People are desperately trying to place Blockchain on the map and make sure that it gets all the attention it deserves.
Ever since the word “bitcoin” entered the mass stream, people have been obsessed with putting something “on the blockchain”. There is an army of crypto influencers and snake oil traders out there dedicated to promoting these things: blockchain real estate, blockchain social media, soundcloud rap on blockchain. It makes sense in one sense - smart contracts allow you to place all kinds of computer programs on the blockchain, and shiny new technologies can be an attractive corner for investors. But how many technologies we already use today actually require a crypto component?
The latest case of over-coverage of cryptocurrencies comes from an investor named Greg Isenberg who runs a mutual fund investment studio called Late Checkout. He runs a social start-up called Islands, which - miraculously - was sold to WeWork in the summer of 2019, just before the big Workspace crashed. In a tweet last week, Eisenberg suggested that tenants integrate their lease processes into the blockchain. The post includes several stop lines and reads like bad poetry in prose:
Here's how it works:
- You apply for a job
- It scans the blockchain and evaluates your chain experience and credentials
- If you are above a certain rank, you will be hired within 60 seconds
Despite the similarities to China's social credit system, the idea is too easy to throw away. This is because we already have a system in this sense without any crypto components and it doesn't work.
Automated resume checking - a computer program designed to separate good candidates from bad ones without human judgment - is a notoriously ineffective framework. A Harvard Business School report earlier this year outlined how so-called candidate tracking systems and recruitment management systems are trained to maximize efficiency rather than finding the best candidates. While they are "important" according to the study, they are contributing to a "broken" rental market.
There is a risk of people being reduced to data in spreadsheets: GPA, SAT scores, Booleans set to true or false, depending on whether the candidate has completed four years of college. Of course, Isenberg is just turning the wheel for a good audience. Most of the influential people on Crypto Twitter are clearly biased - deep-pocketed investors who have a financial interest in promoting this technology or crypto enthusiasts looking to get rich.
However, the more investors take on these dangerous ideas, the more they look like reality. It doesn't matter whether consumers really want to live in the Mark Zuckerberg metaverse; we can still exist because money exists. Why should it be different from crypto?