Michael Casey’s breadth of experience as a financial journalist for Dow Jones and the Wall Street Journal, as well as his time, spent stationed overseas in Thailand and Argentina, provide him with a unique perspective on the ‘problem of trust’ and what he calls ‘the Internet’s original sin.’ The latter is a reference to the observation that the inventors of packet switching and the basic Web protocols did, according to Casey, “a masterful job figuring how to move information seamlessly across a distributed network. What they didn’t do was resolve the problem of trust.” “On the one hand,” writes the chairman of CoinDesk’s advisory board, “the distribution of public information was disintermediated, which put all centralized providers of that information, especially newspapers and other media outlets, under intense business pressure from blogs and other new information competitors. But on the other, all valuable information – particularly money itself, an especially valuable form of information – was still intermediated by trusted third parties.”
This intersection between money, communication, and trust serves as the basis for Demetri and Michael’s conversation during this episode. The two discuss Shoshana Zuboff’s work on Surveillance Capitalism, the loss of faith in financial institutions and central banks (including recent actions by the Federal Open Market Committee and the intervention by the Fed in the overnight Repo market), and how cryptocurrencies and distributed ledger technology aims to reinstill this lost faith by resolving the problem of trust.