Lately I've been investing some time to understand Blockchain — what it is and what it isn't; how it works and what does it mean for the future; should I get involved with it or stay a million miles away. As part of my process I wanted to blog about it for a number of reasons:
And for my efforts my friend Phil Friedman posted a blog entitled, "Some important truths about cryptocurrencies". To my surprise (and great appreciation) Phil dedicated his post to me.
"This piece was inspired by Graham Edwards, who may or may not agree with what I've said here, but who is always, as I see it, an authentic contrarian and more than willing to explore concepts and ideas openly and honestly. Thank you, Graham, for being a good sport."
I suppose this blog is a bait and switch because I don't really want to discuss Blockchain technology but re-enforce something much more important — the value of the Contrarian. Phil's dedication wasn't just a great compliment but an important reminder about what is needed to drive better understanding (as well as better decision-making).
con·trar·i·an [kənˈtre(ə)rēən] NOUN — a person who opposes or rejects popular opinion ADJECTIVE — opposing or rejecting popular opinion; going against current practice or thinking:
There is a Truism that says if you want to make a good decision you really have to understand the situation. And to really understand a situation you have to look at it from as many perspectives as possible — and ask questions you probably haven't even thought of. As Phil says, "...explore concepts and ideas openly and honestly."
I view the contrarian as a facilitator —
Contrarians are crucial for developing better understanding and better answers — and yes, maybe we can be a pain in the ass sometimes (but it's for your own good).
I suppose since Phil was nice enough to dedicate his blog to me I should use it to help with my continued understanding of Blockchain and it's partner in crime, cryptocurrency. In his blog, Phil had identified five cryptocurrency truths —
Truth #1: Crypto-currencies do not have any intrinsic value. Whatever value they have to an owner depends entirely on someone else wanting to buy them. Therefore, investing in such currencies amounts to nothing other than gambling on rising demand, whether that demand is rational or irrational.
Truth #2: No single crypto-currency held by an investor will ever appreciate in "value" as long as the issuer of that currency continues to sell the currency at the same price or lower than that paid by the investor in question.
Truth #3: You cannot rely on the advice about investing in crypto-currencies from anyone who has already invested in them.
Truth #4: Decentralized blockchain-based data-keeping was originally associated with Bitcoin crypto-currency as a means for imbuing the system with perceived credibility.
And this is what excites me — something of value can now be created for our efforts in Internet ecosystems.
Truth #5: Investing and trading in crypto-currencies is a zero-sum game.
Again thanks to Phil for dedicating his blog post to me; thanks even more for your thoughts, perspectives, and way of thinking. It's the only way for me to better understand.
So is the way of the Contrarian.
iamgpe