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Of Bitcoins and Blockchains: the Social Construction of Crypto

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Of Bitcoins and Blockchains: the Social Construction of Crypto OF BITCOINS AND BLOCKCHAINS: THE SOCIAL CONSTRUCTION OF CRYPTO-CURRENCIES A thesis submitted to The University of Manchester for the degree of Doctor of Philosophy in the Faculty of Humanities 2017 Thomas Redshaw SCHOOL OF SOCIAL SCIENCES/SOCIOLOGY 2 Contents Declaration and Copyright ..................................................................................................................... 4 Abstract ................................................................................................................................................. 6 Acknowledgements ............................................................................................................................... 7 List of Figures ......................................................................................................................................... 8 1. Introduction ....................................................................................................................................... 9 1.1 Networks and Crises .................................................................................................................... 9 1.2 Overview of Chapters ................................................................................................................ 15 2. The Strange Entangled Loop of Society and Technology ................................................................. 21 2.1 The Social Construction of Technology: Interpreting the social in design and development .... 22 2.2 Critical Constructivism: Interpreting politics in design and development ................................. 33 2.3 Actor-Network Theory: Reconceptualising ‘the social’ in design and development ................. 42 2.4 Strategies of Power and Sociotechnical Networks .................................................................... 52 3. Meanings, Designs, and Connections .............................................................................................. 61 3.1 Research Design ......................................................................................................................... 62 3.2 Phases of Research .................................................................................................................... 68 3.3 Overview of Data ....................................................................................................................... 78 3.4 Ethical Considerations ............................................................................................................... 87 4. Design and History ........................................................................................................................... 90 4.1 Cypherpunks: Bitcoin’s first relevant social group ..................................................................... 92 4.2 The ‘Block Chain’: Delegating banking to an algorithm ........................................................... 102 4.3 Bitcoin Becomes an Actor: Enrolling ‘miners’ into the network .............................................. 112 4.4 The Contingency of Mining: Neoliberal values condensed in design ...................................... 118 5. Adaptations ................................................................................................................................... 129 5.1 Namecoin: Adapting the Block Chain ...................................................................................... 131 5.2 Faircoin: Rejecting the Mining Incentive Structure ................................................................. 144 5.3 Interpreting ‘Freedom’ in Adaptation ...................................................................................... 162 6. Networks ....................................................................................................................................... 165 3 6.1 Co-production in Libertarian Networks ................................................................................... 167 6.2 The Enrolment of Bitcoin into Strategies of Power ................................................................. 193 6.3 The Irony of Cooptation ........................................................................................................... 210 7. Conclusion ..................................................................................................................................... 213 7.1 Strategies of Cooptation and Tactics of Counter-Conduct ...................................................... 214 References ......................................................................................................................................... 226 Appendices ........................................................................................................................................ 235 4 Declaration and Copyright Declaration: No portion of the work referred to in the thesis has been submitted in support of an application for another degree or qualification of this or any other university or other institute of learning Copyright i. The author of this thesis (including any appendices and/or schedules to this thesis) owns certain copyright or related rights in it (the “Copyright”) and s/he has given The University of Manchester certain rights to use such Copyright, including for administrative purposes. ii. Copies of this thesis, either in full or in extracts and whether in hard or electronic copy, may be made only in accordance with the Copyright, Designs and Patents Act 1988 (as amended) and regulations issued under it or, where appropriate, in accordance with licensing agreements which the University has from time to time. This page must form part of any such copies made. iii. The ownership of certain Copyright, patents, designs, trademarks and other intellectual property (the “Intellectual Property”) and any reproductions of copyright works in the thesis, for example graphs and tables (“Reproductions”), which may be described in this thesis, may not be owned by the author and may be owned by third parties. Such Intellectual Property and Reproductions cannot and must not be made available for use without the prior written permission of the owner(s) of the relevant Intellectual Property and/or Reproductions. 5 iv. Further information on the conditions under which disclosure, publication and commercialisation of this thesis, the Copyright and any Intellectual Property and/or Reproductions described in it may take place is available in the University IP Policy (see http://documents.manchester.ac.uk/DocuInfo.aspx?DocID=2442 0), in any relevant Thesis restriction declarations deposited in the University Library, The University Library’s regulations (see http://www.library.manchester.ac.uk/about/regulations/) and in The University’s policy on Presentation of Theses 6 Abstract Bitcoin is an open source software program that allows its users to make transactions directly over a peer-to-peer network. The design for Bitcoin first appeared in 2008, and has since given rise to various adaptations, or ‘crypto-currencies’ constructed using the same ‘blockchain technology’. The aim of this thesis is to investigate the social elements active in these construction processes, as well as the social networks emerging around these technical practices. The thesis first aims to contextualise these practices by outlining the broad socio-economic and technical changes that made them possible. Theoretical and methodological discussions are then presented in chapters two and three as a means to establishing a process for investigating new technical practices sociologically. The greater part of the thesis then focuses on four case studies presented across three chapters. Firstly, the initial construction of Bitcoin is analysed with reference to the community of ‘cyber- libertarians’ that collaborated on its design and implementation. This is documented in chapter four. Chapter five then analyses two adaptations of Bitcoin, Namecoin and Faircoin, focusing on the particular interests and beliefs that motivated the actors involved. Chapter six then discusses a network of Bitcoin users primarily based in the United Kingdom, and traces the overlapping changes in their motivations and practices, which serve to influence directions in technical development. Ultimately, as outlined in chapter seven, I argue that Bitcoin illustrates the ambivalence of new digital technologies. While on the one hand Bitcoin as a technology is shown to be adaptable and open to modifications in its function and purpose, on the other, the social groups constructing variants of Bitcoin are too shown to be open to influence from broader forces of social power. Understanding these social forces is thus imperative if we are to understand how technology and society shape contemporary life. 7 Acknowledgements This thesis could not have been completed without the support and encouragement of many people. Firstly, I am especially grateful to my supervisors, Graeme Kirkpatrick and Kevin Gillan. From the initial encouragement to carry out the thesis through to the timely phone calls as I neared completion, their continual guidance provided me with inspiration and motivation throughout. I am also fortunate to have worked within a vibrant sociology department at the University of Manchester, where I have benefited from many engaging, enlightening and fun conversations with staff and fellow doctoral students. I am particularly grateful to Nick Thoburn and Gemma Edwards for sharing their time
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