If you read the headlines you may well think cryptocurrencies are a either a radically new way of paying that is our savior from ossified, corrupt governments or on the other side that they are speculative Ponzi schemes.
The reality of course is that cryptocurrencies can be both and can be liberating and corrupting at the same time.
Because so many of us (myself included) love out technology providers, few have begun to fully grasp how much centralized control, for example, Amazon has over cloud-based storage and processing and it’s even more dominant in e Commerce and physical, last-mile distribution.
I love that Amazon can deliver me products a mere hours after I order them but fast-forward 20 years and if they have no real competition for last-mile distribution this eventually could produce negative consequences for the market and for consumers.
If you think about some of the great breakout peer-to-peer file or resource sharing products like Bit Torrent, Skype, Naspster, Gnutella, etc.
The Internet allows people in relatively poorer parts of the world to complete work for relatively richer parts of the world at wages higher than a local economy may bear.
This has massively enriched the world and one can see why a currency that underpins Internet infrastructure would be attractive.
The world in which our communications was controlled by the telephone and media companies of 20 years ago would have been much less innovative than what we have achieved, which is precisely why we need to protect future companies still to be created from anti-competitive behavior of today’s giants.
An example of this stranglehold is distribution systems to find new apps in a mobile Internet is tightly locked down by the oligopoly of Apple and Google.