By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine.Famous words of Nobel Prize winning economist Paul Krugman, back in 1998. Now economics correspondent Jesse Frederik treats us to similar wise words about the Blockchain. Maybe he has a Nobel Prize in the offing, too. ------ Look, @Lineman7, there's no question that Blockchain is looking for a use proposition that makes sense. There's also no question that a lot of uses being touted as "blockchain" are just a gussied up versions of a ledger. It might surprise you to learn that that's a criticism laid against a great many projects by the crypto community itself. On the other hand, Bitcoin is the indisputable use case for Blockchain, being the protocol Nakamoto created for Bitcoin. It's possible - and some "Bitcoin maximalists" assert it's certain - that Bitcoin will finally prove to be the only use case for the 'chain. Maybe, but it's simply too early to tell. These are early days. Ten years in the development of a fundamentally new technology is nothing. What's going on today in the crypto and Blockchain space is very much like the 1990s when a lot of projects were started up, and a lot of efforts were made to create enterprises on the 'net that sucked up lots of investor money and failed. We had a dot-com bust, remember? That's why in my opinion we'd all be fools to NOT expect a crypto bust that'll shake out the fakes, scams, also-rans, and truly good ideas that are just too early to succeed. Because certain technologies require certain densities of use before they can succeed. Facebook, for example, would not have succeeded while AOL was still announcing "you've got mail!" There just weren't enough people online and interacting online, and the bandwidth was way too thin and transmission speeds were way, way too slow, and a lot of dads were telling their kids there was no good reason to spend money on a silly computer, not when the telephone is hanging on the kitchen wall and Encyclopedia Britannica is gathering dust on the book shelves. But the underlying structure of the Internet was solid, and after the shakeout, along with advancing technology and infrastructure build-out, came the myriad of uses we have now so integrated into our lives that we can't imagine not having them. Bitcoin is the current equivalent of the Internet of the 1990s. It is still scaling up - that's the very thing that makes it an asymmetrical bet. Imagine if you could have bought Apple or Google or Facebook in their first years. That's the potential in putting a few hundred dollars in Bitcoin and, with less certainty, perhaps a handful of other coins. Don't mortgage the house; don't invest the kids' dinner money; don't put in so much you can't sleep when the price drops 10 or 30 percent. But don't put nuthin' in, either. As Bitcoin scales, as more people get curious enough to explore it and dip their toe in the water; as more financial institutions and hedge funds and family investment firms take the time to understand what Bitcoin IS, rather than what pundits and talking heads paint it as, and buy in; as government regulatory agencies sit up and take notice and develop rules and guidance to regularize what was a virtual "Wild West" just a few years ago; as Bitcoin takes cyclical hit after cyclical hit and comes back - as all that happens, its resiliency is increased and the human density Bitcoin needs to fulfill its promise grows. The day will come when people don't buy Bitcoin as an investment for the future, and don't sell it to get some fiat currency or another, but earn it the same way we now earn our respective national currencies; and spend it the same way we spend currency today. That won't happen until it becomes more mature than it is today. But that will also be the day when the opportunity to make a significant gain on an early-days investment will be over. Will there be any other use for Blockchain? Who knows? Personally, I think so. There are technical characteristics of Blockchain that make it perfect for maintaining immutable chains of custody. That's a good thing; it's not good, or even necessary, for everything, but even today there are good, embryonic use cases. People who dismiss Bitcoin and Blockchain because they don't understand it, or can't imagine the world will be distinctly different after such a foundational technological innovation takes hold are just so Krugman 1998. Doubters are welcome to dismiss it all, of course. But that won't stop the change that's already setting roots and changing the world. Not even if a Nobel laureate, or an economics correspondent, declares it folly.
Hey Granny, so good to see you here. How the hell have you been? Peace BOB
^ There are powerful globalist interests that want you to believe that the problem is “the dying of our biosphere and climate change”, but the problem is them and their false narratives constructed on webs of lies that want you in a defeatist mindset thinking there’s nothing you can do and that all other problems (the real ones) are small in comparison and ultimately don’t matter… or even better yet, have you believe the NPC narrative that all problems are caused by Trump and majority groups (white people, men, heterosexuals, cisgendered, Christians, conservatives(/small govt people), etc) and troublesome minority groups (“conspiracy theorists” of all stripes (except maybe some like flat earthtards), people who won’t toe their unreasonable covid demands such as mandatory mask wearing in the outdoors at all times, political groups and politicians who don’t toe the line, doctors who tell the truth about HCQ, truth-based internet discussion such as what we do here, etc etc).
Agree with VTGothic. Bitcoin is one of those things that will be more painful to miss than to lose some money on. I just want to participate.
Yeah, tbp. The data I see out there on soils, fish populations, forest cover, climate, wild animals and plants, pollution, my own personal experience all says otherwise.
If you let go of the denial that something bad is happening for life on this earth and focus instead on what those powerful global interests want us to do about this crisis, you might find more agreement.
We built our home on 56 acres of forested land in 1990. In the early years, it was a delight to see coveys of quail, flocks of wood ducks on the pond, chuck-will-widows in the woods, fire flies in mass, gold finches, snow birds and pine siskins covering the ground in winter. Most of these little lovelies no longer adorn the home place. We miss their unique beauty. We are fortunate to have a great variety of wood peckers due to the dying trees. Summerville,SC.
I have looked at the families of origin of the last three Fed governors prior to Powell. I discovered one important similarity: membership of the tribe which came out of Egypt under Moses.
There is an understandable fear of Gentiles by the people of this tribe particularly after Hitler. To prevent Gentiles from destroying them with their superior military firepower, it would be necessary to weaken their nations.
There is no better way to weaken a nation than to corrupt its currency. Is the gigantic dollar printing a way to weaken the reserve currency of the almost entirely Gentile world of nations? Who would be in a better position to do this than those in the Fed, who fear Gentile domination?
If totalitarianism accompanies the blowup of any fiat currency, how does buying cryptocurrency or even precious metals gonna save us? The Powers That Be have tech wizzes too, plus military backup, and so can pretty much do as they like. Our wealth, whatever its form (including hard to reach farmland), can be confiscated. Best be out of the country but how many of us can manage that?
So I fear a misguided government more than an angry mob and I don’t know how to change that as voting seems a joke.
People who advocate for this or that strategy don’t talk about government confiscation much, if at all. It’s the ignored elephant in the room. How come?
I am a farmer, I am indentured to my land thru property taxes. I do expect to be further indentured by society/gov. as one who has the means and ability to produce in the form of commodity confiscation.
Mr. Farmer, you are hereby expected to turn over some portion of your commodities to the society for their use and your security.
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