Missing the Point of Crypto

From the Desk of Don Yocham:

A few years ago, I stepped back from investment advisory work and took some time to get to know crypto.

Bitcoin had been around for over 8 years at the time. I'd been watching and thinking about the implications of this technology since I first heard about it in late 2009 when I was immediately struck by its potential to transform society.

Plus, the whole "smart contract" thing fascinated me.

I was like a 45-year-old intern. There was a lot to learn. Crypto was finally gaining traction and I knew I'd better get up to speed.

So, I hoofed it a couple of hours in each direction to MeetUps in D.C. and Philly – and started my own in Baltimore. I wanted to get to know as many players in the space as I could. I couldn't wait to meet a bunch of like-minded, liberty-first folks like myself.

Well, that didn't happen.

All I ran into were lawyers and consultants hoping to peddle blockchain technology to governments, corporations, and industry groups. And the only way they could peddle their blockchain wares was to strip out the "permissionless" part.

Which entirely misses the point…