As we watch continuing volatility in cryptocurrency markets, I have watched with some interest as "bitcoin academics" (those who sang the praises of cryptocurrency & its supporting blockchain applications) have fallen silent.
Their silence is troubling.
It is troubling because "bitcoin academics" contributed to the hyping of the underpinning architecture, which remains rife with negative externalities, such as heat generated & energy consumption.
It is troubling because "bitcoin academics" failed to consider the social challenges posed by plugging unproven currencies & markets, such as deep investments by people from poor & disadvantaged communities.
It is troubling because "bitcoin academics" appear to have not thought through the risks associated with volatile trading markets & the attendant economic problems that come with their failure.
It is troubling because "bitcoin academics" have not stepped up to take responsibility for their research's social & economic implications & their advocacy for what increasingly looks like "tulip bulbs in 1636."
Too often, I have heard "bitcoin academics" & their ilk suggest that academic work doesn't matter - dismissing responsibility - or refusing responsibility- "because they aren't curing cancer" or something similar.
As the current crypto meltdown unfolds, as billions of dollars evaporate, it is time for all academics to revisit the notion that what we say doesn't matter.
We matter.
We change how people think about the world & their decisions about what to do next.
What we do next matters.
As academics, we have a responsibility to think through our research & the implications of our work. What we do is not value-free. What we do has a real-world impact.
As academics, we can no longer say that our words don't matter. Our words shape expectations about what is possible. What we do is important.
As academics, we need to own the challenges & opportunities our work creates. When things go wrong, we need to work to improve awareness & understanding of problems tied to our work.
We need to infuse that understanding into how we train our students.
What to do in the present?
As a first step, "bitcoin academics" need to step up & take responsibility for their role in creating the hype cycle that has taken from so many people their life savings, destabilized markets, & even cost lives. They need to acknowledge that they don't know what is coming next.
And as a second step, all academics need to turn to do what we do best, study the meltdown, understand its implications, & share the possibilities for mitigating the damage to lives that is unfolding in front of us & opportunities to make sure it does not happen again.
Academics hold a special role in society. We are the conscience, the dissenters, & the optimists. We need to live up to all parts of that role.
Thanks for listening.
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