Wikipedia, the Blockchain, and LBO.

Wikipedia, the Blockchain, and LBO.

I was recently doing a bit of research on Blockchain technology when I stumbled across this YT explanation of the Blockchain and how it works.

The presentation has some pretty groan worthy moments, but overall it is a very good explanation of what the Blockchain is and how it works. That said, the part of the presentation that really stood out to me is when the presenter talked about centralized control, and how the internet is disrupting previously centralized institutions, and spreading that power out across the masses.

The example used in the presentation is Wikipedia.

I remember when I was in Elementary School my great grandmother gave my dad some money to buy my sister and I a Christmas present. Rather than buying something fun, my dad, being my dad, went out and purchased the 26 volume Encyclopedia Britannica. He was so excited about it, so much more than either my sister or I. But still, I remember looking trough the big heavy books and and from time to time learning something new and interesting.

All of that information was gathered, compiled, printed, bound, sold, and shipped by one company, Encyclopedia Britannica Inc.

Today however we have Wikipedia. An encyclopedia that is literally up to the minute accurate, that covers a wider scope than those at the Encyclopedia Britannica ever thought possible, and all for free! How can they possibly do it?

Because Wikipedia is not run by one company forced to hire writers to gather, compile, print, bind, sell, and ship. In fact there is no central authority, Wikipedia is the amalgamation of all the data compiled by people all over the world. And while there are the occasional pranks and mistakes, on the whole Wikipedia may well be mankind’s greatest source information and knowledge.

But its not just Encyclopedias, its everything!

Bitcoin has the potential to decentralize banking, YouTube decentralizes content creation, Twitter decentralizes opinion making, and maybe, someday, LBO will decentralize the prices we pay for the things we love.

We at LBO believe that when the collective market sets a price, everyone is better off. Producers sell more goods, and consumers get to buy the things they want at a better price. That is crowd pricing, and it is what makes LBO the most interesting place to shop online.

So what are you waiting for? Come join the effort to put prices in the hands of the people.

Happy Offering!

-Alex