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1/ Bankers, politicians, noble laureates, public intellectuals and economic experts are the modern-day Luddites in suits.
Contrary to modern belief, the Luddites did not oppose to upcoming technology altogether. They were rather quite specific in their disapproval:
Contrary to modern belief, the Luddites did not oppose to upcoming technology altogether. They were rather quite specific in their disapproval:
2/ Modern-day Luddites reject in a similar fashion to the new world of #Crypto by calling for “#Blockchain, not #bitcoin” or more generally “Digital, not Crypto”. They consider Bitcoin “a fraudulent and deceitful manner to get around standard practices.
3/ They just want blockchain projects that “make high-quality goods” and they want these “blockchain projects to be run by people, who apply with regulation and industry standards”.
4/ But just as the original Luddites didn’t succeed in stopping of what has become the traditional world of modern-day Luddites, they themselves won’t be able to stop the newly approaching world of non-centralization.
5/ A distinctive difference between the original and the modern-day Luddites, will make the latter even more helpless in their pursuit:
6/ While original Luddites were up against physical machines in the form weaving looms for example, modern-day Luddites are challenged by abstract software protocols in the form of Bitcoin, which is unstoppable because it's elusive, cryptographically asymmetric information.
7/ Because there is a new world emerging that is an imminent threat to the industrial age of modern-day crony capitalism, the Luddite-like reaction by its representative actors seems to be only natural.
8/ Being confronted with an entirely new place on earth – for example when going on vacation – automatically triggers culture shocks. This is exactly what bankers, politicians, noble laureate, public intellectuals and economic experts experience just now: A massive culture shock.
9/ Capitalism after Satoshi is going to look a lot different, as old institutions will be eaten up by new ones. Institutions such as firms, markets, bureaucracies as well as “informal institutional technologies” such as work, money, behavior, thinking will change drastically.
