The Future of Crypto

This article would have been interesting in 2014. The idea that energy efficiency and scalability are important problems is not new, and are being worked on for Ethereum and other advanced blockchains; see [1] or Vitalik Buterin's blog [2].

The critique of on-chain economic inequality is valid, yet there's nothing unique to blockchains about that. One great solution is to pass more progressive income taxes, a wealth tax, or a UBI (people pay taxes on crypto gains). Also, many in the crypto space are working [3] on an on-chain UBI, even if they are facing an uphill battle.

[1] https://eth.wiki/en/faqs/problems

[2] https://vitalik.ca/general/2019/11/22/progress.html

[3] https://joincircles.net/

Coming from a writer of dystopian science fiction, it's no surprise that his vision of the future is bleak.

Until now, the rules of wealth distribution have been determined by the wealthy.

With currency definable by software, (and with high-level abstractions like Solidity) it becomes possible for anybody to construct monetary policy with power that would make Milton Friedman explode with excitement.

Crude instruments like SafeMoon's 5% redistribution to all holders with each transaction point a light on a path towards socially responsible policies.

The famous Jefferson quote of a new constitution due every twenty years can finally be realized.

The core value of cryptocurrency isn't in any single currency but in the continual ability to find and move to better currencies.

Oh, and that the prevention of counterfeiting need not be ensured by armed force.