Disclaimer: I am not a “tech guy" nor I am a political scientist
As the total market cap of all cryptocurrencies reach upwards of 100 billion USD as of this writing, cryptos have already revolutionized the way society looks at money. Though we are very far from mass adoption, many of us early adopters are already distancing ourselves from government controlled fiat currency.
This will have a plethora of consequences as we continue our liberation away from fiat, most of them being positive in my humble opinion. However the focus of this post is to consider the broader lessons the Blockchain has given us, and how we can apply these lessons to society at large. This is a mental exercise, so please be patient and enjoy the mental ride!
There is No “One Size Fits All” Government
This lesson is very relevant to the world right now as there is currently a globalist vs nationalism clash of ideas going on in various parts of the world.
If the Blockchain has taught us anything from the hard forks of Bitcoin to the other competing Altcoins, the world will never meet one hundred percent consensus. Every individual has needs that will be satisfied by a different product, service, or policy.
This can be extrapolated to laws and ordinances, just because they work for a certain group of individuals DOES NOT mean it will work for others. Just like Bitcoin will never be the Universal Currency for everyone, there will never be a World Government that will create harmony on Earth. Sorry Globalists!
I'm looking at you, Europe.
Only Those With “Skin In The Game” Should Be Able to Vote
Cryptocurrencies have differing protocols and policies as far as how to enact a change in cryptocurrency’s architecture.
From my understanding, it can from users or miners, however notice that those not participating have no say in what direction the currency would take. Think about how ridiculous it would be for someone who owns no Bitcoin, is not a miner, and is not involved in any exchange to have a vote in how Bitcoin progresses.
Most of us would, I would assume, come to the conclusion that this would be preposterous.
However, why then do we not question our democracies? In the early days of the United States, one had to own property in order to vote. In essence, one had to have a stake in the country before being able to vote in shaping policy in said country.
Does it make sense for a person who has no property in a community to be able to vote on how high the tax rate should be on another person’s property? Or what the budget should be for public services when they have not paid any taxes? This would be the equivalent to a random bystander walking into your home and telling you what to cook for dinner.
People Value Privacy
Cryptos like DASH and Monero have confirmed what many of us have suspected, many of us law abiding citizens like our privacy and don’t appreciate people snooping in our finances, which I would argue is a very delicate part of many of our lives.
Though the ledgers and Blockchains are public, they have also satisfied many of cravings for privacy. I can’t stand having to give a reason to bank why I’m sending MY money to someone else.
No thanks, I don't want you to know my account and routing number.
We don’t need intermediaries or even Government for everything
As the Blockchain is a distributed ledger that is kept users throughout the world, I have come to realize that society may no longer need banks, lawyers, or gov’t enforced arbiters as we now have the ability to design smart contracts.
My brother recently paid several thousand dollars for a lawyer to look over a purchase contract on a home he bought. This does not even count the many thousands he paid to facilitate the deal. If smart contracts are not quashed by the government in the future, it will save countless time and money for society's many transactions that have been bogged down in bureaucracy and red tape. Banks, lawyers, and even accountants would be freed up to do other (useful) things in society.
This is just a start and I’m sure there are many other lessons we can learn from the Blockchain as the ecosystem grows and thrives. Is there anything I missed? Please let me know in the comments below.
Appreciate your patience,
-O.T.
TL;DR version
Globalism won’t work. Only those with property should be able to vote. Privacy rules! Lawyers that handle contracts may want to start looking into diversifying their skillset if smart contracts take off.
Great read O.T.
On the "Skin in the game" analogy, I think the earlier you buy in the better. The compounding effects in crypto (btc, eth,...) are drastic, to the extent where it is very hard for humans to grasp.
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The human mind has difficulty grasping exponentional concepts. Indeed, getting in early is important to ride the majority part if the wave.
I don't think blockchains will deliver everything that is promised but they sure provide a welcome element of counter pressure to government overreach and statism.
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Anything that can help limit state power is always good in my book!
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Thanks for the feedback! Yes I really think people will look back at these times with wonder since we're in the midst of a great wealth transfer and paradigm shift.
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Awesome!
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