What I find most puzzling is the claim that a distributed ledger eliminates the need for a trusted third party of institutions or government.
Its stated with such zeal and confidence! Its as if a trustless society were self-evidently a good thing, without any need for examination or question.
But isn’t the creation of a high trust, highly collaborative society exactly what we want?
The example of dysfunctional states like Venezuela are presented as the problem that the blockchain fixes.
But the problem with Venezuela not it is a smoothly functioning economy plagued by a bad banking system; It is a dysfunctional society that produced the dysfunctional government, with a dysfunctional economy and political system. Venezuela is actually a picture of a society where trust has broken down, where factions are unable to resolve their differences in a peaceful manner.
The solution for Venezuela is more trust building and reliable institutions, not some new technology.
As the article points out, I rather like the fact that when I order a shirt online, there is a host of third party actors observing and monitoring, upon whom I can trust all backed up by a legal and court system to which I have access.