Quicksnip: Thoughts on Blockchain
Bitcoin as working cryptocurrency is mostly dead. But the idea isn’t. the concept of a universal decentralized currency not regulated by a central bank is appealing.
Reaching a price high does not absolve the problems plaguing the currency. It’s still being controlled and manipulated by a centralized minority, which defeats the original point about being decentralized unlike fiat money. Note this prevailing theme about human conflict — centralizing versus decentralizing.
I don’t know about Ethereum’s technical quality as a robust contender, but like all things that derive their strength from being antifragile it would need to survive the ddos attacks and attempts to subvert it (basically making the quality of being decentralized move towards being centralized, a reversal). i believe all decentralized systems need to go through the fire and pass these tests.
There’s something interesting that portends from Ethereum and the onset of a global workforce (beginning with Fiverr and Upwork). Once a critical mass of adoption, infrastructure and penalties are in place businesses can actually hire remote workers from across the world! Not like they can’t do it now via Upwork but there are trust challenges and a whole tonne of friction. The real goal is to actually eliminate friction.