RE: Exponential functions! Or why you probably still massively underestimate Steemit.com. No, you probably don’t really understand them!
thanks much appreciated!
I think it is one of the more important concepts to understand when you are looking at technological change. You can severely underestimate these trends even while you think you are optimistic. Of course, this does not mean this growth rate will keep up or where it will end, but I hope to show people how it can go really far really fast. As to how far? Check out this graph about the relative size of e.g. Bitcoin vs all money. (picture is outdated already, ,cryptocurrency is now 100 billion, more than silver, it looks like and still a lot less than gold and all the paper money in circulation!
http://www.marketwatch.com/story/this-is-how-much-money-exists-in-the-entire-world-in-one-chart-2015-12-18 From Marketwatch.com
Now cryptocurrency is still a long way away from being a valid alternative to paper money. It will take a few breakthroughs to achieve that, but at least as an online payment form, and that is where everything is going it might become viable very soon. Which particular cryptocurrency will win though and which will lose?
Thank you for sharing that chart on Marketwatch. As for an alternative to fiat it seems that presently Blocksize and scalability issues is the biggest obstacle to more adoption for the biggest crypto's.
From what I understand Steem and Bitshares has overcome that hurdle with the implementation of a Graphene blockchain. Litecoin's Segwit activation is another project to watch. It will be interesting indeed to see which crypto takes the lead in the payments space. Payments is the foundation and springboard, like email was to the internet, that will help other projects succeed.