Miami's multiple money vision

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Excellent collection of essays compiled for CoinDesk The future of currency weeks Podcaster Laura Shin has a perfect summary of where the money is going: “It will become even stranger.”

In a series of events during Art Basel in Miami, I spent a few days in the lunatic asylum on the non-fungible token (NFT) scene. This prediction seems to be correct.

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I’m very happy that Laura used the comparative “stranger” because the truth is that money is always weird.

No matter what the gold bug will tell you, all money—whether it is based on a shiny stone, a piece of paper, or bits and bytes—is an imaginary phenomenon. However, to be effective, money requires our mutual belief that it is more durable and more real than what we can imagine out of thin air. Faith is everything.

What makes the present moment and the future even stranger is that this collective belief process is being fragmented. Money is no longer just a common expression. There are now countless competing imaginations of new concepts of money and assets, value and property.

Check out some of the headlines in our future currency series: Production by Daniel Kuhn”Encrypted transhumanism case, “David Morris thinks”Memes are the future of money” Ask this question to Edward Osterban,”What is the money in Metaverse?“In general, what they tell us is that when it comes to money and value, people’s minds have freed themselves from the traditional, nation-state-led legal framework that we have worked for for centuries.

Of course, all of this is possible, because the blockchain solves one of the core problems that any currency system needs to overcome before gaining the trust of the community it serves: the problem of double counting. You don’t need a trusted government to enforce the system and prevent forgery; the agreement does it for us.

However, just because people are imagining and deploying multiple new forms of currencies does not mean that they will all succeed as long-lasting, sustainable models. You can imagine something new and put it there, but to be successful, a large enough community needs to join and use it.

In Miami this week, the excitement and enthusiasm surrounding the new ideas of NFT is obvious. But as artists, developers, entrepreneurs, and various gold prospectors continue to sell me new ideas about meta universe, games, ticketing solutions, and music sharing, as you can think of, it’s hard not to compete with the Internet bubble or cryptocurrency. The version of this compares to this phenomenon, the 2017 ICO bubble.

Use the classic meme of this NFT moment to explain: “We won’t all succeed.” (wNagmi?)

Nevertheless, it is correct to say that change is inevitable. The Cambrian explosion of innovation is underway. A powerful force of rapid evolution has been released. Even if the government and other institutions want to maintain the dominance of the old system, they cannot. This is unstoppable.

Be prepared to accept strange things.