Blockchain Redundacle

The book “Blockchain Radicals” by Joshua Dávali promised up-front to give lefties or “revolutionaries” some insights into the way tech ools could promote social system and political change.

Since the modern scam grift/ponzi of all time, cryptocurrency, is a loony-toons libertarian project, I have no good reason to read Dávila’s book. But it was recommended by MMT aware writer Brett Scott, so I figured I should give Dávila some slack. This is my review.

Initial Impression

To lay-out my prejudices early (to see if I can’t reverse them, which is always what I prefer) I’ll note upfront I see absolutely no good use for blockchain technology in economics.

1. You cannot automate human trust, software is as prone to cracking as any human relation.
2. I think a blockchain for new-worthiness and factual accuracy is a good idea, since that can be somewhat crowd-sourced, but it’s not a guarantee. Enough idiots and such social systems crumble into uselessness.
3. That said, a new accuracy blockchain can be somewhat robust if the algorithm is open source and people can check verified trusted sources. Basically a democracy vote for news accuracy, but the more reliable the voter, the higher their weight, and getting fact wrong must asymmetrically drastically reduce that voter’s weight.
4. For everything else “cryptocurrency” I defer to Cory Doctorow — you cannot automate trust, it always boils down to trusting real people.

What good blockchain “technology” (it’s just an algorithm) can do for society is, I think, marginal.

If you want to build a better society you need political power in the hands of the unwashed masses, not the elites. I do not see any algorithmic technologies getting that power for us.

TODO: more to come… Having a slow reading week/month.