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We used to believe in the truth, and indeed the world we live in is based on the correct interpretation of facts. Then came the post-truth, and now we’re asked to believe rather than know. We all got to see the photos of Donald Trump’s inauguration and read the data on the involvement of police and park rangers. But the President of the United States told us he had the biggest inaugural crowd ever and demanded that it be believed.
Data = truth
Since then, the market value of truth has plunged even further, drowned out by fake news and fake news. We are still collecting and generating truth – also known as data – at such an incredible rate that no one can actually measure it, but who believes what we are collecting? Some analysts estimate that we create 2.5 quintillion bytes of data every day (or 1,030). Another way to look at the amount of data – also known as truth – that we are dealing with is the number of searches performed each day: it’s currently around 5 billion, although that number has likely increased since I looked there. a few minutes. Google alone processes 40,000 searches every second of every hour of every day.
And everything is stored, forever.
But what do these avalanches of data mean if the truth is so devalued? In the financial world, we’ve been led to think that the truth is always in the numbers, but that’s far from certain. It has now been 10 years since the shocking and seemingly sudden collapse of Lehman Brothers in the United States – what regulators said was completely inevitable, as the truth was in the numbers, and the numbers said Lehman was insanely broken.
What will Happens if Cryptocurrency Gets “Too Big To Fail”?
And what does this have to do with the cryptosphere? Well, it’s clear that we are increasingly under the control of governments and regulators, but is it the data or the policies that they will assess if a company goes bankrupt? Right now, there isn’t any activity in the crypto world that is “too big to fail”, but sooner or later there will surely be. And then, in the trillions of gigabytes of data, how can anyone go through the history of an individual ICO or STO and decide that the business was conducted honestly … or otherwise?
Right now, sole proprietorships are small, and the crypto ecosystem only forms a fraction of financial transactions in the world. But the time will come when an offer will actually become TBTF, and then will regulators go through the data using their heads or – as in the case of Lehman Brothers – make their decisions based on their political beliefs?
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