Category Archives: Conservative

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Blockchain Sentiment Survey: Crypto Embraced by All Political Ideologies

Coindesk Research has published the results from its State of Blockchain Q2 2018 research. The findings show the extent of cryptocurrency adoption across all political ideologies, notably finding the number of liberals has surpassed those with a libertarian ideology. 

Key findings

Of 1,200 participants, the responses were broken down into categories as so: 27% liberals, 24% libertarians, 21% conservatives, 9% centrists,  9% socialists, 8% anarcho-capitalists, and 3% nihilists.

Considering the results in a strictly political left versus right, 52% of those in the cryptocurrency space fall on the right side of the spectrum, with 45% on the left.

Ideology by coin

Ethereum (ETH), EOS and Ripple (XRP) were ranked most favorably with those on the left, while DASH, Litecoin (LTC) and Bitcoin Cash (BCH) were favored by a larger majority of those on the right.

XRP also shows the largest cluster towards more centrist politics when broken down into individual categories, as Monero (XMR) attracts those from the most extreme side of each spectrum and claiming the largest total number of anarcho-capitalists at 36%.

How and why

Cryptocurrencies and Bitcoin particularly are still generally considered popular by those who believe in limited or no government centralization, and who trust in the free market such as libertarians and anarcho-capitalists. This was certainly the case in the early days of Bitcoin, but the changing shape of the market and individual cryptocurrencies over time has attracted those from all corners of political preference.

55% of respondents in Coindesk’s Q1 survey said that they did not begin actively watching the cryptocurrency industry until 2017; this is when greater financial incentives came in to play for the general population as they learned about Bitcoin. Prior to Bitcoin becoming seen as a profitable investment, much of the community pursued it out of their own libertarian, or similar, ideology. The profit motive attracted a group of people that represent the general population far more closely.

When it comes down to specific cryptocurrencies, the nuances of the leadership structure largely correlates with the beliefs in one’s political ideology. As the Bitcoin Sign Guy said, cryptocurrencies with increased central leadership or governance attract a higher percentage of those who identify as socialist.

What to take from the survey

With just 1,200 participants, the survey is perhaps not quite substantial enough to provide a definitive representation of political ideologies in the field, but it is certainly an interesting starting point.

Considering the percentage of the community that supports regulations and government acceptance of cryptocurrencies, it is not all too surprising to see this variety of political opinion.

 

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UK MP Says Government Needs to “Unlock Blockchain” to Increase Efficiency

A British Conservative Party Member of Parliament (MP) has released his report, ‘Unlocking Blockchain’, which advocates a public-facing chief blockchain officer to oversee the UK’s blockchain strategy, according to City AM.

MP Eddie Hughes made recommendations in his report urging Theresa May’s government to focus more readily on blockchain technologies, citing social freedom, increasing efficiency and the rebuilding of societal trust as the main areas of its use in governance.

The report was published by the Conservative party think-tank Freer, an offshoot of the Institute of Economic Affairs. It suggests that a long-term target of a 1% efficiency saving using blockchain tech should become its aim over the next year, saving up to GBP 8 billion on the 2017/18 budget.

Earlier this year, Conservative MP Matt Hancock delivered a speech to the Law Society commenting that blockchain technology would have a “monumental impact” on people’s lives in the future. The MP pointed out that in June 2017, the UK’s top ten publicly-traded fintech businesses crossed the 100-billion-dollar market at a value of GBP 71 billion.

He went on to illustrate that it was blockchain which was the most important emerging technology and that UK financial regulators were leading the world in encouraging innovation:

“Blockchain poses real and searching questions… What role do nation states have when setting frameworks for these decentralized, cross-border systems? And how do we address the challenges of smart contracts, when computer coding needs specificity and the law often needs interpretation?”

Hughes, clearly wanting to build on these successes, has suggested that the UK initiate an international blockchain competition to lure global companies to the UK market. He recommended that such a move would also promote local entrepreneurship and could be funded by businesses who would gain from raising national technological standards.

These voices from the conservative side of British politics continue to press the government towards a more proactive approach to examining how blockchain and its related technologies can improve and update UK’s data systems at the government level.

 

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