It’s rather ironic that a lot of modern day economist criticise the blockchain paradigm as a financial system. “It will never work’, “People are greedy”, “Money makes the world go round”, they say.
When asked, most blockchain “believers” say that blockchain will help to spread the world resources in a fairer way (that of course, if we look at blockchain as a financial instrument, and of course, “we” know its much more than just that).
We are hearing “traditional” economist laughing and saying that it (a fairer way) has never worked before and never will.
Well, the thing is, that it has!
It has worked not once, but many times. Let us look at one example: does the Iroquois economy tell you about anything? If not, you should check it out - https://en.wikipedia.org/wiki/Economy_of_the_Iroquois.
Amazing how people forget history faster than they make it. Maybe it’s forgotten on purpose?
The Iroquois economy was built on gifting. There was no ownership as such. Of anything. At all… As in people did not own anything, so they didnt feel the need to steal anything. But felt the need to produce (oh, that already doesn’t fit the picture that modern day economist are trying to paint, when they argue that blockchain doesn’t work as a financial paradigm). With that, there were clear rules and guides on how wealth and land is spread across the network (is that a analogue of a distributed ledger? I hope not…). And finally, barter with other tribes (Let’s hope that doesn’t remind us about atomic swaps). Oh, and by the way, there were “just a bit more” than 150 of them (there were around 20-25 thousand) and that kind of breaks Dunbar’s number logic (https://en.wikipedia.org/wiki/Dunbar%27s_number)… but who is counting, ah?
Guess what killed it? Yep. The European centralised economy system. Corrupting the tribes with unfair trades, alcohol and other things.
So, does money spin the world around? Well, it does in a way. But there is certainly room for improvement. There is certainly room for a paradigm shift. And yes, it will work… It is already working.