What Came First: Email or the Nigerian Prince?

Can blockchain technology and trust-less systems save us from ourselves?

“Monkey Business”

Human Nature & Innovation

Human nature (and monkey nature) causes us to abuse innovation.

PHASES OF ADOPTION

INVENTION

  • We abuse the innovation for our own self interest.
An obvious example of this is the Silk Road. Largely accredited with bringing Bitcoin the attention it needed to reach its current volume. The Silk Road was a black market eCommerce site where users could trade Bitcoin for anything from fake passports to black tar heroin. You can read this Wired article on its history here.
  • Large organizations and governments dismiss the innovation as a pipe dream.

EARLY ADOPTION

  • More users adopt the innovation.
  • The innovation is mocked by the vast majority.
Excerpt from CNBC, original article can be found here.

ACCELERATED DEVELOPMENT

  • The innovation is forced to evolve in response to the new users it now has to facilitate.
Binance halted registration so that it could scale up infrastructure. It wasn’t prepared to handle the huge influx of new users it saw when Bitcoin hit all time highs. Original article here.
  • The evolution accelerates adoption, the innovation is suddenly too big to ignore.
Jamie Dimon getting into Bitcoin after calling it a “Fraud” and conveniently driving the price down. Original article can be found here.

MASS ADOPTION

  • The vast majority is now behind the curve.
  • In attempts to stop from missing out, large organizations/governments attempt to regulate it.
  • If regulation fails: large organizations adopt the innovation themselves. They perform the same function as the early adopters: abusing innovation in their own self interest (example below).
Original Article can be found here.
Two months after calling Bitcoin a fraud Jamie Dimon retracts his statements. Big thanks to Andy Do for sharing this article with me.

Money & Human Nature

What came first, the advent of email or the Nigerian Prince desperately in need of your help?

Is Cash the Problem?

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Ops @ PubDAO / Community @ Reflexer / Product @ Decrypt. Trying to change the rules and create a positive sum game.

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Reza Jafery

Ops @ PubDAO / Community @ Reflexer / Product @ Decrypt. Trying to change the rules and create a positive sum game.