The Cryptoeconomy Is Flowering Before Your Eyes
by Jeffrey A. Tucker
A statue in front of the Federal Trade Commission shows a horse (the market) being restrained by a man (government). The idea is that the horse is physically determined but wild, driven by instinct, and potentially destructive.
The man is strong but mostly works with his mind with the purpose of correcting the excesses of the horse through mental determination and rational intelligence. The statue embodies that classical New Deal mindset: without government, economic forces lead to social disaster.
In the currently emerging cryptoeconomy, however, the roles are reversed. The crypoteconomy refers to a growing array of emerging technologies, rooted in public-key cryptography, that enable individuals to engage in a huge range of economic activities that were previously possible only through financial intermediaries.
In building this suite of technologies, the market is behaving with astonishing intelligence, turning out innovations every day that would have been inconceivable a decade ago. Whole worlds of code are being woven by a decentralized network, seeking to solve universal human problems concerning finance, monetary economics, contracts, insurance, property titles, and every other form of human engagement.
The pace of development is red hot. Every innovation is being tested against user experience and investor enthusiasm. You can follow the market in real time, with digital currencies and other forms of digital assets soaring to new heights and making millionaires by the day. It’s no longer just about Bitcoin. It’s about thousands of new services being built on top of distributed platforms such as Ethereum, a code environment that does for crypto what iOS first did for the app economy.
Government the Horse
So far, governments have contributed nothing but confusion, threatening some kind of intervention to make crypto work like the old world, but not knowing precisely what to do to make that happen. Like the wild horse, regulators are physically determined and acting from instinct in ways that can only be destructive.
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Read more: fee.org/
In the currently emerging cryptoeconomy, however, the roles are reversed. The crypoteconomy refers to a growing array of emerging technologies, rooted in public-key cryptography, that enable individuals to engage in a huge range of economic activities that were previously possible only through financial intermediaries.
In building this suite of technologies, the market is behaving with astonishing intelligence, turning out innovations every day that would have been inconceivable a decade ago. Whole worlds of code are being woven by a decentralized network, seeking to solve universal human problems concerning finance, monetary economics, contracts, insurance, property titles, and every other form of human engagement.
The pace of development is red hot. Every innovation is being tested against user experience and investor enthusiasm. You can follow the market in real time, with digital currencies and other forms of digital assets soaring to new heights and making millionaires by the day. It’s no longer just about Bitcoin. It’s about thousands of new services being built on top of distributed platforms such as Ethereum, a code environment that does for crypto what iOS first did for the app economy.
Government the Horse
So far, governments have contributed nothing but confusion, threatening some kind of intervention to make crypto work like the old world, but not knowing precisely what to do to make that happen. Like the wild horse, regulators are physically determined and acting from instinct in ways that can only be destructive.
..........
Read more: fee.org/
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