3. Addressing this damaged reputation
Now, let’s try to understand why this image is so prematurely discredited.
Public exposure
First, most media outlets contribute to this image — it’s rational given the ability of these systems to destabilize, or even replace, major entities and powerful institutions. Partially by distributing this power, as well as eliminating intermediaries; e.g., banks, insurance companies, and more broadly, the highest layers of governance.
Hence, it is quite consistent that at these levels, there’s a desire to maintain an unfavorable or even artificial public opinion. Not necessarily by outright criticism — this is not systematically the case — but rather by primarily relaying its most stereotypical applications, which contribute to undermining it.
Economic stakes
Meanwhile, the leading economic powers — governments and private companies — are competing to capture this technology and hijack it. A few years from now, it will not be unexpected if media coverage becomes radically more versatile, and estimates blockchain as actually good, but even better if we use theirs. In fact, we can already notice an increasingly more appeasing coverage, as these entities might actually begin to get a foothold in this field.
Besides, there are already transparent and open — permissionless — blockchains. Unlike the systems that will be suggested — and likely enforced — by these players, such as banks, which will probably implement freezing of assets and blacklisting of users.
These institutions we refer to, whether governmental or economic, have a daily influence on our lives, and globally on every aspect that shapes our societies. And, most certainly, almost everyone in these groups understands what is happening.
Thus, one can choose to ignore this shift, and even criticize it, which perfectly makes sense in the current situation. Again, it’s an industry that, for now, attracts a disproportionately high proportion of people who primarily see a financial opportunity in it, hence the outrageously capitalist bias. And, among others, a fair amount of influencers who recognize an incredible opportunity to profit from their community.
Still, this likely implies missing out on a significant decision-making power regarding how we wish to envision the world in a few years’ time.