Post By Simon Montford on January 13, 2018
Last night's BBC Panorama: "Who Wants to Be a Bitcoin Millionaire?" was uncomfortable to watch because a lot of clueless, irrational, and ignorant people are being seduced by greed. Unfortunately many will end up losing their money when the cypto bubble bursts. It's very simple, don't invest in anything you don't fully understand!
The correction will come at the point at which there's a collective realisation among the get-rich-quick-erati that we are years away from the point at which blockchain is mature enough to deliver real value. Anyone who's tried to build a Dapp will know we're years away from mainstream adoption. When I mean adoption, I mean real-world applications - not using crypto-exchanges to flip tokens like they're Pokemon cards.
Bubbles are a necessary evil. They happen at the beginning of every major innovation cycle (trade routes, railways, computers, Internet, and now blockchain). Make no mistake Distributed Ledger Technologies will revolutionise every aspect of our everyday lives - but not today, not tomorrow, and not any time soon.
True innovators know this. They are busy working on building an entirely new distributed decentralised global infrastructure. They are ignoring the token flipping hype and are thinking 5-10 years out. When the down-cycle comes all the speculators will evaporate. Only the true innovators will remain quietly going about their business; solving big challenges such as scalability, cross-blockchain compatibility, and finding an alternative to the impending ecological disaster that is crypto-mining.
Trade routes, railroads, semi-conductor technology, and fibre optic networks generated vast amounts of economic and social value, and so will the blockchain revolution. In fact it will be the greatest value creator in the history of the world! Today's hype is therefore justified, but it's the misalignment of exceptions that's the problem.
This is not financial advice, but just my humble opinion.
#Hodl
Bubbles are a necessary evil. They happen at the beginning of every major innovation cycle (trade routes, railways, computers, Internet, and now blockchain). Make no mistake Distributed Ledger Technologies will revolutionise every aspect of our everyday lives - but not today, not tomorrow, and not any time soon.
True innovators know this. They are busy working on building an entirely new distributed decentralised global infrastructure. They are ignoring the token flipping hype and are thinking 5-10 years out. When the down-cycle comes all the speculators will evaporate. Only the true innovators will remain quietly going about their business; solving big challenges such as scalability, cross-blockchain compatibility, and finding an alternative to the impending ecological disaster that is crypto-mining.
Trade routes, railroads, semi-conductor technology, and fibre optic networks generated vast amounts of economic and social value, and so will the blockchain revolution. In fact it will be the greatest value creator in the history of the world! Today's hype is therefore justified, but it's the misalignment of exceptions that's the problem.
This is not financial advice, but just my humble opinion.
#Hodl
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