Crypto‐coin hierarchies: social contestation in blockchain networks
2019; Wiley; Volume: 19; Issue: 3 Linguagem: Inglês
10.1111/glob.12241
ISSN1471-0374
Autores Tópico(s)FinTech, Crowdfunding, Digital Finance
ResumoAbstract In this article, I discuss the role of crypto‐coins (CCs) as an explicit response to the 2008 economic crisis. Drawing on networked social movement theory, I outline the tension between blockchain based currencies promoted as horizontal markets of technological innovation and the persistence of hierarchical authority within these networks. By examining the assumptions about authority and regulation that underpin the creation of CCs I argue that the cryptographic responses to the financial crisis understate the persistence of hierarchies in their claims to upset traditional monetary authority. As global networks, blockchain technology faces political challenges from regulators, hegemonic market actors and adherents devoted to particular CCs. Consequently, I draw parallels between CCs and networked social movements to argue that the emergence and proliferation of ‘altcoins’ presents a series of political challenges to the framing of CCs as disruptive technology. The innovative character of CCs relies on tacit and explicit assumptions about politics that social movement theory can help to explain. By examining the altcoins through the concepts of resource mobilization, framing and identity formation, I argue that the dynamics of offline social hierarchies persist and are magnified in the world of CCs.
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