Is Crypto A Cult?

You don't sound like a true believer

I was hosting a panel at an event recently discussing how to get your start in the blockchain space as a developer or startup founder. The conversation and crowd were fantastic, save for one attendee who made the above remark.

While we had a productive discussion about his comment, it resonated with me and prompted reflection: What defines a 'true believer' in this space?

I don't even like Kool-Aid

Allow me to make a candid admission: I’m not a true believer when I compare myself to many in this space.

I see immense possibilities for the future with blockchain technology, so I'm here. I envision a more transparent world powered by truth, not trust.

However, I'm not here for the speculative side of things.

I've witnessed friends and colleagues experience life-changing wealth due to cryptocurrencies. While their success is remarkable, many others don't share their stories of loss. Perhaps all the gains come from wealth creation, but I'm skeptical of that assumption. This space isn't perpetually ascending. It's inherently risky. Many people crowd around the metaphorical craps table, cheering on the winners as they gamble their way through the market. While life-changing wealth is undoubtedly appealing, the potential cost gives me pause.

If that perspective makes me a non-believer, then I'll proudly wear the label.

I believe in the computer

I borrowed the concept of the casino versus the computer from Chris Dixon’s book Read Write Own. The casino represents the speculative side of blockchain, while the computer embodies the group motivated by the technology’s long-term vision.

This is where I plant my flag. Yes, there is a financial aspect to blockchains. There must be a means to incentivize participation and alignment. Cryptocurrencies are the fuel that powers the system and keeps the machine running.

However, the real advantage lies in the ability to build a better internet.

Blockchains are your friend

Imagine having a friend named Mike. Mike is an exceptional individual—always there when you need help, never forgetting appointments or your birthday, and unfailingly punctual. When you ask Mike for feedback, he's transparent and honest. You know you can always count on him.

Now, imagine having a 'Mike' in your digital life – that's the promise of blockchain technology.

Trust the System, Not the Intermediaries

With blockchains, you don't need to trust individuals or institutions because you can verify everything yourself, making them trustless. It's analogous to Mike being a notary public. Blockchains ensure that every transaction and interaction is transparent and tamper-proof.

Why does this matter? Consider supply chain management systems. Multiple companies are involved, each prioritizing their own interests. If the supply chain system is stored on-chain, it creates a transparent and immutable record, significantly reducing the risk of errors and fraud.

This transparency means you can rely on the system because it doesn't depend on blind trust in any single entity.

Transparency Is Key

Your digital 'Mike' is there to look out for you and keep an eye on every transaction. Like a diligent neighbor who knows everything that happens in the community, all you have to do is ask.

Transparency isn't just a feature; it's built into the very fabric of blockchain technology. Blockchains maintain a record of each transaction, allowing you to see exactly what has transpired. With verified smart contracts, you can understand how every transaction will work if you take the time to examine them.

Efficiency And Cost Savings

Beyond being a trustworthy friend, our metaphorical Mike also excels at handling mundane tasks. He takes care of the paperwork, documenting each transaction and tracking its progress.

Blockchains are not only transparent but also function as distributed ledgers. They securely record all transactions and can automate processes as they complete. This efficiency can significantly reduce the need for intermediaries.

Mike, or in this case, blockchain technology, can execute multiple steps in a process automatically, streamlining operations and potentially saving expenses by reducing reliance on middlemen.

Let's Build The Computer

If you're seeking reliable, transparent, secure, efficient, and cost-effective technology, blockchains offer compelling solutions. I'm here for the 'computer' – the transformative potential of blockchain technology and the benefits it can bring to various industries and society at large.

While I may not be interested in the 'casino' aspect, I respect that it's a part of the ecosystem. If speculative trading is your game, I wish you the best of luck. However, if you're interested in building the computer and exploring the full potential of this technology, welcome aboard! Together, we can work towards creating a more transparent, efficient, and trustworthy digital future.