By The founder of ConsenSys and the co-creator of Ethereum, Joseph Lubin, has recently stated his opinion on the “equal waves of fascination and scepticism” concerning cryptocurrency, which was published 25 September in a Quartz op-ed.
Lubin has referred to historical anecdotes as a means to argue that the general population has always had a position of scepticism, particularly around novel ideas that are related to money. His ideas were around the amount of time that it took for derivative money, which is electronically transferred, to be comprehended by people and accepted.
He reported that “cryptocurrency is in many ways a natural evolution of prior representational systems, though one that favours truth over state-sanctioned power.” The idea is to ensure a decentralised and trustworthy system.
To some extent, cryptocurrencies are the 21st-century version of derivative money, which to many people instils feelings scepticism and apprehension, whilst being intrigued.
A 21st-century approach for the system of representative currency
Lubin has highlighted that the majority of European countries rejected the notion of representative currency up until the 1600s. There was a significant lag in attaining buy-in from the general population to accept digital cash transfers and wires.
It was argued that virtual currencies such as Bitcoin are merely the “21st century’s version of that flimsy paper money” and also demonstrated that the decentralized and open character behind them, stand in contrast to the “government-run property systems (and the financial vehicles that followed it).”
Lubin continued by explaining that cryptocurrencies could be used to lead to better distributions of wealth, to which the power of decentralized networks should be acknowledged.
The power of cryptocurrency and blockchain could have a significant contribution in the lives of displaced persons or refugees, as it could enable such persons to maintain an identity, as they could use the technology to store and present documents in other countries, for practices that will allow them to access the economic system, such as that of securing a loan.
Lubin, is of the opinion that networked open platforms will eventually serve as the foundation for the “collective common-good relationships,” which will replace an adverse system which is comprised largely of corporations and customers.
The upward trajectory
Lubin has taken a bold position in his optimism with regards to the continued growth of virtual currencies, despite fluctuations in price.
When speaking to Bloomberg in mid-August, Lubin merely stated that dips in the price was nothing more than “little pimples on a chart”, due to the anticipated upward trajectory that virtual currencies are expected to have. He continued by explaining that each bubble has actually led to a “tremendous surge in activity.”
In addition, Lubin has made numerous comments during an interview with CCN at the TechCrunch Disrupt event. He has discussed the work of ConsenSys, which incorporates projects that are linked to education, consultancy, advising, and capital markets endeavours.
Lubin was asked about the possibility of disruption as a direct consequence of ConsenSys’ work, to which he responded that 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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