger currency in trade or deny trade until a peg is formed.
Not sure about crypto but in general an interesting question. Someone needs to write a book about second or third order effects of tech that nobody expected.
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