How Cryptocurrency Can Still Take Over The Internet: Part II

In a previous post I explained why most of the common criticisms of cryptocurrency (and Bitcoin specifically) are off the mark or are simply disingenuous. At this point, I would like to explain the real problem with cryptocurrency today and offer a fairly specific solution. Before I do, there is one more criticism that I did not address. It is so vague and yet it is repeated and used by anyone who is against the idea of a currency independent of central banks.

I am talking about the B-word i.e. “BUBBLE”. Bubbles are bad (except in a jacuzzi), right? But this is not a serious criticism. For one thing, bubbles almost always occur when a breakthrough technology reaches some level of public awareness. Internet stocks skyrocketed and then dropped more than 80% in 2000, development of railroads in the 19th century spawned one of the biggest investment bubbles (which goes by the historical name Railway Mania in Britain). By the way, note the deep similarity between internet and railroads, as they are both essentially transportation mediums (of information and physical goods respectively).

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