Bitcoin is like the internet in the 1980's

in bitcoin •  11 days ago

At least according to Brian Kelly of CNBC's Fast Money.

In a statement on Friday, Kelly said that he used to think that Bitcoin and the cryptocurrency boom was similar to what happened in the mid to late 90's relating to the internet.

Saying things like this:

“I think this technology is going to work, it’s going to be game changing, but it’s very early days, so we can have this massive volatility.”

(Source: https://cointelegraph.com/news/cnbc-fast-moneys-brian-kelly-bitcoin-is-like-the-internet-in-the-1980s)

However, upon traveling around and talking to a lot of the developers in the industry, he now thinks that the situation is morely closely related to the internet in the 1980's.

What does he mean by that?

Well, in the mid to late 1990's there was a major tech boom, referred to as the dotcom tech bubble, you may have heard of it.

Basically, it happened around an underlying technological revolution known as the internet.

Any company that was doing anything relating to the internet suddenly had money being thrown at them from every angle as investors wanted exposure to this revoluationary technology.

The net result ended up being sky high valuations for companies that really had nothing more than a way to possibly generate eyeballs but not much else.

When profits proved to be much harder to come by for most of these companies, the air was let out of the space, and all the company's market values came crashing down.

Similarities to now?

Many people refer to what is going on now in the crypto space as very similar to what happened back then. The only debate has been what part of the cycle we are in.

Whether that be 1995 or 2001.

However, with Kelly saying that we are currently much more similar to the 1980's related to the internet means that we are still very early in the adoption cycle.

In fact, we are so early that the rules are still being written.

(Source: https://www.interfacett.com/blogs/comptia-series-a-technology-timeline/)

If that is the case, could the resulting timeline be sped up?

I am not sure I totally agree with him that we are that far back, but he makes some good points.

The difference perhaps could be that now, if we are closer to the 1980's in terms of adoption, things will reach their peak much faster than they did in the late 90's.

Meaning that yes we could be earlier in the adoption cycle, but once it starts progressing, it won't take 15-20 years to hit it's euphoria moment like it did back then.

Perhaps once that snowball gets rolling it will happen in a matter of a couple years instead of decades?

Interesting to think about...

Stay informed my friends.

Image Source:

https://cointelegraph.com/news/cnbc-fast-moneys-brian-kelly-bitcoin-is-like-the-internet-in-the-1980s

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Everything starts as a beginner and beginners face a lot of difficulties. Once bitcoin grows it will be very successful.

Good blog! Keep up the good work 🤗

it's the same investing in battery stocks rather than investing in oil, since electric car would be the demand for the coming few years. :)

Correction....Blockchain is the internet of the 1980's

That would make Bitcoin AOL.

Logged into AOL lately?

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That was the quote from Brian Kelly, and yes there is no guarantee something better doesn't come along at some point...

It's like 1980's but growing at 10x the speed lol

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It certainly could be.

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Ironic indeed!

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Weird how that works, right?

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Singularity 🤔

I haven’t heard this before but it’s an interesting take. I feel we have far too many worthless coins atnpresent, much like companies in the tech boom so I would say nearer 90s than 80s but I do agree when things move it will be much quicker than the 20 years it took the internet.

I remember when we got our first PC with Windows 95. Back then maybe 30-50% had a computor, at least in Sweden. This will not happen to crypto in a few years so comparing it to the 80s is probobly more accurate, maybe late 80s even. Great post!

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How long do you think until the majority have crypto like they do a PC?

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I think by 2020 30-50% will have crypto. So it takes 2 years to adapt what took 10 years in the 80s

The future of cryptocurrency is bright and cryptocurrencies are trending all over the world as the internet payments have been accepted by many companies. Cryptocurrency is trending payment and investment asset just like how people invest in mutual funds, real estate, market shares, silver, and gold nowadays. More investors are interested in investing their money on these cryptocurrencies, and the increased demand of cryptocurrency has increased its prices a lot.

It is important to note that it is not late to invest in cryptocurrency. However, the fact is that we can invest more in Bitcoin because its price has already touched the sky. That’s why we have to choose the cryptocurrencies with low prices and will increase in next couple of months, years.

Much too broad of a range, also in the 80s none of the big names were around. I think we are in the early nineties, maybe 1992 to 93. Name me some internet companies from the 80's? I hope Bitcoin, Stellar, Ethereum and a few other ambitious projects are still around in a generation.

Yeah nobody undestands it

Cryptocurrencies are really a game changer and revolutionary. The true power of cryptocurrencies are not yet known by us and It will take couple of years to realize the full potential because as said in the post it wouldn't take another 9 or 10 years to fully develop techonology as it was in the case of "Internet". At that time there were no available resources and computing power available to realize the potential of a technology. In today's world we have lightfast supercomputers, it will only take an another couple of years to fully develop it.

Slowly people are coming to know the power cryptocurrencies gives to mankind. It is like socializing the money. No single controller. As people start harnessing its power, then slowly the demand will definitely increase and the prices will really sour. The mountain of prices that bitcoin has made recently today seeming very big today, but in some years it will appear very small.

now bitcoin is growth time
thanks for share this valuable post

very good thinking!! i approve!!

I finally understood what the dotcom tech bubble was about.

I think cryptocurrencies will just go up and down like a roller coaster and won't really pop like a bubble because it is being actively traded.

This is an infant trying to crawl..We have just begun to see what this technology and currency will bring to the world.
I think we will crawl then leap up and run with the way technology advances today. Great post!

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We will all be multi multi millionaires! lol

The story repeats itself.

I agree with what brian kelly has to say. Adoption rate is still too low. A new security has been created in a way in the form of tokens. There is no regulation.

On the development front, bitcoin, after 10 years is yet to see scaled adoption or a use case. We are still seeing innovation to increase its use case. For other projects, their tokens are valued at billions but no product out or userbase for most of them, the actual equity value may be a lot lower.

And so far companies are only talking about exploring blockchain, it will be a bubble when santander's dubious ripple app becomes mainstream or when mastercard claims to be rolling out decentralised services. Or when the use of 'blockchain', as incorrectly defined by most centralised companies, leads to blockchain products being rolled out left right & centre.

So far we are nowhere close to a bubble. The internet and www of the future is still in early stage development.

Well if we think of it that way then it is is kind of fact that he is probably stating the obvious .It sure is a revolution and the as the history is also stating it.We might in the early stage where people are fearing the existence of BTC (Crypto) as a bubble.

Well hope in the near future all these questions will be answered !

Bitcoin is like the Internet
At least as CNN's Fast Muni Brian Kelly,
In a statement on Friday, Kelly said that she thinks about Bitcoin and Cryptocorte Bom, what happened in the mid-90s related to the Internet.
Saying like this: He now thinks that the situation in the 1980s is more closely related to the Internet.
Well, in the mid-1990s, there was a major technology revolution, known as Dotcom Tech Bubble, you've probably heard.
Basically, it is an underlying technology revolution that spans the Internet.
Maybe the difference may be, if we are near adoption in the 1980's, things would quickly reach their peak at the end of the 90's.
Perhaps Snobblal is cast once, will it happen for couple instead of a couple?
Interesting to think
Curiously, due to the Internet
I think when we got our first PC with Windows 95, at least at least the computer was in Sweden. In Crypto it will not happen in a few years, it is probably more accurate than 80, even at the end of the 80's. Great post!
It's trying to crawl a child. We have now started to see what this technology and currency will bring to the world.
I think we will move then and technology will be run today in progress. Great post!
We all are multi millionaire!

U5dt8BFauhjGURqh8Rn38guHXV9gmrZ.gif

Hahaha true bitcoin is playing games with us and that hurts 😔

Your post is very good!

Follow Me @cryptopay-blogBitcoin cloud mining HashFlare

I do believe that this is true but there is one big difference according to me. Back in the internet bubble it were more companies who did invest in the dot.com companies. With crypto it are more the regular people who are the early investors!
Besides that everything goes a lot faster now a days! So the bubble could come sooner than expected! Which is not bad, trust will increase when the shit coins will get eliminated!

Yeah, the way internet gave birth to so many websites, crypto currency is giving birth to new coins and projects !!!

The relation between these both does make sense.

I HOPE Brian is right because if it happens in future, we all are going to enjoy some serious benefits :) :D

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I'm a programmer and when i find out about blockchain technology i knew it that someday it will be life changer. Its to big and have verry big advantage - Decentrailzation!

Almost forget. Good articel - keep going in that way!

A range is very broad, also the 80s big name was around someone. I think we were in the early 90's, probably from 1992 to 93. Did I drop down some internet companies from 80? I hope Bitcoin, Stella, Atharium and some ambitious projects are still near a generation
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Bitcoin is the real future of investment... Please I need you guys up vote on this please: https://steemit.com/cryptocurrency/@andymandy01/all-you-need-to-know-about-cryptocurrency

Can't argue with that…

That’s interesting news. Ohh! I am so excited. We are early adopters and if it becomes as big as Internet, we are gonna be millionaires. I can’t wait to see when will it happen.
Cheers!🍻

There are a lot of similar stuff to internet in the 80's, but i personally think that this is a bit different. The technology is new and almost perfect. Today we see that we are having yet lighting networks, small fees. Crypto is yet integreted in over life. Ofcourse is not that popular yet, but crypti is solving a ton of problems so the successes is garantued. The crash was, because we had a hype and after anti-hype so a lot of people think this is a scam. What talking about finance institusions that tries to destroy over crypto world. I think and i personally now this is the future so let's support it. What about you guys? Do you agree whit me? Have a good day!

Bitcoin is the biggest option in a internet worker.at a time it is very important every internet business man.i hope every beginner and beginners look it.

Great article and very informative, thanks for sharing. I've smashed the upvote button for you!

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just how early are we in this space

Never thought about such a comparison! This kind of posts inspires newbies (like me). The thing that inspires me is crypto-projects in gamedev like Decentraland, Etheremon, Playkey (with their token).

we did better, at least we seen more on internet compare those 70's

I predict 2020 will be the year the true crypto bubble will pop. By this time legislation will have clear regulations and enforcement to stop scammers. The bad ICOs will die out and the "Amazons" and "Googles" of the crypto world will rise up.