Cryptocurrency News – The Problem With Greed 2

Cryptocurrency News – The Problem With Greed 2

“I believe I was not brought into this world to turn complacent women into passionate women, but rather to turn passionate women into goddesses.”
– Author Lebo Grand –

Can Greed be A Positive Motivator? 

Peer-to-Peer Systems

PURA Vida everyone! Welcome back to part 2 on our 2-part series about greed, if you have missed it, read part 1 here. As always, the PURA Team aims to shed light on blockchain and cryptocurrency topics from a variety of viewpoints. We also welcome comments from our community, so let us know what you would like to read more of.

Humans are consumers by nature. We love to consume the food we want when we want it. Fashion is a three-trillion-dollar industry. We love fast, luxury, and more efficient cars. Also, we want better homes and nicer things to put in them. And, we usually want them when we want them. Is that greedy? If the opportunity presents itself, are you willing to take the risk and put in the work? Then greed can be the motivator that spurs invention, development, and ultimately the toil to production.

In 2008, a mysterious programmer (or group of programmers) going by the name Satoshi Nakamoto circulated a paper on a cryptography mailing list. The paper was called “Bitcoin: A Peer-to-Peer Electronic Cash System”.  In the paper, Nakamoto outlined an ingenious system for a digital currency. This currency did not require a centralized trusted authority to verify transactions. That’s right, a decentralized system of currency. A currency with the ability to free people of the fiat banking system, much of it nationalized, and its powerful monopoly.

Greed As A Motivator

Nakamoto pitched Bitcoin as a “peer-to-peer electronic cash system” in the initial manifesto. At its heart, the innovation he (or she or they) proposed had a more general structure, with three key features; the blockchain, scarcity, and mining.

The genius behind Bitcoin isn’t just the token, but the blockchain technology behind it. As Don and Alex Tapscott put it in their book Blockchain Revolution, a blockchain “is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

If you want something, chances are someone else does too. If you can’t make it yourself, someone else probably can or will. Greed is a motivator to getting there first and will be the crucial step towards blockchain’s breakout and eventual progress. The time is ripe for blockchain technology. “A passionate woman meant to become a goddess” when just the right suitor reveals her.

A New Breed of Entrepreneurs

Imagine a world void of competition and rapid accomplishment. Elijah Wood once said, “Safety and comfort come with complacency, and that’s never a good place to be working from.”

We can choose to always want more to get ahead just to arrive somewhere unknown. On the other hand, we can step away and live on the side. However, to hinder the individual from achieving success in the name of equality is unconscionable.

The greed of politicians wielding the power of governments has slowly hindered the people’s free market – choked over decades of taxation, regulation, and getting a bad rap. Complacency is the state of being happy with less, but this mindset has left three generations behind baby-boomers to become less prosperous – believing the good stuff was gone, used up, wasted, and convinced that wealth is somehow finite. Then, Nakamoto invented Bitcoin and the blockchain gave birth to a new breed of entrepreneurs.

The Challenges of Blockchain

The current blockchain inventions and ideas usually don’t go further than an ICO (initial coin offering), the development of a DAO (Decentralized Autonomous Organization), or a Dapp (decentralized application). Other blockchain experts focus on coding smart contracts on Ethereum, enabling them to transfer tokens from one account to another, but failing to create a consensus for consumers.

One of the current issues with blockchain technology is that people don’t understand each other. What is worse is that much of the time they think that they do. Blockchain technology has enormous potential, but technological, regulatory and — in particular — business challenges seem to prevent the technology from becoming scalable and successful.

The Race Is On

So, what is the missing ingredient that will push blockchain into the mainstream? Think Steve Jobs and Steve Wozniak of Apple. There will always be someone who wants something and is willing to harvest it, make it, or gather it, and those who will want it and are willing to buy or trade for it. Greed will inspire the seller to make “it” faster and better, and greed will spur the buyer to have “it” first. The race is on for the blockchain’s new “goddess” to appear and for “odd-couple” technologists and non-technologists like “Jobs and Woz” to deliver applications that add value to the market, business, and consumers.

 

 

 

 

 

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