Human nature fascinates me. I have to admit that there was a period when the movie Jaws came out that I consciously made decisions while at various beaches, to not enter the water. It was only a movie. But the pervasiveness of the story and my imagination caused me to think that if conditions were not a absolutely perfect, then I wouldn’t bother entering the water.
Well this aspect of human nature also applies to investing. Jaws or FTX and the entire ocean of technology starts to be judged from a mindset of fear. We need time to process and adjust our confidence levels to get back into the water; but we inevitably will do that. Realizing this, is it not time to acknowledge that it was just a bad movie? How much time?
Well let us separate crypto and coinage from blockchain technology. The technology is incredible and not that complicated. The various coins and sharks demand a little more study.
My mind keeps taking me back to the theatre and prospects of war; Ukraine for example. Identifiable human DNA, parenthood, priceless art and corporeal property, land titles, financial records and ledgers; I invite you to add to the list of things that are kidnapped, looted, pilfered, destroyed during war that may require a generation of legal wrangling during which to settle claims. Can you imagine humans filing DNA records of provenance on blockchain? Loss of identity, wholesale trafficking in human life, slavery and the like and the loss of family connection might take minutes to solve instead of generations. Would you not data bank your children’s identity on chain if you saw war coming and you were able to do that?
Let us all calm down and separate the wheat from the chafe in terms of blockchain technology risk. The technology is proven; the asset and securitization that applies the technology still requires due diligence and standards of governance. Recognize the calls that will come from oligarch financial institutions to have THEM be the gatekeepers so as to make the technology “safe” for what those attempts are. They are lobbying attempts to conflate Blockchain and crypto into requiring access to financial beaches to be governed by them.
Let’s just watch and be wary of the financial and political donations of some of these gatekeepers as they vie for “permit” rights in an evolving new system which in its pure form is designed to run peer to peer without their intervention.
I will swim where I want, thank you very much and I’ve always liked to avoid crowded beaches anyway.
