P id (most) recent crypt crash, want to jump on the step of a skeptic.
The Financial Times recently written The moral case against Crypto, saying that crypto-evangelicals “hope for the‘ bigger fool ’… continue to believe … in lies and continue their dishonest schemes”.
This week at the Evening Standard Andy Bell, founder and CEO of a leading investment platform AJ Bellsaid, “It’s not helpful, you’ll never find that I’m defending the crypt, it’s fresh air and promises. People have invested in good faith. They lost their shirts, pants and panties. “
But when money is lost, it’s easy to point the finger. Therefore, recent developments should be considered in perspective.
So versatile has the Internet become so we can forget his days of the wild west. Due to the collapse of dotcoms, individual investors lost $ 5 trillion by investing in stocks (yes, stocks).
But we all know what happened next – huge investments in technology companies created the infrastructure and the foundation on which the modern Internet was built.
Compared to dotcom losses, the current total market capitalization of the crypto market is just $ 1.2 trillion, losing about $ 1 trillion in value since the fall of Luna.
But is there any reason to think that cryptocurrencies have a positive future? Is there a long-term value of the underlying technology that can justify a more bullish view?
To answer the first question, one should compare online acceptance rates and cryptocurrencies. The World Bank, Crypto.com and others, such as Deutsche Bank, have proven that acceptance rates are very similar.
The cycle of technology-driven hype (as we recently witnessed in the crypto and felt in the dot-com bubble) is nothing new – those interested should explore how railroads were built, or indeed today’s telecommunications infrastructure. The excitement cycle stimulates the adoption of useful technologies in the long run.
But what is the use of a crypt? Nowadays, most people have heard the term Web3, which refers to the next generation of Internet based blockchain. Web3 promises an Internet where users own and control their data, reducing the risk of third-party use.
In Web3 users will be getting fair money for using the internet (yes, you could be getting paid for surfing the internet) or choosing to share data.
Blockchain is a mechanism by which interactions are tracked and a record is provided that can be kept privately and securely. It provides control over your digital footprint. Crypto assets are a mechanism for capturing value in this future state.
Some of the world’s most successful investors believe in the vision, like Andrees Horowitz, who just doubled his commitment to investing in cryptocurrencies and compares the long-term opportunity to “the next big cycle of computing” after PCs in the 1980s. Internet in the 1990s and mobile computing in the early 2000s.
Sure, there will be cycles of hype, ridiculous approval of celebrities, crypto-brothers and random sad monkeys that need to be endured, but I think this is a future we can all go into. Isn’t that right?
Phil Holbrooke is the CEO of Bond180 and a technology entrepreneur
Don’t hate crypto, this is the future of the internet
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