Episode 2: Deep pockets

March 1, 2022·14 min·1 clip

Blockchain was pitched as the solution to all problems, but how did that hype lead to a failed utopia in the Nevada desert?

This episode examines the persistent allure of blockchain utopianism and the projects left behind by the industry's rapid, speculative evolution. Hosts Bennett Tomlin and Cas Piancey analyze the gap between revolutionary promises and practical implementation, particularly for blockchain-based governance. They focus on concepts that survived the collapse of the 2017-2018 crypto bull run. The discussion references specific, now-defunct concepts like Dentacoin, which was promoted as "the bitcoin of dentistry" to fuel an entire dental ecosystem. The episode notes how hype often presented blockchain as a singular solution for making everything "better, faster, and cheaper." It describes the emotional appeal of this narrative, suggesting people are inclined to believe promises of increased wealth and transformation. The hosts trace how this hype attached itself to diverse cultural objects, from a political candidate to a song or even a piece of chocolate cake enjoyed by a world leader. A key insight is that many concepts collapsed under the weight of their own technical and conceptual absurdity. The episode suggests the fintech and crypto worlds prioritize racing to "innovate on top of innovation" rather than delivering functional systems. This race leaves behind a landscape of abandoned projects and "fully funded utopias." The analysis implies that belief in these systems is often driven more by desire than by evidence or viable mechanics. The lingering ideas often concern constructing governments or social organizations around blockchain technology. The hosts find it less clear how proponents actually intend to implement these governance models in practice. The episode frames the entire cycle within a broader pattern of speculative booms and their aftermaths. It positions the current moment as one sifting through the wreckage of overhyped, under-delivered technological promises. The tone is analytical and critical, dissecting past narratives with a clear-eyed perspective on their failures. The style is conversational but firmly grounded in industry history and specific examples. Listeners interested in the sociology of tech hype and the history of crypto's speculative eras will find this episode compelling. Those seeking optimistic advocacy for blockchain's future potential might find its skeptical analysis less engaging.

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