Love the essay. My one response is that the Tragedy of the Commons as a metaphor has been proven wrong - so much so that Garrett Hardin, the author of the original article retracted it, based on the proof given by Elinor Ostrom (winner of the noble prize in economics). Celo - and other ReFi approaches - have an opportunity to recommon much of that which we depend on together, and that is exciting.
This post is great Packy, thank you for writing it! I am into the web3 for good space and this is the clearer write up I read to explain a positive impact blockchain. Thank you!
great post, Packy. love what Celo is doing, and the commitment you're making to it. going long on the human race (borrowing from Ministry for the Future) is the most important bet any of us can make.
This is the key statement and it is so obvious that few people can see it - "Whatever backs money, people make more of. When money was backed by cattle, people bred more cattle. When it was backed by gold, people mined more gold. So why not back money with more of the things that we want to see in the world: clean bodies of water, strong forests, biodiversity?
Why not? Well, it won't work economically because the currency needs to be fungible and no two bodies of water or forests, etc. are fungible. So I took this argument one step further in my EcoCommerce model and designed a natural capital unit. This NCU is able to function as a monetary source to not only create a fungible currency based on natural capital, but it creates a monetary value that is associated with the capacity of natural capital - - yes, you get more of what you base money on. I have a blockchain/Web 3.0 model in the wings and it needs to be fledged.
i stopped reading the article after visiting few of the links to the companies mentioned.... they all suck... bad ui/ux... with every one i clicked, the feeling was " what do i do now?.... " the product might be great, but distribution sucks...
Thank you, Packy. I had all but packed it in for blockchain, even after deploying a succesful Blockchain-for-good ocean plastic + poverty alleviation project (Plastic Bank). The NFT craze, greater fool marketing, etc. left me hopeless that the tech had forever been tarnished. Your very well written, comprehensive, understandable, and thought-provoking essay has reinvigorated my hope and inspired me to burrow into ReFi with a passion!
Love the essay. My one response is that the Tragedy of the Commons as a metaphor has been proven wrong - so much so that Garrett Hardin, the author of the original article retracted it, based on the proof given by Elinor Ostrom (winner of the noble prize in economics). Celo - and other ReFi approaches - have an opportunity to recommon much of that which we depend on together, and that is exciting.
This post is great Packy, thank you for writing it! I am into the web3 for good space and this is the clearer write up I read to explain a positive impact blockchain. Thank you!
great post, Packy. love what Celo is doing, and the commitment you're making to it. going long on the human race (borrowing from Ministry for the Future) is the most important bet any of us can make.
I'm now very mad at myself for not using "going long the human race" :)
I dont think I have learned this much from a single blogpost ever! Thanks
This is the key statement and it is so obvious that few people can see it - "Whatever backs money, people make more of. When money was backed by cattle, people bred more cattle. When it was backed by gold, people mined more gold. So why not back money with more of the things that we want to see in the world: clean bodies of water, strong forests, biodiversity?
Why not? Well, it won't work economically because the currency needs to be fungible and no two bodies of water or forests, etc. are fungible. So I took this argument one step further in my EcoCommerce model and designed a natural capital unit. This NCU is able to function as a monetary source to not only create a fungible currency based on natural capital, but it creates a monetary value that is associated with the capacity of natural capital - - yes, you get more of what you base money on. I have a blockchain/Web 3.0 model in the wings and it needs to be fledged.
Could you elaborate on what "gifting money into existence" means exactly - in other words how (and by whom) you envision this being done?
i stopped reading the article after visiting few of the links to the companies mentioned.... they all suck... bad ui/ux... with every one i clicked, the feeling was " what do i do now?.... " the product might be great, but distribution sucks...
Just wow! I am touched by the depth of Celo's vision!
Thanks Packy for articulating complex ideas this well!
Thank you, Packy. I had all but packed it in for blockchain, even after deploying a succesful Blockchain-for-good ocean plastic + poverty alleviation project (Plastic Bank). The NFT craze, greater fool marketing, etc. left me hopeless that the tech had forever been tarnished. Your very well written, comprehensive, understandable, and thought-provoking essay has reinvigorated my hope and inspired me to burrow into ReFi with a passion!
So glad to be a founder in the Celo Ecosystem. Thank you Packy for this wonderful writeup! Look out for blam money....(shhh)