Blocksays reflects on the shortcomings of the current internet and the advantages of the new one that blockchain technology will bring in the future. Blockchain: Two Worlds, Two Views Two different cultures are interested in blockchain. The first views blockchain as a way to build new networks. I call this culture computer because essentially it’s about how blockchains fuel a new computing movement.
The other culture is mainly interested in speculation and making money. People with such mindset see blockchain solely as a way to create new tokens for trading. I call this culture casino because it’s essentially gambling-based.
Media coverage amplifies the confusion between these two cultures. Stories of winning and losing are dramatic, easy to explain, and attention-grabbing. In contrast, the history of technology has many nuances, develops slowly, and requires historical context for understanding. The casino culture is problematic. It pulls tokens out of context, wraps them in marketing language, and encourages speculation with them. While responsible token exchanges provide useful services such as storage, staking, and market liquidity, irresponsible exchanges encourage bad behavior and play with people’s money quickly and freely. At worst, these are outright financial pyramids.
The good news is that the fundamental goals of regulators and blockchain developers ultimately align. Securities laws seek to eliminate the roots of asymmetric information about freely tradable securities, thereby minimizing the trust that market participants must place in management teams.