EE380 Talk (xlnt)

Attachments

Cryptocurrencies' roots lie deep in the libertarian culture of Silicon Valley and the cypherpunks. Libertarianism's attraction is based on ignoring externalities, and cryptocurrencies are no exception.
I've just read one of the most lucid, wide-ranging, cross-disciplinary critiques of cryptocurrency and blockchain I've yet to encounter. (thread)
Permissionless Blockchains Were Invented During the GFC
The drive to maximize the efficiency of mining drives miners to consolidate, in order to attain economies of scale. The more valuable a blockchain is, the more centralized it becomes.
Thus a permissionless blockchain requires a cryptocurrency to function, and this cryptocurrency requires speculation to function.