3min chapter

From the New World cover image

Michael Gibson - The Thiel Fellowship, Rationalism, and Stagnation

From the New World

CHAPTER

Cryptocurrency

I think this metaphor is so interesting because it can mean so many different things to different people Right, you already mentioned like the crypto people they say you know paper represents the kind of old ways of distributing authority and reputation. The dream of these blockchain technologies is somehow to create a process that does not rely on a third party to to validate something Instead it's going to be some consensus mechanism and a system of incentives behind that. And I think by seeing that those two different architectures for social coordination I think it helps see how okay if these old institutions are either insiders are colluding or they're corrupt or maybe the tools of the Institution just aren't up to the times.

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