1: Questioning the “Nothing”
1.0: If a technology holds the potential to disrupt the structure and authority of an entire monetary system, and if it is capable of reorganizing the fundamental concepts and materials that define our understanding of “money,” then is it conceivable that such a disruptive phenomenon can be backed by “nothing”?
1-1: Is the term “nothing” in the context of the phrase “cryptocurrencies are backed by nothing” merely a figurative placeholder; one standing in for a vague or nondescript value? Or might it actually imply that an entire regime of technologies–its production, capacity, potential–is powered by an absence of something essential?
1-2: Perhaps the term “nothing” is meant to designate a negative operation: a “blotting out” of something (perceived as) irrelevant, false, or unsustainable.
1-3: Or perhaps it signifies an unwillingness to acknowledge something that appears incongruous; something that doesn’t belong there; something dangerously foreign to the system; a monstrosity.
1-4: Whatever the case may be, the term “nothing” does little to explain the trail of creative destruction that the crypto-movement (as a currency and technology) has left behind, nor does it provide much to affirm or deny its potential to continue its disruptive course.
1-5: More importantly, turning the criticism back onto itself forces us to question more thoroughly the values and assumptions underlying the essential factor (whatever it may be) that some may find lacking in the in the crypto-space.
1-6: Perhaps by following a more traditional line of thought, but with a dose of skepticism, it may lead us to discover the wizardry behind the curtain of “intrinsic value”: a functional necessity transformed into a transcendental notion whose “moral” authority floats miraculously above and beyond those who had created it in the first place.
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