Highly recommended read.
“As we move toward what Ray Kurzweil has called the “technological singularity,” in which AIs exceed humans in general intelligence and radically alter every aspect of life on Earth, it is increasingly clear that blockchain will be a critical part of the story. And just as the singularity may unfold with various levels of benefit or destruction, so the role of blockchain may come out positive or negative for humanity.
At least three options seem reasonably plausible to me: Corporate Techno-Fascism, Decentralized-Digital-Democracy (DDD) and … Human-Free.
Will we see a dark future of corporate-totalitarian hegemony, a democratic, decentralized future of diverse flourishing creativity – or a future in which advanced artificial general intelligence (AGI) tech leaves biological humanity entirely by the wayside?
The ways in which blockchain technology is developed right now will be part of the nexus of factors influencing what sort of outcome eventuates for humanity generally.
Blockchain provides an extraordinarily good tool for maintaining centralized control in a large, complex network, like a global, corporate, techno-fascist social order. It provides unparalleled capability for top-level leaders to make sure that none of their underlings on any level are corrupt, and keeps detailed, real-time records on every member of the society they rule over.
As the percentage of economically irrelevant humans increases, blockchain provides a perfect tool for governments and corporations to keep chaos from breaking out via carefully tracking flows of money and information, and making sure that media misinformation is intelligently enough placed to keep the population’s mind filled with compliance-inducing narratives.
While dark potentials inarguably lurk on the horizon, more beneficial outcomes also remain firmly within reach. It may well happen that the breakthroughs to human-level and superhuman AGI occur in the domain of open-source hackers and decentralized networks rather than corporate or government labs.
Looking closely at the relation between the future of blockchain and the future of humanity, one becomes convinced that the former is much more firmly assured. Yet I remain highly optimistic: There seems a very palpable possibility that we can navigate through the challenges ahead and craft a democratic decentralized future, leveraging the best of humanity and the best of our advanced technologies including blockchain and AI.”
“Hard money regimes are abandoned in wartime, because the debasement of money is a prerequisite of most wars. An honest currency system backed by Bitcoin (BTC) or gold would require Americans to explicitly consent and confirm their willingness to pay for military aggression, as well as all other routine functions of government and the private sector.
An honest currency demands that, when we go to war, we have skin in the game. It’s a small sacrifice to write an IOU for other people’s money, but people more carefully reflect upon the cost and benefits of a purchase when they see their budget shrink in real time.
If all Americans had used Bitcoin in 2001, we would have had to consent to taxation in order to fund the war-on-terror, therefore immediately feeling the impact of that decision. On the flipside, the value of savings would also be realized, allowing us to better appreciate the effect of adopting a sensible energy policy along with a more efficient allocation of other resources. Prices would again function as a representation of our individual preferences rather than government promises.
Fiat paper money exists only through the monopolistic force of the state. Paper money is dishonest, corrupt, deceitful, and is managed by a cartel. Distrust and power are its currency. The use of fiat money requires permission. It is always subject to confiscation and surrender.
Bitcoin does not allow odious debt and debt that is not explicitly agreed to. It has other attractive features as well: immutability, decentralization, privacy and scarcity; easy to divide and easy to transfer; there’s no need for an intermediary, no need for permission; no one can debase it and no authority controls it; and lastly, the ledger does not lie.”
“While the Chinese CBDC is closely watched by all, few feel that it will be enough to unseat the dollar. However, that’s not to say that it won’t degrade the position of both the dollar and the euro — the two most important currencies today.
CBDCs offer faster and cheaper remittance and programmability, amid other benefits. If trade can be streamlined and costs cut with new currencies, invoicing in CBDCs will undoubtedly follow. While trust still needs to be shored up for this new technology, a successful launch could quickly ascend the ranks of reserve currencies.
The major issue that China faces is political. The global opinion on China’s government is not one of total trust.
Further, while controllable anonymity is part of the proposed DCEP system, the People’s Bank of China would still have access to all identity and trading information. The chances of U.S. and European businesses, among others, using a currency that could cede so much information while stepping on their global market shares is minimal.
Given our increasingly digital lives and the improvements that digital currencies promise, steps need to be taken to bring our lagging financial system into the future. With the digital yuan imminent in the next 10 years, other top currencies will have to follow suit or be left behind as relics of a bygone era.”
“With this shift, trading fees will be split between liquidity providers and veCRV holders. In order to participate in governance, users need to stake their CRV to the voting contract, exchanging CRV for veCRV (voting escrow CRV).
We’ll start moving towards a cashflow-based protocol because the numbers are too sweet to not do it.
Over the last week, fees on Curve have varied between approximately $70,000 and $150,000 per day. The project just hit a new all-time-high daily volume at over $400,000,000.”
See Also: Fork Defense Strategies in DeFi
“The Cuban government curbs internet access and a US trade embargo restricts imports.
Cubans must buy cryptocurrency from people who buy the coins from abroad, or have relatives to do so. Groups on WhatsApp, Telegram and web platforms [also] make it easy for buyers to find sellers.
Thanks to cryptocurrencies, Cubans can make purchases on major international sites and subscribe to digital services, such as Amazon and Netflix.”
“OpenRelay will help Ethereum Classic to ‘develop practical simulations and models for the proposed features, establishing testnet infrastructure, and designing and implementing testnet tests’ while ChainSafe is working on a review of the many security proposals to keep the network safe.
Ethereum Classic has seen at least three 51% attacks in August alone.”