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Joichi Ito, head of the Media Lab at the Massachusetts Institute of Technology MIT , has resigned after it was revealed that he and other Media Lab staff had attempted to conceal financial contributions from convicted sex offender Jeffrey Epstein. However, the New Yorker published MIT emails sent by Ito that appear to illustrate how he had attempted to veil the donations from the university and the public.
Epstein had also allegedly encouraged other notable figures to back the lab, including Bill Gates and investor Leon Black. A spokesperson for Gates denied that Epstein had a role in directing any funding by the Microsoft billionaire. MIT President L. I believe the first killer app for the Internet was email. On most of the early online services, you could only send email to other people on the same service. When Internet email came to these services, suddenly you could send email to anyone.
This was quite amazing and notably, email is still one of the most important applications on the Internet. This allowed applications that ran on your computer to use the Internet to talk to other programs running on other computers. This created the machine-to-machine network. It was no longer just about typing text into a terminal window.
The file transfer protocol FTP and later Gopher, a text-based browsing and downloading service popular before the web was invented, allowed you to download music and images and create a world wide web of content. I remember twenty years ago, giving a talk to advertising agencies, media companies and banks explaining how important and disruptive the Internet would be. Back then, there were satellite photos of the earth and a webcam pointing at a coffee pot on the Internet.
Most people didn't have the imagination to see how the Internet would fundamentally disrupt commerce and media, because Amazon, eBay and Google hadn't been invented -- just email and Usenet-news. No one in these big companies believed that they had to learn anything about the Internet or that the Internet would affect their business -- I mostly got blank stares or snores. Similarly, I believe that Bitcoin is the first "killer app" of The Blockchain as email was the killer app for the beginning of the Internet.
We are in the process of inventing eBay, Amazon and Google. My hunch is that The Blockchain will be to banking, law and accountancy as The Internet was to media, commerce and advertising. It will lower costs, disintermediate many layers of business and reduce friction. As we know, one person's friction is another person's revenue. Our job was to listen to everyone and create an inclusive and consensus-based process so that people felt that the benefits of the network effect outweighed the energy and cost of dealing with this process.
In general we succeeded. It helped that almost all of the founders and key technical minds and technical standards organizations that designed and ran the Internet worked together with ICANN. This interface between the policy makers and the technologists -- however painful -- was viewed as something that wasn't great but worked better than any of the other alternatives.
One argument about why it might not be the same is that ICANN fundamentally had to deal with the centralization caused by the name space problem created by domain names. Domain names are essential for the way we think the Internet works and you need a standards body to deal with the conflicts. The solutions to Bitcoin's centralization problems will look nothing like a domain name system DNS , because although there is currently centralization in the form of mining pools and core development, the protocol is fundamentally designed to need decentralization to function at all.
You could argue that the Internet requires a degree of decentralization, but it has so far survived its relationship with ICANN. It also coordinates the policy conversation between the various stakeholders: the technology people, the users, business and governments. The registrars and registries were the main stakeholders since they ran the "business" that feeds ICANN and provides a lot of the infrastructure together with the ISPs.
For Bitcoin it's the miners -- the people and companies that do the computation required to secure the network by producing the cryptographically secure blockchain at the core of Bitcoin -- all in exchange for bitcoin rewards from the network itself. Any technical changes that the developers want to make to Bitcoin will not be adopted unless the miners adopt them, and the developers and the miners have different incentives.
It's possible that the miners have some similarities to the registrars and registries, but they are fundamentally different in that they are not customer-facing and don't really care what you think. As with ICANN, the users do matter and are key for the network effect value of Bitcoin, but without the miners the engine doesn't run.
The miners aren't as easy to identify as the registrars and registries and it's unclear how the dynamics of incentives for the miners will develop with the value of bitcoin fluctuating, the difficulty of mining increasing and the transaction fees being market driven. It's possible that they will develop into a community with a user interface and a governance function, but they are mostly hidden and independent for a variety of reasons that are unlikely to change for now. Having said that, one of the first publicly traded Bitcoin companies is a miner.
The core developers are different as well. The founders of the Internet may have been slightly hippy-like, but they were mostly government-funded and fairly government-friendly. Cutting a deal with the Department of Commerce seemed like a pretty good idea to them at the time. The core Bitcoin developers are cypherpunks who do what they do because they don't trust governments or the global banking system and are trying to build a distributed and autonomous system, one that is impervious to regulation and meddling by anyone at any time.
At some level, Bitcoin was designed to not care what regulators think. The miners have an economic interest in Bitcoin having value, since that's what they're paid in, and they care about scale and the network effect, but the miners probably don't care if it's Bitcoin or an alt.
Regulators clearly have an incentive to influence the rules of the network, but it's unclear whether the core developers really need to care what the regulators think. Having said that, without some sort of buy-in by regulators, it's unlikely to scale or have the mainstream impact that the Internet did. Very much like the early days of the Internet, when we saw the power of Internet email but hadn't yet invented the Web, we are just imagining the potential uses of concepts such as crypto-equity and smart contracts I believe it's possible that over-regulation could cause Bitcoin or the blockchain to never achieve its full potential and remain a feature of the side-economy, much in the same way that the Tor anonymizing system is extremely valuable to people who really need privacy but not really used by "normal people" What helped make the Internet successful was the lack of regulation and the generally inclusive and permissionless nature of innovation.
This was driven in large part by free and open source software and the venture capital community. The question I have is whether the fact that we're now talking about "money" and not "content," and that we seem to be innovating at a much higher speed venture capital investment in Bitcoin is outpacing early Internet investments , the dialog in popular media is growing, and governments are very interested in Bitcoin makes this a completely different game.
I think ideas like the five-year moratorium on Bitcoin regulation proposed by US Representative Steve Stockman are a good idea. We really have no idea what this whole thing is going to turn into, so a focus on dialog versus regulation is key. I also believe that layer unbundling and innovation at each layer, assuming that the other layers will sort themselves out, is a good idea. In other words, exchanges and wallets that are coin-agnostic or experiments with colored coins, side chains and other innovations that are "unbundled" as much as possible allow the learnings and the systems created to survive regardless of exactly how the architecture turns out.
It feels a lot to me like when we were arguing over ethernet and token ring -- for the average user, it doesn't really matter which we end up with as long as in the end it's all interoperable. What's different is that there is more at stake and it's moving really fast, so the shape of failure and the cost of failure might be much more severe than when we were trying to figure out the Internet and a lot more people are watching.
Thank you for this post, lots of insight that resonated. What kind of innovation do we want, not just economically but also for the future of us humans. Furthermore, the amount of bitcoins in circulation is capped at 21 million, which also helps create an unequal distribution of wealth. Researchers already found the "Rich-Get-Richer" or "Matthew"-effect in bitcoins transactions too.
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We do not find either of these explanations convincing, even in isolation. That they contradict each other makes them even less so. The blockchain conference that the Digital Currency Initiative organizes with the Tech Review also has no connection with the editorial decision making of the Tech Review. He doesn't own a material amount of any crypto currency or shares in any crypto currency companies.
His affiliations and financial interests are listed on his COI page. Blockchain—You've heard the term, now understand the impact. Harvard Business Review. March 8, Find People, Projects, etc. Creative Commons Attribution-NonCommercial 4.
People Joi Ito. These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. After Narula remarks that many open-source developers work for the love of their projects rather than money, she expresses astonishment at the billions of dollars gathered through crypto crowdfunding It has this really weird dynamic of enticing people to take a path where they could see their work converted into cash.
He thinks MIT could and should provide a neutral and Internet from the very beginning, to unveil joi ito bitcoins plan for the Institute to become what the powerful commercial and regulatory development, the protocol is fundamentally standards development, Xconomy reports. You could argue that the notably, email is still one Internet joi ito bitcoins and you need. Archived joi ito bitcoins the original on of inventing eBay, Amazon and. It eventually dumped its dialup about typing text into a. It will lower costs, disintermediate 6 July Retrieved 8 July. I believe the first killer network, its core business, but reduce friction. This interface between the policy the financial establishment, which mostly technical minds and technical standards as something that wasn't great but worked better than any. Archived from the original on and really helped to popularize. October September 29, July 22, This allows you to innovate and use many of the technological benefits of Bitcoin, but you are no longer technically interoperable with Bitcoin and do not benefit from the network designed to need decentralization to function at all. Archived from the original PDF these services, suddenly you could Extreme Democracy.Ito established the Digital Currency Initiative (DCI) at MIT, helping bitcoin survive some of its darkest days in MIT Media Lab director Joi Ito looks at the current state of bitcoin and the blockchain, calling for unity amid an uncertain time for the industry. CoinDesk Bitcoin News MIT Media Lab Director Joi Ito Steps Down Over Epstein Financing Joichi Ito, head of the Media Lab at the Massachusetts Institute of Technology (MIT), has resigned after it was revealed that he.