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Tempers flare in the current West Wing as in others, but the New York Times reports on a particularly nasty confrontation this year that required the intervention of the Secret Service. By the newspaper’s account of the “near brawl,” chief of staff John Kelly got physical with informal Trump adviser…
The hype surrounding blockchain and cryptocurrency has simmered to a dull roar. Last December, the markets spiked as traders drooled over the thought of lining their pockets. They believed they would be billionaires. They had erotic dreams of lambos, mansions, hookers and blow. Many of them embraced a get-rich-quick, shit-brained mentality. They put speculation over philosophy. The majority of them got financially destroyed for their greed. In their fragilista-like thinking, they either forgot the purpose of the technology or came into the space without acknowledging the crypto-anarchism that created it.
Novel Technology Is Fueled by Hype
Anyone who has studied technological trends could have predicted what happened. Any novel technology is originally fueled by hype. When the technology emerges, new entrants see dollar signs. They want to exploit the technology to get rich. These people are pseudo-entrepreneurs or unprincipled traders. They don’t give a damn about changing the world, much less simplifying life for the average person.
There is nothing wrong with earning money or getting rich. That is what the capitalist spirit and entrepreneurial drive are all about. However, if people’s sole focus is to just to make money, they are doomed to failure. There has to be an underlying drive or motivating purpose. Without that fundamental principle guiding the entrepreneur, people are likely to go broke, fall prey to scams, or simply get rich but be unhappy.
There is an explanation for why early technologies succumb to bad actors and people with unwholesome motivations. Amara’s Law provides an apt summation. The law states: “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.”
This overestimation of technology’s effect is accompanied by the fraudsters, pseudo-entrepreneurs, and other unsavory types. When technologies emerge, people take advantage of the newness; they take advantage of the newbies. In this timeframe, there is a swirl of misunderstanding surrounding the tech, and this is fertile ground for the creation of victims. Scam victims. The victims of hype. And victims of greed. In this regard, “overestimation” is a synonym for “hype,” which leads to bad behavior and avarice within the industry.
Consolidation: Weeding out the Bad Actors and Scam Artists
However, in the long term, the ecosystem naturally weeds out the bad actors. Many of them get thrown in government cages. The projects that aren’t scams simply fail, and much of the greed begins to dissipate as reality sets in. This is a consolidation phase. In the cryptocurrency environment, this consolidation phase is propped up by self-governance.
Currently, the crypto ecosystem is trying to discover ways to promote self-governance, rather than locking people in cages. This means developers are considering platforms to help vet companies within the space. Indeed, the community must fashion an environment of self-governance to stymie politicians and bureaucrats.
Many in the ecosystem pontificate on the evil nature of scams and money grubbers, but then they vie for government to come solve all the problems. This is muddy thinking, and it verges on hypocrisy. If a person loathes fraudsters, the last thing they are going to do is invite government goons into the melee. Government is one of the largest criminal organizations and conduits of fraud to ever exist. Summoning them would be like calling a murderer to prevent murder. It makes zero sense.
Reawakening to the Purpose of Cryptocurrency
People must acknowledge where cryptocurrency came from. They must recall the past in order to make decisions for the future. If they want to get lost in the hype, they should at least do some research on the cypherpunks and crypto-anarchists. Crypto-anarchy was the underlying motivating factor. It’s the reason for this technology.
In the long term, I don’t believe people will underestimate the technology via Amara’s law. The fact crypto was built to undermine the state apparatus is an idea that can never be underestimated, and thus people will begin embracing it. The beautiful thing about cryptocurrency is it changes people’s psychology. It teaches them about sound money, by rewiring their brain. It also reminds them they own themselves, and that no one deserves to extort the fruits of their labor. The crypto-anarchist dream, then, is the real source of hype – not all the speculation and ramblings about getting rich.
Do you agree that crypto-anarchism should be the real driving force of cryptocurrency adoption? Let us know in the comments section below.
Images courtesy of Shutterstock.
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.
The post The Death of Hype, Amara’s Law and the Crypto-Anarchist Dream appeared first on Bitcoin News.
China on Tuesday opened the world’s longest sea-crossing bridge , a feat of engineering carrying immense economic and political significance. Chinese President Xi Jinping presided over a ceremony in the mainland city of Zhuhai to open the 34-mile-long bridge linking it to the semi-autonomous regions of Hong Kong and Macau. Digital…
Roman Reigns is now part of Wikipedia’s “Breaking Kayfabe” page after an announcement during the WWE’s Monday Night Raw live programming in Providence, RI. The professional wrestler (real name Leati Joseph Anoa’i), broke character and proclaimed he was giving up his WWE Universal Championship belt due to a bigger battle…
In today’s edition of The Daily, we look at a strategic investment that could help Binance to establish a fiat-to-crypto exchange in Singapore. We also focus on a new service that digital payments platform Uphold is launching to lend funds to its clients, as well as a cryptocurrency-backed prepaid card that’s coming to the U.S. market.
Vertex Ventures Invests in Binance
Vertex Ventures, the venture capital unit of Singaporean sovereign wealth fund Temasek Holdings, has announced a strategic investment in Binance. As part of the deal, the two sides will jointly set up Binance Singapore to expand into the region. The undisclosed investment will also support the development of a fiat-to-crypto exchange in Singapore, as well as other fiat-to-crypto onramps throughout Southeast Asia.
“Vertex has an experienced team of investment experts in the region and a strong track record of supporting innovative startups that address real world, practical issues,” said Binance CFO Wei Zhou. “We look forward to building up the blockchain ecosystem and working with all stakeholders in Singapore to support continued innovation in the local fintech space.”
Binance plans to launch a fiat-to-crypto exchange in Singapore by the end of this year, CEO Changpeng Zhao said in September. The planned exchange will have to follow KYC/AML procedures, in accordance with local regulations.
Uphold Offers Earn and Borrow Products
Uphold, which acquired a regulated broker-dealer in June, has launched two new products for its clients powered by crypto-backed lending platform Cred. With Uphold Earn, clients who purchase the company’s new stablecoin, Universal Dollar, will be able to earn interest on their holdings. Uphold Borrow, meanwhile, will allow clients to secure revolving lines of credit of more than $ 200,000, with their digital assets to be used as collateral.
The company is promising that the stablecoin at the heart of the plan, Universal Dollar, will be backed one-to-one with the greenback, with reserves to be held at U.S.-domiciled banks that are insured by the Federal Deposit Insurance Corp. The company has said that holders can also nominate beneficiaries who will be able to “call” the assets on prolonged account dormancy as a safely precaution.
“Uphold Earn and Borrow mark the first time that we’ve seen fiat currencies, stablecoin currencies and blockchain working together to benefit a mass consumer market,” said JP Thieriot, co-founder and CEO of Uphold. “Traditionally, the average consumer has been wary of digital currency for two reasons: volatility and a fear that, if they lose their key, they lose their money. Universal Dollar helps solve for both of these problems.”
Wirex to Enter U.S. Market
U.K.-based cryptocurrency card issuer Wirex, which recently registered as a Money Service Business in Canada, now has its eye on the U.S. market. The company has teamed up with i2c, a payments processing technology provider, to launch a prepaid card backed by multiple cryptocurrencies in the country. The card will allow U.S. consumers to convert and spend their cryptocurrencies wherever payment cards are accepted, including bricks-and-mortar retailers. The cards will also be accepted at online shops and will support fiat withdrawals from ATMs.
“Our data shows that cryptocurrency adoption is increasing in retail environments. Somewhat surprisingly, McDonald’s takes the top spot when it comes to spending on the Wirex cards amongst European users, followed by major grocery stores,” said Vroon Modgill, CEO of Wirex North America. “The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the U.S.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Uber’s top deal maker, Cameron Poetzscher, has resigned from the company, less than a month after a Wall Street Journal article revealed allegations of prior sexual misconduct in the office.
WSJ.com: US Business