Monday, May 5, 2014

Splicious: the role of cryptocurrency in our transition to a new economics

Yesterday, Frank Sheldon, author of Far from the Sea We Know, sent the Splicious team an article about Dogecoin as an alternative to Bitcoin. Mike Stay, one of the developer's on splicious, also brought up the possibility of using Dogecoin for many of the reasons indicated in the article Frank sent.
Our real position at splicious is that cryptocurrency, as a general category of technology, is going to be a big part of the transition to the new economics. As such splicious will support not just BitCoin (BTC), but also others and especially those that attend to privacy and security, like ZeroCoin, as well as ease of use, like Dogecoin.

We ended up choosing BTC as the first cryptocurrency we support largely because of its visibility. Specifically, we felt that if Zuckerberg makes a very public announcement about BitCoin, and Reddit directly supports BitCoin, etc, then this was the best first proxy for the phenomenon. Perhaps this was a lapse in moral judgment on our part.

The challenge we face is that there is so much to explain in our offering -- from that value of the network being distributed; to the value of distributed identity; to the value of the underlying mathematics; to the value of reciprocal maintenance; and how existing capital instruments are now failing to meet this, their designated purpose; and the role of cryptocurrency in being able to realize at least some aspects of this in a functioning Internet-based technology -- that we have to cut something somewhere. Explaining what Dogecoin is and how it compares to BTC and how cryptocurrency, in general, is part of a much larger transition we are undergoing, as a culture, felt like a step too far.

Instead, we were hoping to use a little metonymy, both in our message and in our initial coding efforts. On the other hand, much of what is happening with Dogecoin feels directionally correct. We're very grateful to Frank for reminding us of that! If you like what you're reading, head on over to our crowd funding site and contribute today!

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