"In this piece we discuss our concerns around the broader “crypto” space beyond Bitcoin. Our arguments revolve around three primary themes: Philosophical, Technical, and Economic. From a philosophical perspective, we discuss the core properties that make Bitcoin work and that make it unique, in our view. From a technical perspective, we evaluate how these properties are lacking to a greater or lesser extent in alternative “cryptoassets,” having been designed out again on questionable philosophical justifications. From an economic perspective, we walkthrough our concerns that “crypto” has not shown a path to establishing a basis for justifiable real-world value, explain why we believe this would be very difficult to ever accomplish, and suggest therefore that their technical flaws are especially vulnerable. Given the complexity of the task we have set ourselves, this piece is intended to bring our arguments into long form and provide a discussion base for good faith disagreement." - Allen Farrington & Big Al
Section Summaries:
Part 1 - The Innovation From First Principles
Part 2 - Crypto is Not Decentralized
Part 3 - Crypto is Not Finance
Part 4 - The "Investment" Rationale
Part 5 - Layered Architecture and Gall's Law
Part 6 - Why We Might Be Wrong
Find the original work and further details in the appendices here: https://www.uncerto.com/only-the-strong-survive
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