How far will the government and financial institutions go to prevent the crypto-blockchain revolution? Because this is a revolution, one in which the disgruntled have a potentially tremendous amount of power behind them.
I stumbled on this question the other night having drinks with some friends. Without too much disclosure, one of said individuals is involved with a government-backed group. As we went back and forth speculating on the potential for disruption, he made a comment that caught my attention. It was something to the effect that blockchain isn’t nearly as secure as its supporters think. This was stated in the somewhat smug manner that’s usually reserved for PhDs (which I believe he has).
Cryptocurrencies and blockchain are all the buzz. The good, the bad and the ugly. It’s all out there right now. We’re in the wild west of a new revolution. A wave more disruptive to our society and way of life than the internet.
How far will the powers that be go to retain control? It’s an interesting and important question. When you’re part of that club, you don’t have to play by the rules.
The leaders in this crypto movement aren’t our parents. They are an entirely new breed. One born of the digital age. One that isn’t accepting the underlying principals of my generation and those that came before.
That’s a blanket statement, and like a cliche, it’s there to serve a purpose. I know there have been anti-government and anti-establishment movements. The statement provides the contrast needed to discuss this new generation and highlight the disruptive and decentralized nature of the technology, the people leading the way and their inherent distrust and dislike of the way things are done today. Click here to check out an excellent primer by Trent Lapinski over on HackerNoon on what some, at least, are calling the crypto punk movement.
This isn’t lip service from a disgruntled generation. They aren’t on the streets with picket signs trying to ignite change. They’re at their computers designing systems that defy regulation. They’re creating currencies, apps and markets that circumnavigate our financial infrastructures.
Many in this movement consider themselves Libertarians, and this technology is the perfect fit. See Bitcoin & Libertarianism – A Dream Combination? by Oliver Dale for some interesting stats.
Unlike previous protests, these guys have power. And a voice.
This isn’t just a new technology, it’s a social movement. One that by its very nature, demands a certain level of research and knowledge in order to participate.
These are early days. There will be upheavals. Things will break and they will get fixed. It’s progress.
But, back to my question. Let’s put the elephant on the table (sorry, I love mixing metaphors). I suspect our financial system is and has been controlled by a very elite group for some time. Possibly, from the beginning. The same can be said for our dysfunctional government. It’s bar none the worst one out there, except for all the rest. Many attribute Churchill for that gem, I don’t know for sure, but it works (tongue in cheek).
The point here is that the players that have the reins of our existing political and financial systems are threatened by this technology. And rightly so. This revolution could pull the preverbal rug out from under them.
How far will they go to stop it? And how effective, could they ultimately be?
I would love to spark a discussion around this.