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How Cryptocurrency Will Transform Migration

letter.palladiummag.com · 4,171 words · saved by 1 readers

Contrary to the noisome marketing of non-technical types, who use the word virtual to refer to something akin to the astral plane, cryptocurrency has not manifested a dephysicalization of capital. Though backups can certainly be made, private keys are still held on individual hard drives, as the Mt. Gox heist painfully reminds so many. Instead of somehow violating physical law, cryptocurrency has enabled the desocialization of capital through the diffusion of responsibility to a large enough population that fiduciary ties no longer need to be personal. It’s impossible to have anything approximating a human relationship with the anonymous swarm of miners that maintain the network. This lack of a relationship is symmetric; the miners have a similarly diffuse relationship to the non-mining users. There is no historical precedent for this development. Monetary security in all previous eras involved necessary counter-party risk in the form of trustworthy banks, legal jurisdictions, security

How Cryptocurrency Will Transform Migration Cryptoassets allow people to bypass capital controls and exit expropriation. This may lead to more global migration among the upper and upper-middle classes, and conflict with rooted communities. Jul 25, 2024 22 2 Share Roman Kraft/Treasure box This article by J. Bryce Hidysmith was originally published on Palladium Magazine on May 17, 2019. Contrary to the noisome marketing of non-technical types, who use the word virtual to refer to something akin to the astral plane, cryptocurrency has not manifested a dephysicalization of capital. Though backups

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