Blockchain Radicals: How Capitalism Ruined Crypto and How to Fix It

While these shows of force can be intimidating, it deflects from the reality that sanctions don’t really work.4 Sanctions are imposed by governments to punish dictatorships or “bad guys” in other countries. The idea in the liberal or conservative mindset on geopolitics is that by intentionally harming the general population in those countries, by d

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Unlike the mathematics driven logic of code, law intentionally contains ambiguity in order to allow for applicability to various situations, whereas it is incredibly difficult for code to foresee all of the possible situations in which a law can be applied. This ambiguity allows for participants in a contract to outsource low probability scenarios

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The truth is that the story of the “tragedy of the commons”, commonly used to justify the need for capitalist markets and push for neoliberal economic policy, was one made up by the conservative American ecologist Garrett James Hardin.8 Hardin later retracted his original thesis in response to evidence of historical and existing commons, stating th

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Essentially, we have two money systems that we as normal citizens take part in. The state physical (cash) and the bank digital (numbers on a digital ledger) money systems. The writer Brett Scott, in his book Cloudmoney, has presented extensive evidence of how private banks have been influencing consumers and businesses to be more “cashless”, hurtin

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It seems that their audience is not those who are closest to being able to answer their critiques (i.e., people working in the industry), but instead others who are jockeying for position within what might be termed the “Critique Economy”, a largely discursive and academic mini-industry that seems to have consumed too much of the left’s energy of l

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There are essentially two definitions of the commons. It can be used to signify a resource that is freely available like water, air or land, at least before private property enforcement was used to prevent local populations from accessing land or water. Alternatively, as the work of Elinor Ostrom showed, it can also be seen as an institution. Ostro

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This seminal event exposes how smart contracts are deterministic, but only up to a point, and that point has a lot to do with what humans collectively decide is legitimate or not. When bugs are found in smart contracts, just like any other code, they are taken advantage of in ways that are not only unintended, but can be detrimental. There is not o

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Another important consideration is that since all money that is loaned out by central banks to private banks is done so at interest, as are the loans those private banks then make to their clients, there is always more debt owed by the economy than actual money in existence, making money a scarce resource. So how can these debts be paid off? This c

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Friedrich Hayek, the libertarian Austrian School economist who inspired many of the men who had a hand in the creation of Bitcoin,1 argued that money and prices were efficient signalling systems to facilitate the free market by aggregating vast amounts of information in a way that planned economies could never do. While prices certainly do coordina

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