(Roughly) Daily

Posts Tagged ‘blockchain

“Create more value than you capture”*…

A thoughtful consideration of Web 3.0 from the always-insightful Tim O’Reilly

There’s been a lot of talk about Web3 lately, and as the person who defined “Web 2.0” 17 years ago, I’m often asked to comment. I’ve generally avoided doing so because most prognostications about the future turn out to be wrong. What we can do, though, is to ask ourselves questions that help us see more deeply into the present, the soil in which the future is rooted. As William Gibson famously said, “The future is already here. It’s just not evenly distributed yet.” We can also look at economic and social patterns and cycles, using as a lens the observation ascribed to Mark Twain that “history doesn’t repeat itself, but it rhymes.”

Using those filters, what can we say about Web3?…

There follows a fascinating– and educational– analysis of the state of play and the issues that we face.

Tim concludes…

Let’s focus on the parts of the Web3 vision that aren’t about easy riches, on solving hard problems in trust, identity, and decentralized finance. And above all, let’s focus on the interface between crypto and the real world that people live in, where, as  Matthew Yglesias put it when talking about housing inequality, “a society becomes wealthy over time by accumulating a stock of long-lasting capital goods.” If, as Sal Delle Palme argues, Web3 heralds the birth of a new economic system, let’s make it one that increases true wealth—not just paper wealth for those lucky enough to get in early but actual life-changing goods and services that make life better for everyone.

Why it’s too early to get excited about Web3,” from @timoreilly.

See also: “My first impressions of web3” from Matthew Rosenfeld (AKA Moxie Marlinspike, @moxie, founder of @signalapp).

* Tim O’Reilly

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As we focus on first principles, we might recall that it was on this date in 2007 that Steve Jobs introduced the iPhone at MacWorld. The phone wasn’t available for sale until June 29th, occasioning one of the most heavily anticipated sales launches in the history of technology. Apple sold 1.4 million iPhones in 2007, steadily increasing each year; estimated sales in 2021 are 240-250 million.

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“Organizing is a process; an organization is the result of that process”*…

 

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19th century railroad stock offers were the cryptocurrencies of their time: confusing, risky… but with the promise of converting “old” wealth (mostly land riches) into the wealth of the future

 

Many crypto enthusiasts are looking at blockchains as a way to correct the sins of the past (government over-reach, lack of sound money, expensive middlemen, centralized businesses, etc.)

The truly important question should be way bigger than this: How can crypto-powered businesses create new types of abundance? How will blockchains drive our standard of living forward exponentially? How will we see the creation of tens of trillions in new value like we did with the stock market in the last 150 years?

The answer lies in how crypto can transform the tragedy of the commons into the wealth of the commons…

“Midas List” V.C. Mike Maples traces the provenance of cryptocurrencies and the blockchain from the railroad IPOs of the 1870s (which helped launch an explosion of global economic growth) through the work of Nobel laureate Elinor Ostrum to argue for crypto’s promise as a remedy to the Tragedy of the Commons: “Crypto Commons.”

[Readers looking for an on-ramp to understanding crypto-tech and the blockchain may want to start with Steven Johnson’s blissfully-clear “Beyond the Bitcoin Bubble.”]

* Elinor Ostrum

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As we address asset allocation, we might recall that it was on this date in 1936 that Henry F. Phillips received several U.S. patents for the Phillips-head screw and screwdriver– a system in which a matching driver with a tapering tip conveniently self-centers in the screw head.  Phillips founded the Phillips Screw Company to license his patents, and persuaded the American Screw Company to manufacture the fasteners.  General Motors was convinced to use the screws on its 1937 Cadillac; by 1940, virtually every American automaker had switched to Phillips screws.

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Written by (Roughly) Daily

July 7, 2018 at 1:01 am

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