This is an opinion editorial by Patrick McCaughey, a live music aficionado, Bitcoin advocate and pragmatist living in western Massachusetts.
Humans are innately social creatures. We enjoy meals together, we exchange ideas with one another, and when the time is right, we set our soul free and surrender to the flow of living in the moment with like-minded beings. We are, after all, just swimming in this real thing we call life. As technology progresses with exponential rapidity, the methods we use to communicate and share information are going through a dramatic shift. Our trip may be short but we have come a long way in just a few decades of technological innovations. These innovations are paving the way for a new frontier of connecting with our fellow humans: new ways of exchanging ideas, storing information and transmitting value are shattering the legacy systems that have for far too long been the status quo. If we can imagine it, we can build it — and if we can build it right we have the ability to conjure up a world that values truth, fairness and a chance at an equitable future for all. This bullish sentiment relies on a rather large assumption, however: That we will maintain constant access to wireless communication via a robust and decentralized network.
On Friday, July 23, I attended my 64th Phish concert. The venue was a first for me: Bethel Woods Center for the Arts in Bethel, NY. Bethel is most widely known for being the location of the iconic Woodstock Festival in 1969, the largest music festival in modern history which drew some estimated 400,000+ attendees (unless you ask Trey Anastasio). The area is drenched in cultural history, and the surrounding landscape is as picturesque and breathtaking as you could imagine. Despite over 50 years having passed since this legendary event, the little patch of rural America it took place in felt as though it was untouched by the passing of time. For better or worse, this largely agrarian community of the Catskills has yet to catch up with the speed of connectivity that city dwellers have become accustomed to.
While unexpected, I didn’t really think this would pose too much of an issue. After all, there were no mobile communication devices in 1969 and they seemed to do just fine. But then I began thinking about the logistics of the night ahead of us, and how our society is ever closer to being reliant on uninterrupted Internet access in order to participate. Lyft, Uber, Instagram, Twitter, SMS messages — all of these services would soon be more or less unusable. While we easily booked our Lyft from the hotel’s WiFi, once it came time to fetch a ride back, we had no hopes of booking a return trip using any of the modern apps we take for granted, let alone the ability to call a cab.
Phish Lot: The Last Remaining Unfettered Free Market
Upon exiting the show we were immediately greeted with scents and subtle sounds, like colors in the landscape, and textures of the town. Hot butter was sizzling on a grill, a crisp ‘77 “Eyes of the World” was roaring from a vendor’s speaker, and the whirring hiss of nitrous oxide seemed to envelop our every moment. “One for $10, three for $20, ice cold!” announced the vagabond gas salesman. Some attendees lined up and happily gave his asking price, while others tried to negotiate, “How about four for $20? No? Okay, five for $25?” This is a common phenomenon in the world of Phish, a scene that is more akin to the Wild West than it is to a traditional shopping experience today.
This is price discovery at its finest. On Phish Lot, there are market dynamics unfolding before our eyes that are rooted in pragmatism and first principles. Free markets may not be the be-all end-all way to approach everything, but they sure are efficient. No calls, puts or leverage about it, this was a raw unadulterated spot market, and we were here for it. After running into a few friends, saying our goodbyes, and indulging in a balloon or six, we…
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