I would mirror Scott’s concerns. Blockchain IMO is at best another palliative and at worst an even more subtly concealed monopoly no matter how enthusiastic the Austrian-Libertarian types proclaim its value. They have a rigid (and false) belief in general equilibrium and their answer, deflation, is one sided and fragmented. No one seems to understand that an integration of Austrian and Keynesian thinking that is more direct in dealing with the financial monopoly and its false claim of ownership of credit, concerned more with the freedom of the individual and the free flowingness of the system than power or control and a more workable and applicable whole is the answer. Thus we have the false choices of a worn out liberal orthodoxy and a xenophobic, fascistic conservative economics with a few populist issues tossed in to make it look like change. Meanwhile the underlying monetary problem is completely ignored. Dualistic contention is shallow analysis that generates lots of heat but no light. Integrate into policy all of the relevant factors including the insights of thermo-dynamics and Grace-Human Consciousness and the ethical sensitivity it natively contains and you’ll have a trinity-unity, a Wisdomics/Gracenomics/Social Credit that has enough mental room in it to also include the legitimate insights and concerns of Georgism, capitalism, socialism etc. etc. But alas, that would require us to actually consider and attempt to enjoy solutions more than palliatives or obsessive contention. And in a world more dead assedly distracted by World of Warcraft and Pokemon Go you can’t even get youth, the normal audience for change, motivated enough to get a mass movement going. Without a vision, the people perish.
On a lighter note…self actualizing faith, hope, love and grace can awaken, outrage and elicit focused action. That beats apathy, a trillion deaths from modern warfare and then exhaustion still without a solution….don’t you think?
Me: I’m warming to the idea of Blockchain simply because of the economicness, i.e. frugality of its possibilities. Integration and cultivation of virtues and practicality after all is my motto. Although there are still ethical and security issues. There should be back up and redundancy safe guards implemented along with it in the same way that there should be these with voting machines. The Mr. Robot problem of hacking is also still a concern.
Finally, no matter how much one saves in financial costs the flow of other ADDITIONAL costs, as well as the flows of the diminutions of money from one financial cycle into another, waste and the erosion of aggregate effective demand because of the disruptive force of AI still militate the need for a relatively abundant dividend and an equally abundant percentage discount to retail prices. Even if you have an account with the central bank….but there’s nothing in it, you can starve while you’re looking for a non-existent/non-forthcoming job that may or may not make you creditable enough….to be given the non-choice of borrowing in order to survive.