ConsenSys founder and Ethereum co-creator Joseph Lubin recently expressed his thoughts on the “equal waves of fascination and skepticism” concerning cryptocurrency, in a Quartz op-ed published on Sept. 25.
There have been numerous historical antidotes to assert that society has always been skeptical towards those who comes up with the new concept of money. Lubin argued that,
“Cryptocurrency is in many ways a natural evolution of prior representational systems, though one that favors truth over state-sanctioned power.”
A New System for the Future:
Lubin noted that much of the Europe raised objections on the traditional money till 1600s and it also took time for them to accept the identity of Digital Currency and wire transfers.
He characterized digital currencies as just the “21st century’s version of that flimsy paper money” and also pointed out that the decentralized and open character behind them stand in contrast to the “government-run property systems (and the financial vehicles that followed it).”
The use of cryptocurrency can could eventually lead to better decisions, thanks to the power of decentralization, lubin said.
He also touched the power of Virtual Currencies and Blockchain to give displaced persons the ability to maintain their identity, since they could use the technology to store and present documents in other countries for the practices relating to the economic livelihood, like securing loan.
According to Lubin, networked open platforms will eventually serve as the foundation for “collective common-good relationships,” overall replacing an adversarial system comprised of corporations and customers.
The Growth Always Continues:
Lubin’s bullish perspective in his piece seems to echo earlier optimistic sentiments about continued growth, despite price turbulence.
Speaking to Bloomberg in mid-August, he noted that price slumps would seem like “little pimples on a chart” due to future exponential growth. Lubin asserted that each bubble has actually led to a “tremendous surge in activity.”
Lubin also made several wide-ranging comments during an interview with CCN at TechCrunch Disrupt SF.
He spoke about the work of ConsenSys, which includes projects related to education, consultancy, advising, and capital markets endeavors.
Lubin also explained that the company was operating according to guidance dating from the summer from the SEC’s director of corporation finance, Bill Hinman, concerning questions about if a particular token project is a security token or a consumer utility.
When asked about the potential disruptive capabilities of ConsenSys’ work, Lubin said the blockchain could be a big game-changer in pretty much any scenario where there are “companies or people who don’t trust one another” but want “to enhance trust in their interactions.”
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