The Promise and Perils of Consensus-based Systems
One of the most interesting discussions to arise in the blockchain / crypto space is that regarding the emergence of value. It really is a phenomenon unlike any other. Where does value come from? What gives something its value? Is value intrinsic or extrinsic? and, If there are enough people who 'act as if' a thing has value, does that result in the realization or crystallization of legitimate value (as it seems is the case)? Is money "the bubble that never bursts?" and,
Perhaps most of all - can $100 billion in value (as it is in current crypto market cap around the date of this post) sustain itself and grow to potentially much, much more?
So long as everyone continues to agree on where we place our value, the value of that thing will continue to increase. This is not only true for the crypto nor the money world. Think of our societal values - Many of them are derived from a public consensus that changes over time...
For example, baby boomers valued stability, steady jobs, pensions, and ownership over houses and cars, etc. Today, there seems to be an increasing and opposing trend toward valuing freedom, information, impact, and a more minimal lifestyle. Thus the subscription based economy formulates itself to intercept the value we place on access over ownership.
Today, we value digital currency for the promise of the blockchain - a technology so fundamental, it is difficult to think up a scenario where it would not change the world. However, it's important to keep in mind for new people entering the market, that cryptocurrency is not synonymous with with blockchain technology. Rather, it is merely one use case. Steemit is another.
Never before in human history have we had such a direct influence over how, where and why value is created. So long as we continue to participate with decency from a place of curiosity and contribution, our investments in time, thought and yes - money - will increase. It can be no other way.
The universe is expanding. So is our technology, and so are we.
I would have liked if you expounded more on the concept of value or how the blockchain helps to sustain value in the crypto market or just a bit more content. Very good post, nice tone...but it was cut short.