Current crypto market prices are far from indicative of what will actually happen, a point that one of the most prominent thinkers in the technology and blockchain community is increasingly making.
According to Balaji Srinivasan, the market is too focused on short-term price movements and volatility, while this distracts from the deeper, structural changes happening in the background.
According to Srinivasan, exchange rate fluctuations mask the long-term adjustment processes that give decentralized systems their true power. These networks can function without centralized enforcement or political consensus – and this feature may play a much bigger role in the future than many people think today.
“With the collapse of international law, we will need not only on-chain currencies, but also on-chain companies. As the post-war order collapses, we will need a post-internet order as well. States will fail and the network will take their place.”
Now that international law and the post-war world order are functioning less and less well, not only digital payment methods, but fully online companies may be needed, the suggestion goes. In this approach, the economic and organizational models of the future are no longer primarily linked to states, but are built on global networks. The line of thought therefore presents crypto as a possible new basis for economic operation and cooperation, especially in an era when traditional state structures are increasingly under pressure.
“We need internet capitalism, internet democracy and internet privacy. So we need cryptocurrency.”
reads Balaji in his entrance.
The comments reflect a long-standing view within some parts of the crypto ecosystem that decentralized networks are not just financial instruments, but a fundamental layer of new economic and social models.
Proponents of crypto mainly see resistance to censorship, global access and trust ‘written in code’ as the biggest advantages of the technology. Critics, on the other hand, continue to emphasize that the issues of regulation, accountability and integration of cryptocurrencies into daily economic activities have not yet been resolved.
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