Erik Voorhees, an early Bitcoin adopter and entrepreneur, sparked a discussion about the relationship between democracy and cryptocurrency adoption. This occurred during a recent keynote speech.
Yuga Cohler, a senior software engineer at Coinbase, argued that Voorhees' vision oversimplifies and potentially damages the discussion. He further stated that Voorhees' argument could hinder, rather than help, the global integration of cryptocurrencies by presenting an unrealistic and idealistic view of the technology.
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In his keynote speech, Erik spoke about the power of cryptocurrencies and blockchain technology to create a financial system free of centralized control. This aligned with the central theme. from โWithout Permission IIโ an event that focused on exploring the potential of decentralization and its implications for society.
The key takeaway from Voorhees' argument is that a financial system based on code and mathematics can be superior to one built on laws and regulations, often imprecise and subjective, susceptible to political influence. Cohler agrees with this basic principle and also recognizes the need to protect the right of people to transact.
However, Cohler disagrees with Voorhees' rejection of democracy and the role of the state in society. He believes Voorhees' point of view overlooks the diversity of political systems around the world and the importance of freedom and democracy in the fight against oppression. He suggests that Voorhees undermines the importance of progress and the efforts of those fighting for their rights in more restrictive countries by dismissing democracy.
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Cohler also argues that there are some inherent contradictions in Voorhees' vision of a system based on codes rather than laws. He says:
"Voorhees' political framework reveals a level of hypocrisy and immediately falls apart when applied to the real world."
Cohler had questioned whether Voorhees would be willing to participate in the same system he has criticized, such as paying taxes or adhering to regulations, to function in society. He also wonders whether Voorhees can imagine a world in which essential public infrastructure, such as roads or bridges, is financed and built using smart contracts.
Furthermore, Cohler maintains that while decentralized finance has its advantages, it is not a panacea for all the world's problems. He believes that denying the role of a centralized state in meeting the needs of its citizens denies the importance of collective action and the benefits of collective decision-making.
Patrick McCorry, a prominent figure in the crypto space, agreed with Cohler's criticism of Voorhees' vision. McCorry He suggested that instead of seeking to replace democratic governments, cryptocurrencies should seek to roll back some of the restrictions and barriers that hinder their development.
Selkis and others like him have expressed their desire to find common ground between the traditional financial system and the emerging world of cryptocurrencies.
However, while Voorhees' vision of a decentralized world without the need for centralized governments may be an attractive prospect for many in the crypto space, it is clear that such an approach may not be practical or sustainable.
Cohler emphasized the importance of finding a way for the government and the crypto industry to collaborate in a way that promotes an open and global financial system. He argued that completely rejecting the government's role in the financial system would be counterproductive and that finding a way to integrate the two spheres is the key to success.
