Do not confuse immediate effects with ultimate purpose. Bitcoin and its rise are effects. The underlying technologies did not come into existence merely to produce Bitcoin, but…
Original source excerpt
“Do not confuse immediate effects with ultimate purpose. Bitcoin and its rise are effects. The underlying technologies did not come into existence merely to produce Bitcoin, but to make “Bitcoin-like”…
“Do not confuse immediate effects with ultimate purpose. Bitcoin and its rise are effects. The underlying technologies did not come into existence merely to produce Bitcoin, but to make “Bitcoin-like” phenomena possible. The teleological function of blockchain/DLT is the creation of vehicles whose value and legitimacy are generated through mass social consensus. Bitcoin is simply the first large-scale manifestation of this principle not its final or exclusive expression. Many may disagree (and that’s fine) but a hyperbitcoinized world does not resolve the problem of a permanent underclass. No system does. What may partially (and imperfectly) address that problem is the perpetual intragenerational creation of new consensus asset(s). Bitcoin was the first financial vehicle successfully generated through organic Consensus Actualization. SPX6900 will be the second.” @Plutermes
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