@joseph.sadove I wonder what your take is on what I call “Crypto End Game”. Essentially, this is what I use to get at whether CryptoHeads (for lack of a better term) think through the implications of what they believe.
How would any of the current PoW incumbents be used to any reasonable degree in buying and selling everyday things and the implications of this?
Since transactions are incredibly slow and prices will be moving all the time, how will price-setting work? It seems to imply that any transaction at any given time is speculative and there will always be a winner and a loser in the exchange.
Currently, well-run open democratic societies have the most stable and desirable currencies and the more corrupt and poorly run have very unstable currencies. If Crypto-Paradise comes along:
- The ability of nation-states to manage the ups and downs of economies and commerce are enabled by managing money supply. Take this away and how will that play out if Crypto replaces “fiat”.
- With crypto, is there no longer a penalty for poorly run corrupt societies?
- How will misuses of exchange be managed a la SilkRoad and the current predominant use of crypto for money-laundering, etc.?
Oh gosh, this is such a huge question.
I think a lot of what you are grappling with here has to do with how new the technology is and the fact that no one knows exactly how it can be best used.
Right now the cryptohead philosophy dominates the narrative, but as time goes on, the philosophical values will dissipate and we will see more things that are valuable to all people. What this space and technology looks like in 5, 10, or 100 years is vastly different than how it looks today. No one knows what exactly it will look like, but I have faith that it will evolve to address the questions and potential problems you are asking about here.
What’s more important to me right now is: how to we ensure that the crypto philosophy that we find so valuable today doesn’t completely disappear as crypto evolves? How do we ensure that we don’t just recreate the existing systems, whether they be corruptible governance models or the centralized tech giants that invade people’s privacy every day?
How does the value evolve? Will crypto become more stable, or will we have different coins with different levels of stability for different use cases?
How will human’s natural tendency towards greed and hype shape the evolution of crypto, especially on a macroeconomic level and speculative level?
There are some folks who truly believe that crypto will replace all fiat and the power and control the government has will lessen as crypto dominates.
I respect this view, but I personally am more hopeful that the option and influence crypto has will force existing governments to change to compete with crypto. If this happens, everyone wins even if crypto isn’t the “winning” solution and “the man” isn’t completely overthrown.
I know this isn’t really an answer to your question and is in fact more questions, but it’s the best I’ve got at this point.