Commodity or Currency? Why No One Can Figure Out How to Classify Cryptoassets

In With the Good, Out With the Bad

Cryptocurrency, distributed ledger technology, and “trustless” systems are still very experimental solutions. Most of their value remains speculative. Many of the solutions being proposed, are being built to address problems which are not unsolved. This point, I’ve heard frequently voiced by skeptics of the blockchain revolution… And frankly, I agree with them. Completely. As much as I would like to believe that most projects have arisen for the specific remedy of a clear problem… That simply is not the case. However, that’s not to say that these solutions aren’t capable of replacing those which exist currently. The important element to analyze is not whether the function of this technology fills a chasm-sized need. Rather, the focus should center upon their fitness to fill those needs, and the ability to replace those solutions built on a faulty premise. Further, to say that the existence of a previous solution negates the potential of this emerging field of tech would be short-sighted. Such a sentiment suggests ignoring entirely the novel components of game theory — Hell, developers are even managing to engineer altruism… Improvement is part of the design. Don’t believe me? Maybe Mr. Buterin is more effective in communicating these concepts than I am. Rational decision-making and a mathematical equilibrium of choice remain integral concepts in the philosophy and architecture behind cryptoeconomics.

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