A US$80 million bitcoin transaction is impressive. To really get a sense of the momentum behind the impending blockchained Internet, however, a figure like this pales beside the cultural groundswell. Bitcoin consolidates its inevitability from the sheer social heterogeneity it coordinates.
Watch this video alongside this venture capital announcement. It would be over-dramatic to suggest these people want to kill each other, but there’s every reason to suspect they would not be excessively traumatized by bad things happening to each other. There’s no commonality of social perspective, no grounds for reciprocal sympathy, and a massive accumulation of historical distrust. Yet Famous Amos and the Winklevoss twins are cooperating, spontaneously, in the same world-historic undertaking. If there’s any plane short of the blockchain that could imaginably facilitate comparable coordination between otherwise-noncommunicating constituencies, I’ve no idea what it could be. (‘The market’? — merely blockchain commerce in embryo.)
The guiding principle of the next Kondratiev upswing is the trustless commonwealth. It doesn’t expect us to like each other. That’s why it’s going to win.