{"id":356485,"date":"2021-10-22T15:44:02","date_gmt":"2021-10-22T12:44:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-as-a-public-good-in-the-22nd-century\/"},"modified":"2021-10-22T15:44:02","modified_gmt":"2021-10-22T12:44:02","slug":"crypto-as-a-public-good-in-the-22nd-century","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/","title":{"rendered":"#Crypto as a \u201cpublic good\u201d in the 22nd century"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3650f5623ef\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3650f5623ef\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#A_utility_working_for_the_common_good\" >A utility working for the common good?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Shanghai_Man_Blockchain_Week_with_Vitalik_still_happening_%E2%80%98Bitcoin_searches_on_WeChat_hit_26M_in_a_day\" >Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Lushsux_A_decade_of_ass-whoopin_and_skullduggery_in_a_single_NFT\" >Lushsux: A decade of ass-whoopin and skullduggery in a single NFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Crypto_scoring_big_with_European_football\" >Crypto scoring big with European football<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Fan_tokens_Day_trading_your_favorite_sports_team\" >Fan tokens: Day trading your favorite sports team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#What_its_like_when_the_banks_collapse_Iceland_2008_firsthand\" >What its like when the banks collapse: Iceland 2008 firsthand<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Projecting_billions_of_users\" >Projecting billions of users<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Are_devs_getting_a_bad_rap\" >Are devs getting a bad rap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#More_government_intervention\" >More government intervention?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#The_best_of_blockchain_every_Tuesday\" >The best of blockchain, every Tuesday<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#How_are_coders_funded\" >How are coders funded?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Shanghai_Man_Blockchain_Week_with_Vitalik_still_happening_%E2%80%98Bitcoin_searches_on_WeChat_hit_26M_in_a_day-2\" >Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Lushsux_A_decade_of_ass-whoopin_and_skullduggery_in_a_single_NFT-2\" >Lushsux: A decade of ass-whoopin and skullduggery in a single NFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Crypto_scoring_big_with_European_football-2\" >Crypto scoring big with European football<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Fan_tokens_Day_trading_your_favorite_sports_team-2\" >Fan tokens: Day trading your favorite sports team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#What_its_like_when_the_banks_collapse_Iceland_2008_firsthand-2\" >What its like when the banks collapse: Iceland 2008 firsthand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#The_best_of_blockchain_every_Tuesday-2\" >The best of blockchain, every Tuesday<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Shanghai_Man_Blockchain_Week_with_Vitalik_still_happening_%E2%80%98Bitcoin_searches_on_WeChat_hit_26M_in_a_day-3\" >Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Lushsux_A_decade_of_ass-whoopin_and_skullduggery_in_a_single_NFT-3\" >Lushsux: A decade of ass-whoopin and skullduggery in a single NFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Crypto_scoring_big_with_European_football-3\" >Crypto scoring big with European football<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#Fan_tokens_Day_trading_your_favorite_sports_team-3\" >Fan tokens: Day trading your favorite sports team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-as-a-public-good-in-the-22nd-century\/#What_its_like_when_the_banks_collapse_Iceland_2008_firsthand-3\" >What its like when the banks collapse: Iceland 2008 firsthand<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Crypto as a \u201cpublic good\u201d in the 22nd century<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-The-crypto-economy-of-the-future.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                &lt;p&gt;&lt;strong&gt;It\u2019s been said that Blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> is not as decentralized as we think and that critical decisions are made, not democratically, but by a small group of agents of influence often including founders, software developers, miners and other parties with a monetary interest in the matter.&lt;\/strong&gt;\n<\/code><\/pre>\n<p><span style=\"font-weight: 400\">This notion is open to debate, of course, but accepting that this is the case today, would it necessarily hold in the future too? Especially when Bitcoin or Ethereum, or any other blockchain network, has billions of users and, for the sake of argument, plays a critical role in the world economy?<\/span><\/p>\n<p><span style=\"font-weight: 400\">Say Bitcoin\u2019s network becomes the platform upon which most<\/span> <span style=\"font-weight: 400\">global payments are made. At that point (if not before) would the network be deemed a public good that is subject to some sort of government or a super government oversight?<\/span><\/p>\n<p><span style=\"font-weight: 400\">That is, key decisions would now be made not just by developers and node operators, but also by an international consortium of economists, scientists, engineers and public administrators. Perhaps even headed by a political <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointee?<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the event of a global cataclysm, could this governing consortium even change some of Bitcoins foundational principles, like its issuance limit of 21 billion BTC?<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"A_utility_working_for_the_common_good\"><\/span><span style=\"font-weight: 400\">A utility working for the common good?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">This notion of a public good or utility that operates in the public interest goes back to English common law when key economic players such as ferry operators had to fulfill certain obligations to the public, <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2021\/07\/07\/opinion\/google-utility-antitrust-technology.html\"><span style=\"font-weight: 400\">writes<\/span><\/a><span style=\"font-weight: 400\"> Dave Yost. In the 1890s, the United States began codifying common-carrier and public-utility law after predations by railroad barons like Cornelius Vanderbilt, who once shut down a bridge he owned to rival railroads trying to enter New York City, causing market havoc.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While public goods have a technical definition, they are usually recognized as commodities or services available to all members of society  local, national or global  like highways or public education, or clean air. They are often regulated by governments.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\"><\/p>\n<div class=\"jeg_postblock_carousel jeg_postblock_carousel_3 jeg_postblock jeg_col_8 jnews_module__0_6172b4a714186    \">\n<div class=\"jeg_carousel_post\" data-nav='' data-autoplay='true' data-delay='4500' data-items=\"3\" data-margin='20'>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Shanghai_Man_Blockchain_Week_with_Vitalik_still_happening_%E2%80%98Bitcoin_searches_on_WeChat_hit_26M_in_a_day\"><\/span>Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 21, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Lushsux\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Lushsux_A_decade_of_ass-whoopin_and_skullduggery_in_a_single_NFT\"><\/span>Lushsux: A decade of ass-whoopin and skullduggery in a single NFT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 18, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Crypto scoring big with European football\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Crypto_scoring_big_with_European_football\"><\/span>Crypto scoring big with European football<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 13, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Fan tokens\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Fan_tokens_Day_trading_your_favorite_sports_team\"><\/span>Fan tokens: Day trading your favorite sports team<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 7, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Icelandic Bank Collapse\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"What_its_like_when_the_banks_collapse_Iceland_2008_firsthand\"><\/span>What its like when the banks collapse: Iceland 2008 firsthand<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 5, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">In some ways, blockchain networks like Bitcoin already meet the economic definition of a public good, Garrick Hileman, head of research at Blockchain.com, tells Magazine. After all, anyone can use the Bitcoin network, even users or builders of rival networks. As for governance, blockchains also possess a very effective means of settling governance disputes, adds Hileman. Participants that aren\u2019t happy with a change  or the lack of change  can simply fork a blockchain to implement their idea. The marketplace then serves as an arbiter over competing blockchain design choices.<\/span><\/p>\n<p><span style=\"font-weight: 400\">That sounds fine in principle, but in the real world things dont always work out so neatly, others counter. You may have heard that in cryptosystems, you dont have to trust humans and their fallible corrupt natures  you just have to trust math. [\u2026] this statement is just inaccurate, said Angela Walch, a professor at St. Marys University School of Law, while <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Walch%20Testimony%207-27-21.pdf\"><span style=\"font-weight: 400\">testifying<\/span><\/a><span style=\"font-weight: 400\"> before the United States Senate Committee on Banking, Housing and Urban Affairs in July: Walch added:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">Crypto economic systems remain subject to human flaws and corruption, whether in how the software is coded, whether the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> theory designed to operate the system is robust, or whether miners collude to exploit their power to order transactions in the blockchain record <\/span><span style=\"font-weight: 400\">to their benefit.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">The Economist, too, recently questioned the governance <\/span><i><span style=\"font-weight: 400\">bona fides<\/span><\/i><span style=\"font-weight: 400\"> of decentralized finance projects<\/span><span style=\"font-weight: 400\"> built upon blockchain networks: Despite the claims of decentralization, some programmers and app owners hold disproportionate sway over the DeFi system, adding for good measure that governance and accountability in DeFi-land are rudimentary.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For a long time, crypto people tried to avoid this [governance] question by simply saying that the community or the market should decide, Vili Lehdonvirta, professor of economic sociology and digital <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> research at University of Oxford, tells Magazine. Theres this romantic idea of a hive mind that everyone can feel part of. But, in practice, this answer is so vague that it tends to allow powerful people and companies to pull the strings in the background.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Decentralised finance is one of three tech trends disrupting financeand it has the potential to rewire how the industry works. In our cover this week, we go down the DeFi rabbit hole <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/j7G04qDCJ3\">https:\/\/t.co\/j7G04qDCJ3<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UO2mp6ejVG\">pic.twitter.com\/UO2mp6ejVG<\/a><\/p>\n<p>\u2014 The Economist (@TheEconomist) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheEconomist\/status\/1438524270175477760?ref_src=twsrc%5Etfw\">September 16, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Projecting_billions_of_users\"><\/span><span style=\"font-weight: 400\">Projecting billions of users<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">In a recent interview with Cointelegraph, Dan Held <\/span><span style=\"font-weight: 400\">imagined Bitcoin ten years hence<\/span><span style=\"font-weight: 400\"> following a period of hyperbitcoinization, starting with retail users then institutional investors, and finally, governments getting involved, at which point Bitcoin has been adopted by billions of users and is the worlds reserve currency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Is it too much to envision that some government(s) might, at this point, want to have a say in how the network  this global public good  is run?<\/span><\/p>\n<p><span style=\"font-weight: 400\">For now, Bitcoin and Ethereum probably remain a public bad insofar as their environmental cost is gargantuan compared to their day-to-day usefulness, Lehdonvirta says, adding:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">But, if someone got proof-of-stake to work and the network got widely adopted in an infrastructural role, then its not inconceivable that governments could get interested in how and to whose benefit it was being governed, in the same way as governments are interested in the governance of other essential infrastructures such as water and energy.<\/span><\/p>\n<\/blockquote>\n<h4><span class=\"ez-toc-section\" id=\"Are_devs_getting_a_bad_rap\"><\/span><span style=\"font-weight: 400\">Are devs getting a bad rap?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">Maybe this is all just so much alarmism. The networks are working fine, and will continue to operate well when scaled up, and software developers are just convenient scapegoats for critics who never liked crypto much to begin with.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is a misnomer that developers run or control any relatively decentralized network, Joe Carlasare, partner and co-chair of the cryptocurrency, blockchain and fintech practice group at SmithAmundsen LLC, tells Magazine. It is true that many chains have a centralized structure where individual actors and entities have outsized influence. Carlasare further adds:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">In highly decentralized chains such as Bitcoin, the distributed network of thousands of nodes determines whether to accept any suggested revisions to the core protocol.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">Moreover, the network is designed so that as Bitcoin gains in adoption, those node operators become more  not less  responsible, Carlasare suggests. As adoption increases to billions of users, individuals will be incentivized to run a node and protect the assets they hold on-chain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Anatoly Yakovenko, founder and CEO of Solana, one of the fastest growing layer-one blockchain networks, agrees. At the recent SALT Conference, when asked about his networks volunteer coders, he told Cointelegraph: Hardware changes. You need to rewrite some of the code. But, the expectation is you build the best implementation. The work is often obvious. Its not like its governed by some decision makers who say that Bitcoin is going to do this or Bitcoin is going to do that.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For Yakovenko, Its more like: Theres a technological change that needs to happen. People will discuss and argue about the engineering merits of one solution or another, but at the end of the day they pick one that will win because of the engineering reasons behind it.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_government_intervention\"><\/span><span style=\"font-weight: 400\">More government intervention?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">Many in the crypto\/blockchain community are confident that no government or governments will ever succeed in co-opting Bitcoin or other truly decentralized crypto networks. Others arent so sure.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Professor Ehud Shapiro of the Weizmann Institute, <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.haaretz.com\/israel-news\/tech-news\/.premium-this-israeli-professor-wants-to-make-crypto-more-democratic-1.9958989\"><span style=\"font-weight: 400\">notes<\/span><\/a><span style=\"font-weight: 400\">: If we had a reasonable global government, it would outlaw proof-of-work currencies, presumably because of their profligate energy consumption. This is an aspect of cryptocurrencies that must be stopped, and every minute that it continues simply constitutes global irresponsibility.<\/span><\/p>\n<p><span style=\"font-weight: 400\">My expectation on future government oversight is we\u2019ll see more of what we have already seen: no direct regulation over open-source software protocols, but regulation around the use of cryptocurrency and the various entities that provide services to the cryptocurrency ecosystem, says Hileman.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">(function() {window.mc4wp = window.mc4wp || {listeners: [],forms: {on: function(evt, cb) {window.mc4wp.listeners.push({event   : evt,callback: cb});}}}})();<!-- Mailchimp for WordPress v4.8.6 - https:\/\/wordpress.org\/plugins\/mailchimp-for-wp\/ --><\/p>\n<div class=\"mc4wp-form-fields\">\n<div class=\"jeg_mc4wp_heading\">\n<h3><span class=\"ez-toc-section\" id=\"The_best_of_blockchain_every_Tuesday\"><\/span>The best of blockchain, every Tuesday<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Subscribe for thoughtful explorations and leisurely reads from Magazine.<\/p>\n<\/div>\n<p>By subscribing you agree to our Terms of Service and Privacy Policy<\/div>\n<p><label>Leave this field empty if you&#8217;re human: <\/label><\/p>\n<div class=\"mc4wp-response\"><\/div>\n<p><!-- \/ Mailchimp for WordPress Plugin --><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">The governance of the Bitcoin blockchain is more decentralized than other blockchains, such as Ethereum, Michele Benedetto Neitz, professor of law at Golden Gate University School of Law, tells Magazine, but she believes that some aspects of Bitcoin are moving toward centralization.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoins mining architecture has become centralized in mining pools focused in particular areas, which raises both privacy and security concerns. Countries hosting this increasingly centralized infrastructure such as China until recently certainly have the power to affect Bitcoin mining. Also, most Bitcoin transactions happen on centralized exchanges.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Will the networks\u2019 self-righting mechanisms be sufficient for the longer term? Its not inevitable at all that the governance arrangements will just somehow improve by themselves, says Lehdonvirta, adding: People will have to put lots of effort into making that happen. If they dont, and cryptocurrencies become increasingly influential, then some kind of government intervention seems more likely.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"How_are_coders_funded\"><\/span><span style=\"font-weight: 400\">How are coders funded?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400\">As cryptos market value continues to grow  its global market capitalization reached $2.5 trillion in mid-October  people in the academic community have been raising more questions about the governance of these decentralized projects.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The current point of most concern is in the funding of code development for various projects, Gina Pieters, assistant instructional professor in the department of economics at the University of Chicago, tells Magazine. Creating or maintaining code for these projects is obviously paramount, and yet, there is limited discussion at the regulatory level on how coders are funded for their efforts, and even less in considering how those funding decisions can distort the code of a project as it evolves.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If a group of coders can secure the funding that allows them to work on a project full time  not just coding but also the social advertising required for code adoption  then that can clearly give that group an advantage over coders who are juggling full time jobs, explains Pieters.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Accountable leadership is clearly something you need if your project is not decentralized, adds Pieters, but even if it\u2019s mostly decentralized, the parts that are in the grey area need accountable leadership.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Pieters participates in the Wharton Schools Cryptogovernance Workshop, which is working to develop a common governance framework for blockchain networks, applications and consortia. The group recently devised a questionnaire for decentralized projects that asks questions like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Who has the power to introduce governance proposals, and how does that process operate?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Who has policy-setting, or legislative, power to decide on proposals?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Who has implementation, or executive, power to execute proposals once decided upon?<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Who has interpretive, or judicial, power to resolve disputes over-application of a policy to a specific instance?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">There may be no right answer to these questions  at least for every use case. The best governance solution may depend upon a projects goals. There is a good debate around how much blockchain decentralization is needed or desired, Hileman tells Magazine, adding that the use case in question will play a big role in determining that: Certain use cases, such as Bitcoin\u2019s role as global store of value, arguably warrant greater decentralization than something like a blockchain seeking to offer a relatively less centralized platform for social media DApps.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In any event, continues Hileman, smart government oversight will happen around the use and services surrounding blockchain networks, and not around how they evolve technologically.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Where to begin?<\/span><\/p>\n<p><span style=\"font-weight: 400\">If governance does indeed need to be more explicit with regard to these networks and projects, where does one start? The first challenge in improving the governance of any community project is that stakeholders would need to define explicitly what constitutes a good governance to them, Lehdonvirta says. Who should ultimately have power?<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\"><\/p>\n<div class=\"jeg_postblock_carousel jeg_postblock_carousel_3 jeg_postblock jeg_col_8 jnews_module__1_6172b4a71b469    \">\n<div class=\"jeg_carousel_post\" data-nav='' data-autoplay='true' data-delay='4500' data-items=\"3\" data-margin='20'>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Shanghai_Man_Blockchain_Week_with_Vitalik_still_happening_%E2%80%98Bitcoin_searches_on_WeChat_hit_26M_in_a_day-2\"><\/span>Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 21, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Lushsux\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Lushsux_A_decade_of_ass-whoopin_and_skullduggery_in_a_single_NFT-2\"><\/span>Lushsux: A decade of ass-whoopin and skullduggery in a single NFT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 18, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Crypto scoring big with European football\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Crypto_scoring_big_with_European_football-2\"><\/span>Crypto scoring big with European football<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 13, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Fan tokens\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Fan_tokens_Day_trading_your_favorite_sports_team-2\"><\/span>Fan tokens: Day trading your favorite sports team<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 7, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Icelandic Bank Collapse\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"What_its_like_when_the_banks_collapse_Iceland_2008_firsthand-2\"><\/span>What its like when the banks collapse: Iceland 2008 firsthand<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 5, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">And its better that this key question is dealt with right at the beginning, Lehdonvirta adds, because setting up desired governance arrangements is much easier while a network is still relatively small and the stakes are low. Any changes to governance arrangements once the stakes are big are going to be contentious and difficult.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Carlasare believes any changes to these decentralized networks like Bitcoin must be considered very carefully  and in accordance with principles of fairness, and only if the majority agrees to it: This should be increasingly difficult to do because changing the rules in the middle of the game is contrary to fundamental notions of fairness. However, agents of influence will always have the soft power of persuasion to effect change when it is in the best interest of the majority of actors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Will BTC ever abandon its issuance limit?<\/span><\/p>\n<p><span style=\"font-weight: 400\">As for really fundamental changes like raising BTCs issuance limit, Carlasare is more skeptical. If the supply issuance limit was raised, I think it would be catastrophic for the price of Bitcoin, says Carlasare. It could also have negative economic effects depending on how intertwined Bitcoin has become in the global economy.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBitcoins hard cap of 21 million provides scarcity, which is a critical part of the currency structure, adds Neitz. Without scarcity, Bitcoins store of value proposition becomes less valuable.<\/span><\/p>\n<p><span style=\"font-weight: 400\">I dont know what the particular scenario might be, but its certainly not impossible, comments Lehdonvirta.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, if and when Bitcoin were to be recognized as a global public good, Neitz, among others, is doubtful that some sort of super-government oversight would follow  a global version of the U.S. Federal Reserve Board, say.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">(function() {window.mc4wp = window.mc4wp || {listeners: [],forms: {on: function(evt, cb) {window.mc4wp.listeners.push({event   : evt,callback: cb});}}}})();<!-- Mailchimp for WordPress v4.8.6 - https:\/\/wordpress.org\/plugins\/mailchimp-for-wp\/ --><\/p>\n<div class=\"mc4wp-form-fields\">\n<div class=\"jeg_mc4wp_heading\">\n<h3><span class=\"ez-toc-section\" id=\"The_best_of_blockchain_every_Tuesday-2\"><\/span>The best of blockchain, every Tuesday<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Subscribe for thoughtful explorations and leisurely reads from Magazine.<\/p>\n<\/div>\n<p>By subscribing you agree to our Terms of Service and Privacy Policy<\/div>\n<p><label>Leave this field empty if you&#8217;re human: <\/label><\/p>\n<div class=\"mc4wp-response\"><\/div>\n<p><!-- \/ Mailchimp for WordPress Plugin --><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Part of Bitcoins allure is that it is a global currency. Although there are promising international consortiums exploring governance for blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly such as BGIN (the Blockchain Governance Initiative Network) an international coalition for Bitcoin governance would not work for several reasons.<\/span><\/p>\n<p><span style=\"font-weight: 400\">First, many Bitcoiners joined this industry\/movement because they do not trust domestic or international institutions. In addition, many jurisdictions are racing to be the next Estonia (or Wyoming) by implementing crypto-friendly regulations. El Salvador took it one step further by <\/span><span style=\"font-weight: 400\">declaring Bitcoin a legal tender<\/span><span style=\"font-weight: 400\"> under the Bitcoin Law. These jurisdictions could endanger their crypto-friendly reputations by volunteering to be part of a group forced to make tough decisions governing Bitcoin.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2 new Chivo Facts:<\/p>\n<p>1. People are inserting way more USD (to buy <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a>) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).<\/p>\n<p>2. Today, we received 24,076 remittances, adding up to $3,069,761.05 (in one day).<\/p>\n<p>\u2014 Nayib Bukele  (@nayibbukele) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1449226485609504768?ref_src=twsrc%5Etfw\">October 16, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\">Yakovenko sees nothing wrong with the governance in place today with regard to many decentralized blockchain networks. Look at the history of the internet, he says. The World Wide Web was devised in 1989 by a British scientist working at CERN, the European research organization, but from the start, it was determined that the web should remain an open standard for all to use and should never be absorbed into a proprietary system. There were competing versions of the WWW at the time too. Yakovenko added:<\/span><\/p>\n<blockquote class=\"pullquote align-center\"><p><span style=\"font-weight: 400\">The one that came out of CERN is the one that exists because they said, Well, we think this is the best engineering solution to this problem, and then people worked around that. And it was all volunteer built. The people who proposed changes said, This is the best way to solve this technical problem.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">And thats still how its done.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Still, success creates its own imperatives. If Bitcoin or any other blockchain network were to become a critical part of global infrastructure, i.e., a public good, whether as a store of value, a payments platform, or something else, then the manner in which that network is governed will inevitably attract more attention. Some sort of international governmental-type oversight might be anticipated.<\/span><\/p>\n<p><span style=\"font-weight: 400\">And this shall not be nefarious. When governments reach an agreement on broad principles regarding how Antarctica is to be managed (e.g., Antarctic Treaty System), or international rules for space exploration, say, it doesnt mean all innovation and progress ends. It just signals that it will be done in a more orderly, transparent and fairer way that minimizes conflict.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As Lehdonvirta tells Magazine: Once you define what you actually want from your governance system  e.g., popular participation, leaders accountable to a defined citizenry, etc.  then its possible to design something that tries to approach that ideal. Thats what much of political <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a> is about  theres no need to reinvent the wheel.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400\"><\/p>\n<div class=\"jeg_postblock_carousel jeg_postblock_carousel_3 jeg_postblock jeg_col_8 jnews_module__2_6172b4a71ee28    \">\n<div class=\"jeg_carousel_post\" data-nav='' data-autoplay='true' data-delay='4500' data-items=\"3\" data-margin='20'>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/HI-Our-man-in-shanghai-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Shanghai_Man_Blockchain_Week_with_Vitalik_still_happening_%E2%80%98Bitcoin_searches_on_WeChat_hit_26M_in_a_day-3\"><\/span>Shanghai Man: Blockchain Week with Vitalik still happening, \u2018Bitcoin searches on WeChat hit 26M in a day<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 21, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Lushsux\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Lushsux-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Lushsux_A_decade_of_ass-whoopin_and_skullduggery_in_a_single_NFT-3\"><\/span>Lushsux: A decade of ass-whoopin and skullduggery in a single NFT<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 18, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Crypto scoring big with European football\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Crypto-taking-over-the-soccer-industry-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Crypto_scoring_big_with_European_football-3\"><\/span>Crypto scoring big with European football<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 13, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Fan tokens\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-sports-fan-tokens-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"Fan_tokens_Day_trading_your_favorite_sports_team-3\"><\/span>Fan tokens: Day trading your favorite sports team<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 7, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div>\n<div class=\"jeg_post_wrapper\">\n<article class=\"jeg_post format-standard\">\n<div class=\"jeg_thumb\">\n<div class=\"thumbnail-container animate-lazy  size-1000 \"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/themes\/jnews\/assets\/img\/jeg-empty.png\" class=\"attachment-jnews-75x75 size-jnews-75x75 lazyload wp-post-image\" alt=\"Icelandic Bank Collapse\" loading=\"lazy\" data-src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg\" data-srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-75x75.jpg 75w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-Iceland-firsthand-350x350.jpg 350w\" data-sizes=\"auto\" data-expand=\"700\" \/><\/div>\n<\/p><\/div>\n<div class=\"overlay_content\">\n<div class=\"jeg_postblock_content\">\n<h3 class=\"jeg_post_title\"><span class=\"ez-toc-section\" id=\"What_its_like_when_the_banks_collapse_Iceland_2008_firsthand-3\"><\/span>What its like when the banks collapse: Iceland 2008 firsthand<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"jeg_post_meta\">\n<div class=\"jeg_meta_date\"><i class=\"fa fa-clock-o\"><\/i> October 5, 2021<\/div>\n<\/div><\/div>\n<\/p><\/div>\n<\/article>\n<\/div><\/div>\n<\/p><\/div>\n<p><\/span><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/magazine\/2021\/10\/22\/crypto-public-good-22nd-century\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Crypto as a \u201cpublic good\u201d in the 22nd century&#8221; &lt;p&gt;&lt;strong&gt;It\u2019s been said that Blockchain technology is not as decentralized as we think and that critical decisions are made, not democratically, but by a small group of agents of influence often including founders, software developers, miners and other parties with a monetary interest in the matter.&lt;\/strong&gt;&#8230;<\/p>\n","protected":false},"author":1,"featured_media":356486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2021\/10\/magazine-The-crypto-economy-of-the-future.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-356485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=356485"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/356485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/356486"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=356485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=356485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=356485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}