LinkedIn co-founder and PayPal Mafia member, Reid Hoffman, released a rap video describing the competition between crypto and central bank currency.
Rap battle, decentralized vs. centralized
The rap video starts with the representation of Alexander Hamilton and Satoshi Nakamoto. Hamilton is a US Founding Father and the first Treasury Secretary while Satoshi is the man behind Bitcoin. Hamilton was a staunch advocate of centralized control of monetary policy. In the video, Hamilton and Satoshi square off on the advantages of decentralized and centralized currencies. EpicLloyd plays Hamilton in the video while Timothy DeLaGhetto portrays Satoshi.
Hoffman, who is also a partner at Greylock, is a Bitcoin enthusiast and his interest in cryptocurrency dates years back. He, however, doesn’t consider himself as a classic hater. As a pro-government individual and someone advocating for a well-run society, he believes that some cryptocurrencies will soon succeed. He says they will because they are putting in place measures that the world needs.
The video is a product of YouTube Channel Rhyme Combinator, renowned for producing comic rap battles, in collaboration with Greylock. Hamilton and Satoshi take on each other in front of a high profile audience made up of cryptocurrency players. Present in the audience is Blockstream CEO-Adam Back, Xapo CEO- Wences Casares and ZCash CEO-Zooko Wilcox. They are frowning as Hamilton tries to persuade them.
Video to draw online discussion around cryptocurrency
The video is a contribution to the online discussion regarding the future of currency, but in rather a comic way. The rappers exchange ideological lyrics regarding which is the better option between centralized and decentralized currency. Hamilton highlights downsides of Bitcoin such as scalability issues, energy consumption, and high transaction costs. Satoshi raps about how financial institutions can require taxpayer bailouts as well as how untraceable cash can promote crime.
The rap battle is an idea of Hoffman, who drew inspiration for the Tony-winning musical Hamilton. Greylock has investments with Coinbase as well as Proof Capital which is a blockchain venture fund. Hoffman indicated that the video is an investment in the discussion surrounding cryptocurrency. It aims at limiting the slander crypto receives and ensure there are sound discussions between crypto players and financial institutions.
Hoffman adds that people who have little information about crypto are wary of its use in facilitating crime. Other concerns include possible use for other malicious activities and the huge consumption of energy. Hoffman advocates for a discussion regarding the future of cryptocurrency. Despite the competing notions about futures of centralized and decentralized currency, there is nonetheless a need for discourse.