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Quiz
BTC MOBICKstarted with a unique concept, particularly emphasizing the rationale of"reproducing monetary phenomena." First, explain the positioning ofBTC MOBICK project as a social experiment aimed at reproducing monetaryphenomena. Next, briefly explain the following arguments and persuasively stateyour own claim about the success of this experiment:
① It is impossible todiscuss the success of the experiment, because the design of the experimentitself is unrelated to its intended purpose.
② The design of the experiment wascarried out properly, but despite of this, it is still premature toconclusively say that the experiment has succeeded.
BTC MOBICKstarted with a unique concept, particularly emphasizing the rationale of"reproducing monetary phenomena." First, explain the positioning ofBTC MOBICK project as a social experiment aimed at reproducing monetaryphenomena. Next, briefly explain the following arguments and persuasively stateyour own claim about the success of this experiment:
① It is impossible todiscuss the success of the experiment, because the design of the experimentitself is unrelated to its intended purpose.
② The design of the experiment wascarried out properly, but despite of this, it is still premature toconclusively say that the experiment has succeeded.
Bitcoin shattered our conventional understandingthat currencies issued by governments or recognized by central banks are onlyconsidered valid. It originated from contemplations on what currency truly isand how nations can destroy finance. BTC MOBICK demonstrated that Bitcoin'semergence was not a random occurrence but a reproducible scientific phenomenon.For an item to become a currency, it must involve specific sunk costs. Whilethis can be described as scarcity, if too scarce, it is too difficult to spreadas currency. Assets that can be cheaply imported from outside of the ecosystemare also inappropriate as currency. Thus, an item that people are willing topay to produce can be used as a currency. Professor O Taemin, based on such ahypothesis, designed and distributed BTC MOBICK in a way that acquiring itwould involve costs and predicted it would be used as currency. He has proved the feasibility of hishypothesis. However, skeptics argue that BTC MOBICK promotes corporateblockchains inducing price increase so regardless the intention of experiment andwe cannot say it has succeed or not/ we cannot define its success. Also, in asmall ecosystem where there are only a few trades, it is hard to say it has succeeded.BTC MOBICK has shown that to create monetary phenomenon, universal agreement ortrust isn’t crucial, but rather it makes it possible if a sufficient number ofpeople strongly believe in it. By properly adjusting the difficulty anddistributing paper wallets, and creating an environment that could build strongtrust in advance, for example a mountain event, people can verify themselves.What matters in currency is how it is obtained, and if labor and costs areinvolved, it won't revert back to zero. Also, distributing large amounts to afew can create a gravitational pull resulting in rapid price increase. Hishypothesis has proven by BTC MOBICK. Therefore, it is a small ecosystem yet, ifthis focal point is firm, expanding the trust network is only a matter of time.Therefore we can say that BTC MOBICK has successfully replicated the currencyphenomenon created by herd behavior and sunk costs.