The Bitcoin Paradox
Why cryptocurrency will always be political, an essay by Carnegie Mellon professor Simon DeDeo.
"While blockchains are excellent at forming common knowledge according to a set of rules, those rules are set by hand at the very beginning. Blockchains in place to date do not include a process for amending their constitutions. That means participants are trapped in the logic set by their founders. As systems grow, this constraint leads exactly where you would expect: to disagreement, divergence, and, finally, revolution."
"It’s easy to become enchanted with the dizzying profits being made with BitCoin, and with the elegance of the mathematics beneath it. But it’s dangerous to forget that the point of these systems is to bring the political power of common knowledge into the Internet age, together with all of its potential for disruption and conflict."