Understanding Crypto 15: Prof. Vili Lehdonvirta: Cryptocracy: The Obfuscation of Power

<p>Today, we speak to Vili Lehdonvirta, Professor of Economics, Sociology, and Digital Social Research at the Oxford Internet Institute at the University of Oxford. Professor Lehdonvirta is a social scientist whose research focuses on ways digital technologies are reshaping the organization of economies, including their associated social effects. He is also the author of two books, <em>Cloud Empires</em> and <em>Virtual Economies, </em>which provide readers with an in-depth look into the power that crypto platforms hold and a well-rounded characterization of digital markets. In this episode, we talk about the ideological underpinnings of crypto and the role of governance in making cryptocurrencies possible. We discuss the role of states in scaling markets, how states and platform companies differ, the impacts of smart contracts on governance issues, and how control and power are centralized within crypto markets, as well as the social implications of blockchain technology. Listeners will also learn about past controversies within the crypto space, why people are still needed within crypto, and the blockchain paradox, plus more!</p> <p> </p> <p><strong>Key Points From This Episode:</strong></p> <p> </p> <ul> <li>We start by learning about John Perry Barlow’s vision for cyberspace. <strong>[0:05:06]</strong></li> <li>Find out about the role that states play in markets. <strong>[0:07:03]</strong></li> <li>How markets function at scale if the state is not involved. <strong>[0:07:55]</strong></li> <li>Professor Lehdonvirta’s view on whether governance may precede markets. <strong>[0:08:59]</strong></li> <li>The role massive platform companies play in today’s economy. <strong>[0:09:44]</strong></li> <li>Ways in which states and platform companies differ. <strong>[0:10:42]</strong></li> <li>Why he thinks public blockchain technology has garnered so much attention. <strong>[0:11:27]</strong></li> <li>An explanation of the influence John Perry Barlow’s vision had on cryptocurrencies. <strong>[0:13:04]</strong></li> <li>Le