5 May 2021

We don't need programmable money

Today I've seen Vitalik's quote:

[..] most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.

What I find annoying in "decentralise-everything" crowd's claims is negligence of human behaviours and needs.

Among other things, for accountability, which is crucial when it comes to getting into a car with a stranger.

Cooperatives are the correct way to approach Vitalik's Uber dream, as demonstrated in Berlin, Germany and Barcelona, Spain:

What people actually need is a platform for the organisation of work, maps... You know, the tools of trade. As far payment processing is concerned, all that is needed by cooperatives is a lightweight democratic settlement system.

To sum up my opinion on the matter: Ethereum, the world's slowest computer, is hellbent on making programmable money, which doesn't solve any issues, really.

What we should focus on instead, in order to build the great new fintech, is making money programmable!

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After jotting this article, I found ew's gemlog, who in turn responded to

I largely agree, and what's cool is that he is also saying that the sole purpose of most b8n projects is "making money", as in "making money out of nothing". However, I feel like it's a bit of a narrow-minded, albeit understandably harsh, take. There are proof of stake systems like Tezos and Cardano that are looking at making sustainable solutions. Legitimate and sustainable cryptocurrencies, however, are a drop in the ocean...