15 Oct 2019
Prof. Jonathan Beller (Chief Media Architect, ECSA): “Bitcoin, Libra, China, or ECSA? These are the four major approaches to the future of finance. If that’s right, only ECSA has a truly radical and fundamentally innovative approach.”
Jorge Lopez (Chief Architect, ECSA):
“We see profit-making as an index. Profit making would be a goal that each agent would try to maximise. It influences the decision making process by which /offers/ are made and accepted.
Instead of having an algorithm that is constantly maximising that spread, as to maximise profit, what ECSA is proposing is the introduction of another index, and maximising within another metric format. The (singular) profit maximisation takes a secondary place. While this logic ensures that you don’t go out of self-sustainability, you no longer try to play that game of maximising the spread. The information system is enough for you to assess what would happen if you were to enter this trade as a calculation of maximization for an increase or decrease of a particular index. By pursuing the increase of another index, different economic decisions, different trades, and offers are made at the effect that therefore the economic agent pursues something else.
(…) Therefore, it is an explicite, deliberate change of the goal of the game.”
What is the ECSA vision? Why is capitalism under stress right now? Why are the central banks looking so fragile? Is it possible to get out of capitalism and its detrimental protocols, which are not so safe as it claims? Can capitalism short itself? Find out about the juxtaposition of politics and finance: the ECSA offer as a short position and a long position.
This article offers a detailed comparison of definitions relevant to cryptoeconomics, encompassing the components at play. In revealing that the underlying economics of current blockchain endeavors is remarkably conventional and conservative, this articles evinces pathways and hacks towards radical post-capitalist alternatives.