Re: <nettime> Ten years in, nobody has come up with a use for blockchain

[Florian Cramer <flrncrmr@gmail.com>]

> The *goal* of the Bitcoin proof of concept was 'an electronic payment
> system based on cryptographic proof instead of trust, allowing any two
> willing parties to transact directly with each other without the need for a
> trusted third party.' So when the author of this avid-reader essay
> complains 'but Visa... but FDIC... but NASDAQ,' one reasonable response is:
> ¯\_(ツ)_/¯. The point of Bitcoin wasn't to succeed to the degree that it
> has, or in the way that it has.


Hi Ted,

If that had been Bitcoin's only goal, then it would have sufficed to create
a crypographic peer-to-peer payment system based on/supporting existing
currencies and their exchange rates.

Things got politically murky with the introduction of Bitcoin as its own
currency based on Hayek's and Mises' economic theory, i.e. with built-in
deflation and absence of political control except through owners.

-F

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