Industry insiders challenge Voorhees ‘cryptocurrency over democracy’ stance

cyptouser5 months agoCryptocurrencies News165

Industry insiders challenge Voorhees ‘cryptocurrency over democracy’ stance

A recent keynote address by American entrepreneur and early Bitcoin adopter Erik Voorhees has ignited a debate regarding the intersection of democracy and cryptocurrency adoption.

However, according to senior staff software engineer at Coinbase, Yuga Cohler, while engaging, Voorhees’ speech presents an overly simplistic and potentially damaging viewpoint that may impede rather than encourage the global integration of cryptocurrency.

Voorhees made his speech at the “Permissionless II” event, aligning with the central theme of creating a financial system devoid of centralized control through cryptocurrency and blockchain technology.

His argument centered on the premise that “code is better than law,” positing that a transparent, rule-based system founded on mathematical principles could yield superior outcomes to opaque, politically-influenced processes. Voorhees stressed the imperative nature of transaction rights to human existence, a view that Cohler agrees with.

However, Cohler took issue with Voorhees’ disdain for American democracy, arguing that the notion of the “state” as a monolithic entity overlooks the diverse political systems worldwide and their varying degrees of freedom. Citing that democracy is undoubtedly better than totalitarianism, and he suggested that Voorhees’ viewpoint dismisses centuries of political progress and trivializes the plight of those living under more oppressive governments.

Cohler also highlighted the contradictions in Voorhees’ political framework, which he says,

“Voorhees’ political framework reveals a level of hypocrisy and immediately crumbles when applied to the real world.”

He questioned whether Voorhees would comply with the regulations and taxes he criticized or if he could conceive of infrastructure projects mediated by smart contracts.

Cohler further posited that while there is undoubtedly a place for decentralized finance, denying the role of a centralized state acting on behalf of its people is overly simplistic.

Voicing his critique, Patrick McCorry, an industry insider from Arbitrum, concurred with Cohler’s criticisms, saying while the goal of crypto should not be to undermine democratic countries, it should push back just enough to allow the technology to thrive and assist those who need it most.

Other industry leaders, like Ryan Selkis of Messari, also chimed in, acknowledging the inspirational elements of Voorhees’ speech while promising a more balanced perspective in his future address.

Thus, while Voorhees’ libertarian vision may resonate with many in the crypto community, the broader discussion indicates a need for a more nuanced approach that recognizes the merits of democracy and uses them to enhance the reach of crypto.

Cohler concluded it’s not about rejection but about integration and ensuring that both spheres – government and crypto – work together towards an open, global financial system.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Swift successfully transfers tokens across blockchains in landmark experiment with Chainlink

Global financial messaging network Swift has announced the successful completion of a tokenization e...

Space and Time launches Proof-of-SQL for blockchain and AI data verification

Space and Time launches Proof-of-SQL for blockchain and AI data verification

Space and Time, a firm that describes itself as an AI-powered data warehouse, announced the launch o...

Vitalik Buterin introduces decentralized privacy pools for balancing crypto regulation and anonymity

Vitalik Buterin introduces decentralized privacy pools for balancing crypto regulation and anonymity

A new research paper led by Ethereum creator Vitalik Buterin proposes “Privacy P...

Nvidia shrinks AI image generation method to size of a WhatsApp message

Nvidia shrinks AI image generation method to size of a WhatsApp message

Nvidia researchers have developed a new AI image generation technique that could allow highly custom...

Tangem applet receives certification from VISA; set to launch self-custodial payment solution

Tangem applet receives certification from VISA; set to launch self-custodial payment solution

Tangem applet receives certification from VISA, sets to launch self-custodial payment solution, acco...

Jason Lowrey’s ‘Softwar’ removed from circulation and MIT library for unknown reasons

Jason Lowrey, the author of Softwar: A Novel Theory on Power Projection and the National Strate...