Money 2.0 Stuff: Flash Boys 2.0 2.0

The nice thing about We(Work) is that it puts the dysfunctional state of blockchain-based ‘rough consensus’ in context. As messy as things might seem for Bitcoiners and Ethereans, at least we don’t have to contend with things like supermajority voting shares for Satoshi and Foundation investments in pre-schools and wave pools and the interests of Japanese super-investment vehicles and Vitalik smoking weed on private jets. Actually, I cannot confirm that last point, but still. If We(Work) can somehow make it through this turmoil then we can probably take confidence in cryptocurrency communities’ ability to work through their respective problems. If We(Work) abruptly collapses under the weight of its CEO’s narcissistic ego and corporate malfeasance then yes, not a great sign, no, but, well, things will probably figure themselves out somehow? Fingers tightly crossed.

Anyway, Ethereum’s governance process is currently undergoing a minor stress test in the context of ProgPow, a proposal to update its Proof of Work hashing algorithm with a more ASIC-resistant scheme, ostensibly with the goal of returning to a ‘one CPU one vote’ system.