15 Oct 2019
Jorge Lopez (Chief Architect, ECSA): “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.”
We aim to show that functionalist definitions of money (unit of account, means of exchange, store of value) do not define what money is, but only the roles that fiat money is called on to perform. They shut down the broader question of what money is, or could be, in the era of its digital redesignability.
3 oct. 2019
In the course of writing the upcoming white paper Protocols for Cryptoeconomic Networks, we have realized that we are creating a language for new economic expression. It can express capitalist network protocols, but even more, it can go beyond them. It is capable of valuing, for example, the biosphere, care, intangibles and social innovation — without reducing their information into one index of price and one measuring unit of profitability. It is a post-capitalist language (a language for post-capitalist economic expression), in a literal sense.
Is cryptoeconomy just a refinement and acceleration of a capitalist economy or can it create a new understanding of Economy? This article explains how it could be either or, indeed both, by introducing the chapter “Crypto-Political Economy” of our upcoming white paper.
“The technology permits both capitalist and social versions to be designed centrally or in a distributed way. In both cases, there are clear cost and speed advantages of cryptoeconomic platforms because of the absence of need for central clearing houses, and we see large corporations and states adopting the technology for fast, low cost and accurate record keeping.”
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.