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Bitcoin Mission Statement. Or What does it mean Sharing Economy and Distributed Trust?

Author

Listed:
  • Kosten, Dmitri

Abstract

Technological advancements in the means of production are the driving force behind the changes in the prevailing system of socio-economic relations. Feudalism was transformed into capitalism as a result of such advancements. While man obtained physical freedom, the financial freedom remained under the control of the centralized authority. A deep level of collaboration is required to attain the next level of productivity provided by new technological advancements. However, the present system with a centralized control of governance and finance appears to constrain and restrain the value producing economy. This constriction becomes especially evident when the business environment requires collaboration to create, as it underlines the inherent conflict of centralized control. The most recent tech sector innovations, such as smart contracts and cryptocurrencies, are poised to disrupt the system of centralized control. The removal of a centralized authority from the position of control will change the fabric of the society to reflect the mesh network of shared resources. The society will transform to the new form of socio-economic relations – the era of Crypto-Socialism.

Suggested Citation

  • Kosten, Dmitri, 2015. "Bitcoin Mission Statement. Or What does it mean Sharing Economy and Distributed Trust?," MPRA Paper 73568, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:73568
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    References listed on IDEAS

    as
    1. Stefania Vitali & James B Glattfelder & Stefano Battiston, 2011. "The Network of Global Corporate Control," PLOS ONE, Public Library of Science, vol. 6(10), pages 1-6, October.
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    More about this item

    Keywords

    Bitcoin; Blockchain; Crypto-Socialism; socio-economic transformation; socio-economic framework; smart contract; sharing economy; distributed trust; function of money; financial decentralization; financial desintermediation;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General

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