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Posts Tagged ‘cryptocurrency

“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 LW

July 7, 2018 at 1:01 am

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