SpaceXponential

Now, though, I realize that this confusion stems from making the same mistake I did in that old analysis of Facebook: I was looking to the real world as a guide to understanding the Internet, when it was in fact inevitable that the Internet would, over time, come to impact the real world. Some of that impact will be fleeting, like many of the... See more

In a way, crypto only magnifies or exposes the historically intimate ties between art, status and money. When we are in the thick of operating in the art system, it’s easy to forget how the aesthetic value, historical value, monetary value are actively negotiated for each art object. What web3 did was simply render art as a literal currency.

Vitalik Buterin, co-founder of Ethereum, distinguishes two kinds of cryptoeconomic systems: objective and subjective. In an objective system, the protocol’s operation and consensus can be maintained at all times using solely nodes, knowing nothing but the rules of the protocol itself. Subjective systems, on the other hand, require more additional... See more

Objective systems seem desirable, relying entirely on machines and not fallible and opportunistic humans. There is, however, a catch – machines may be running the code, but humans are acting on it. A subjective system might be able to differentiate between legitimate and illegitimate transactions in a way that an objective one could not. Concepts... See more

On a blockchain network, nothing is assumed to be trustworthy except the output of the network itself (Werbach, 2018). On any transaction, there are three elements that may be trusted: the counterparty, the intermediary, and the dispute resolution mechanism (Botsman, 2017). Simply put, blockchain tries to replace all three elements with software... See more

There’s art that I consider art, and there’s other things – things that could be beautiful, but too superfluously so. The intention behind their creation is the desire to please the eyes. They want to be fashionable. But true art is disinterested. True art doesn’t care to be appreciated, obsessed over with, or owned. It holds a certain self-respect... See more