In 2011, roughly 10% of Haitians had bank accounts. But by 2013, mobile digital banking via cell phones was starting to stand in for bricks-and-mortar banks.
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Is this the future of currency? Seems like the Dark Ages to me. Bitcoin is a clever idea, but it is perhaps too clever for its own good.
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A software engineer and tech blogger sees ideas sprout up all over, including both the absurd and the brilliant, as traditional companies try to incorporate cryptocurrencies into their business model.
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Everywhere these days one hears people foretelling the fortunes of cryptocurrencies such as Bitcoin—like so many fairies, good and bad, wishing around a cradle. Most people, including New Yorker staff writer Nick Paumgarten, have hoped to just avoid the scene, partly because few enthusiasts can even explain what the cryptocurrencies are or why they exist. But Paumgarten dove in and his recent long form article offers helpful explanations along with illuminating profiles of digital currency pioneers. First, why? Bitcoin and Ethereum enthusiasts want, in Paumgarten’s words, “a better, decentralized version of the World Wide Web—a Web 3.0—more in keeping with the Internet’s early utopian promise than with the invidious, monopolistic hellscape it has become. They want to seize back the tubes, and Read More ›
The idea of employing such a game to guarantee validity in a trustless environment is nothing short of groundbreaking. It is an amazing accomplishment, and I am impressed by it more each time I think about it. However, it does have some drawbacks, which, I think, will ultimately lead to its demise.
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If we have simply taken the big software, hardware, and social media companies who dominate our lives for granted, the reactions from the business world to Life after Google: The Fall of Big Data and the Rise of the Blockchain Economy should give us a lot to think about.
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It is actually a constantly shifting network of agreements to trust others. Maria Bustillos, editor of Ethereum’s culturemag, Popula, asks us to think about just what money is before we make up our minds about Bitcoin.
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In his new book, he calls the successor era he envisions the “cryptocosm,” referring to the private encryption of data, represented by technologies such as blockchain.
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It’s tempting to assume that cryptocurrencies like Bitcoin will succeed because social media did. But digital doesn’t mean magic. Cryptocurrencies will work if the needs met are more significant to most people than the problems created are.
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