Blockchain, Cryptocurrencies

Session 4. Cryptocurrency

Sponsor: N.C.

Signatories: D.H., K.V., M.M., O.A., S.Y.

Topic: Cryptocurrency. Should I Be Bothered?

Cryptocurrency and Blockchain

Trying to explain cryptocurrency

Attempting to understand the cryptocurrency and blockchains and trying to understand the hype of the cryptocurrency,

  1. Acknowledges the idea of decentralized money however acknowledges the market speculations
  2. Draws parallels between control over money and control over political power; with cryptocurrency this control shifts towards open markets from governments
  3. Questions the guarantees behind the cryptocurrency as opposed to supply and demand of the national currencies backed by the economies
  4. Brings in ‘peoples’ element into the equation: people recognize and adopt the use of currencies; states that people are giving values to the likes of Bitcoin and Etherium, and Ripple.
  5. Acknowledges the finiteness of the resource of cryptocurrency as limits in computational power, although those limits to be ‘soft,’ and predictable throughout the algorithm at any given point of time.
  6. Discards the threat of losing network connectivity as means of transactions and states that the connectivity is a given in our epoch like the roads built by Romans in the olden days.
  7. Questions why some countries embrace the cryptocurrency and some are opposed
  8. Poses a question what Karl Marx’s opinion of the social currency be
  9. Draws attention to the reduction of costs due to more effective services and manufacturing and highlights that abundance and emerging of ‘democratized’ currencies go hand in hand.
  10. Treats common sense as a finite resource
  11. Praises blockchain as open and fair technology which threatens intermediaries
  12. Sees usefulness in the blockchains for humanity as opposed to the cryptocurrency at the given moment of time

Side Notes:

  • We could not refrain from citing “There are no money in the 24th century.” Here is an episode from Star Trek about the economy.
  • A reference was made to an abundance, here is a Peter Diamandis’s talk.
  • Another good infographics found by one of our members on the blockchain.

Dubai, March 2, 2018