In Praise of the Cryptocurrency Bubble
Last week I was in Token Fest in San Francisco. It's really a "fest."
The evening before a cocktail was opened in a VIP party. The following day, a widespread clothing show of the band and dancers of the Marachis led to the first waves of 1,800 attendees in the theater. Despite regulatory losses, many kryptos-asset prices, token projects and ICO fundraising programs have continued to grow despite a serious correction.
It was late for the late 1990s.
And, in case you're wondering, the ways I understand are the very best.
I do not think the phenomenon of end-millennium "Pets.com" is a structured task, even if the people who lost their shirts did not agree with me during the dot-com bubble. And I apply the same positive feedback to the current Crypto Bubble. (Yes, it's a bubble, people lose money, many coins die, not FUD.)
One way to look at the current bubble is through the Venezuelan theorist Lens about the interaction between technology and capital markets, the interaction between technology and capital markets, called "Technological Revolutions and Financial Capital: The Dynamics of Buttons and Golden Ages". Needed to be part of the economic dynamics, of course, bubbles - and their inevitable collapse - she is perfect.
Speculation technology is a disadvantage of transitional periods. Whenever a new technology has a wider-enough acceptance promise, it can redefine its core aspects of how our economy works and people start screaming on it.
It is the same with the advent of railroads, electricity, and the Internet - the second dot-com boom manifest. No one yet understands how these tasks will learn new things, and they will not have any idea what the winners do. What they think is happening bigger. So the community is actively engaged in this wild, sparse speculation.
That is, I believe, what is happening now.
The good news is, then, in some areas of the crypto bubble, it's a major consensus in the mainstream economy, although it's still a newborn, all-excited about the technology actually has a strong commitment.
Unfortunately, for most investors who have invested heavily in imaginary tokens - there's no doubt you - the bubble burst before it can properly unlock the technology's in-depth ability, and more painful.
Here, the dot-com bubble information. Even more advanced analysis of the traumatic event has contributed to the development of internet.
The inexpensive capital, initially invested in emerging projects, and many steam -Pets.com, Boo.com, Webvan, and so forth - helped pay for future Internet-built infrastructure.
Paid money for rollout of fiber-optic cables went into 3G mobile technology R & D and funded large data centers. The "stuff" is still available at deeper discounted rates for developers after the bubble burst. It started all the subsequent issues: smartphones, social media, algorithmic search, cloud computing, e-market places, big data, etc. Sharing and platform economies have been made possible by this infrastructure.
I'm going to do something like this now. No physical infrastructure is built. This is social infrastructure.
Tokokan, which is part of the current investment mania for ICOs, encourages the creation of co-operative networks of developers and entrepreneurs. Together with new ideas coming up, each one is iterated before. These ideas form the future's decentralized economy.
In particular, these ideas are coded in open source software that everyone can access. So, future developers have created the code they like and the new mixed technologies - future key cryptography, merc trees, hashcash and peer to peer system design - built by bitcoin on a series of technologies that preceded the Savoyi Nakamoto.
The code is public scaffolding. And most of it is currently being built.
Some of the business models that have been developed for post-dot-cum titans are estimated by Amazon, Google, Facebook, Apple, Netflix, Uber and so forth. It is an open source, extensible platforms beauty. They will be able to implement and develop new second and third-layer technologies.
Well, now we're putting more of that open-access platform, and we can apply infinite imagination to what's going on. We can imagine a decentralized superstructure, in which the centralized internet ghettometh is in harmony with the interruption, and their data-hogging patterns repeat.
I have no idea who will be the winner in the future decentralized economy. But the frame for those ideas has now been made.