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Gigi’s piece explores the polarity present between competing crypto networks and their respective communities and why an increasing number of people have gravitated towards . According to the essay, ’s core set of ideas — fixed supply, no central point of failure, public validation, etc. — are unchangeable (“set in stone”), and fixed systems tend to shape the set of beliefs held by potential participants. In other words, people must align their ideologies with those of since ’s cannot be altered, strengthening the bond between user, network, and community. Those that hold opposing ideologies and want to play by different rules (i.e. change ’s core ideas) are forced to create competing networks. And as long as people hold different sets of ideas, people will flock to new projects. Gigi notes none of these projects have been as effective as .
The basis of ’s (or any crypto network’s) attraction is its value proposition, which reinforces the core ideas set forth by the network. This idea-value feedback loop creates a direct link between one’s beliefs (ideas) and financial holdings (value). And giving up ideas that are tied to one’s net worth is difficult — magnifying the gravitational pull of crypto networks and feeding the toxicity witnessed in and other “gravity wells.” Networks, however, thrive because of network effects, typically resulting in a winner take (close to) all situation. Therefore, the largest networks, or those with the greatest gravitational pull, will assimilate the best ideas — as already exhibited by adopting fast payments via the Lightning Network and Schnorr signatures or CoinJoin wallets for private transactions. As Gigi puts it: “If can eat it, it will eat it.”
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Published at Mon, 13 May 2019 15:43:21 +0000
