Without a doubt, cryptocurrencies are the 21st century’s most mysterious invention, with a very few people able to fully explain their working or be considered as actual “experts” in the field. However, a mysterious story is not enough to ensure the digital asset class’ longevity, feels economics Nobel Award winner Robert Shiller.
‘Devotees’ Emotionally Invested in Digital Assets
On May 21, 2018, Shiller’s titled “The Old Allure of New Money” compared to a number of monetary fads and experiments that took place in the past, with the economist terming a “failed currency experiment.”
Since coming into existence in 2009, bitcoin has drawn several critics from different quarters, and has spearheaded the rise of a whole new asset class that is carefully studied and scrutinized by the world’s governments’. At the time of writing, there are upwards of , each of which represents the public’s’ monetary or emotional investments.
However, Shiller questioned the movement, which has yet remained undeterred regardless of official , widespread , and investor losses.
Robert Shiller at a Conference. : CNBC
The economist noted that money is the value we ascertain to it, with the dollar nothing more than a “piece of paper” that goes around the world. However, he observed that over different periods in history, various attempts to recreate money have been attempted, coupled with a compelling narrative, only to fail drastically.
In his post, Shiller quoted Viviana Zelizer book “The Social Meaning of Money:”
“Despite the common sense idea that ‘a dollar is a dollar is a dollar,’ everywhere we look people are constantly creating different kinds of money. Many of these innovations generate real excitement, at least for a while.”
Shiller Refers To Failed Concepts From the 80’s and 90’s
Shiller explained a few of currency novelties from the 1800’s to undermine cryptocurrencies. He first referred to the “,” opened by Josiah Warner in 1827, that relied on “” and sold merchandise in units of hours of work, which resembled paper money. For the next three years, the labour notes were seen as a “testament to the importance of working people,” until the shop shut down in 1830.
Shiller then cited Robert Owen’s National Equitable Labor Exchange in 1832, which also relied on “” as a form of currency. However, the enterprise met with failure too, and it was proved that the proof-of-labor concept could not equal physical stores-of-value, such as gold or silver.
Finally, Shiller cites economist John Pease Norton’s effort in 1932, who proposed an electricity-backed dollar, instead of gold. However, the innovative concept failed to answer a single question: A good reason for choosing electricity over other commodities?
Facing the Nobel Heat
To conclude, Shiller points out that each of the pasts’ experiments, and now bitcoin, stem from a singular narrative of having a technologically advanced, “revolutionizing” transfer-of-value. However, the micro-revolutions remain short-lived:
“The cryptocurrencies are a statement of faith in a new community of entrepreneurial cosmopolitans who hold themselves above national governments, which are viewed as the drivers of a long train of inequality and war.”
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Blockchain conference, , is set to use the first blockchain-based application for polling at their Berlin conference in May. Taking place on May 28-29, the will identify the distinguished women leaders and game-changing companies who are building the tools and services that will continue to propel blockchain forward.
The will be conducted using , a secure, transparent, easy-to-deploy system that allows for the creation of blockchain-based polls and surveys.
The list of influential women, representing companies like Golem, BitPesa, Bancor, SatoshiLabs, Aragon, SAP and HSBC, can be found below:
Elizabeth Rossiello – CEO at BitPesa
Ming Chan – Executive Director at Ethereum Foundation
Marion Vogel – Director at Aeternity
Shermin Voshmgir – Director of Research Institute for Crypto Economics & Founder of BlockchainHub
Aleksandra Skrzypczak – Co-founder at Golem
Galia Benartzi – Co-founder at Bancor
Gina Contrino – Front-end developer at Lisk
Rhian Lewis – Founder at London Women in bitcoin
Alena Vranova – former CEO and Co-founder of SatoshiLabs
Maria Gomez – Strategy & Ops lead at Aragon
Diana Biggs – Head of Business Model Innovation at HSBC
Dr. Quy Vo-Reinhard – Co-founder at HIT Foundation
Eileen Fitzgerald – Executive VP at Cardano
Jessi Baker – Founder at Provenance
Manon Burgel – Chief Operating Officer at B2Expand
Attendees will also get to vote on and rank Europe’s most game-changing blockchain companies, including Ethereum, IOTA, Cosmos, Lisk, Bitfury, ICON, Raiden Network, Populous, Polkadot, Golem, Status, Aeternity, Bancor, Cardano, SingularityNET, Sirin Labs, Gnosis, Maecenas, WePower, Origintrail and Iconomi.
Voting is available to everybody and winners will be announced during the conference. If you would like to vote, you can do so .
About BlockShow
The BlockShow Europe Conference is dedicated to discovering the hottest innovations and trends happening in both European and Global blockchain scenes. It will gather more than 3,000 attendees and over 150 projects, as well as over 80 internationally recognized speakers and experts from banks, institutions and numerous global industries. BlockShow Europe will give exposure to the most innovative releases from promising blockchain companies, as well as rich and versatile insights on how they disrupt major global industries such as IoT, AI, Cybersecurity, and many others. The representatives of Central Banks and European governments will share their vision and current experience of harnessing the Blockchain technology during the event, as well. The event will take place in Berlin on May 28-29.
This is a paid press release. BTCManager does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. BTCManager is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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