Naval is at it again. His vision of bitcoin is comprehensive and compelling. In his mind he sees bitcoin and its myriad of descendants powering large sectors of our financial infrastructure. He sees a true revolutionary technology in the making, our multipass towards financial freedom and innovation. A true fifth protocol. But is he right?
I believe his vision points us towards right direction, but is not entirely correct. One major problem I see with cryptocurrencies is the creation of money by mining. This is straightforward in its’ way and for some purposes serves perfectly fine. But this does not map so well to the money creation people (or machines) might truly prefer. I see this mostly as an ethics and fairness problem. If compelling alternative with different money creation mechanism appears I believe many will choose that option instead (or alongside) cryptocurrencies
Platforms like classic Ripple tried to approach this problem from different perspective. They failed for good reasons and everyone moved their focus to blockchain. I still believe there is a third option. And on this belief I founded my startup Centibel 🙂