After writing an exquisite headline story about Bitcoin and its underlying technology - “blockchain” - I decided I’d write Barron’s a letter to the editor. I wanted to enlighten the world about all the things Blockchain could do. Here is my letter (which I assumed would never get published).

Alas, it was. Thanks, Barron’s!

There is almost no industry that blockchain will not disrupt (“Beyond Bitcoin: How Blockchain Is Changing Banking,” Cover Story, July 1). Nothing is off the table. Gold mining will use distributed ledgers to maintain a record of every ounce of gold removed from the earth. Diamond smuggling will be a thing of the past. We can put litter on the blockchain and know not just which countries are the culprits of filth but also which of those is the biggest polluter.

Provenance, contract signing, the destruction of every function of lawyers, airplane schedules, lost luggage, and the expensive back-office operations of banks. These are just some of the incredible applications of blockchain technology. Bitcoin was only the first of many to come, so-called “killer apps.” And while the permissionless movement of value is only nominally useful, as Barron’s recognized in the cover story, Bitcoin has truly proved the value of the technology on which it sits.

Joshua Unseth

Deerfield Beach, Fla.

Before all ye Bitcoin maximalists pummel me for capitulating to the rhetoric of Blockchain, I think it is important to realize that my letter to Barron’s has been edited. Now, I’m not one to criticize an edit. And I won’t start now. But I do think that, as one of the most influential people in, Blockchain, it is important that I publish the whole of my thinking. Yes, I do believe that blockchain will disrupt every area of life, but Barron’s, I’m afraid, left out the most important industry that Blockchain will disrupt. My pet cause, as it were, was left out of the article and strewn about the editing floor. It’s sad really. And while what was included is certainly true of Blockchain, it saddens me that the readers of Barron’s have been deprived of the contextual nuance I wished had been included. So here is the full article from which the selection above was taken.

Last year I was ranked the 9th most influential person in the “blockchain” ecosystem. I think that qualifies me to make comment upon your most recent Bitcoin coverstory. I’m happy to see my beloved Bitcoin gracing the cover. And I’m even happier to read about your discovery of the technology behind Bitcoin. For years, we Bitcoiners have hid the great innovation. We have crazily ranted about the doom of the American economy. We have decried the evil banksters. We have invented a currency of sorts, all in an effort to divert the public’s attention for as long as we could. Indeed, it is time for us to admit, I’m sad to say, that Bitcoin is a ruse - a farce - a well-placed placard. We have hid behind it Satoshi’s true innovation: the blockchain. There is almost no industry that the blockchain will not disrupt. Nothing is off the table. Gold mining will use distributed ledgers to maintain a record of every ounce of gold removed from the earth. Diamond smuggling will be a thing of the past. According to Satoshi Nakamoto himself, Craig S. Wright, we can put litter on the blockchain and know not just which countries are the culprits of filth but whom within those countries is the biggest polluter. Blockchains are the answer to owners not cleaning up after their dogs. Blockchains will solve big world problems, questions we have never before been able to answer like, “wherefrom is this salmon that I’m eating right now and who is its mother?” But I am inclined to say that my favorite use of blockchain to date is its application in world of horse fraud. Horse fraud is the act of lying about a horse’s prodigious lineage. It is used to prop up the notional value of a young steed in an effort to gain a higher return upon its sale at auction. Blockchain can be put into the sperm of horses and provide evidence through a proof-of-stake based mining algorithm which horse comes from which horse. Provenance, contract signing, the destruction of every function of lawyers, airplane schedules and lost luggage, the expensive back office operations of banks. These are just some of the incredible applications of Blockchain. Bitcoin was only the first of many to come, so-called “killer apps.” And while the permissionless movement of value is only nominally useful, as Barron’s recognized in their most recent issue, Bitcoin, I’m proud to say, has truly proven out the value of the technology upon which it sits. While I have a strong emotional affinity for Bitcoin, a digital bearer asset that takes up no space and which has no bank or person running it, it is time for Bitcoiners to give up the ghost. We must put Bitcoin to rest and unleash the technology behind our beloved dream money. The blockchain is ready to be set free. Together, we shall disrupt the world with the technology behind Bitcoin. Huzzah!

https://imgur.com/XKS84Pc

