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Like clearinghouse associations, the blockchain technology will further stabilize the banking system.
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Is there a bubble in the ICO/blockchain startup space? Short answer: yes. Long answer: still yes, but it involves very little of the irrationality most people associate with such things, and shows just how important the underlying blockchain technology truly is.
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Blockchain is a technical innovation. But it is not an innovation in how we aspire to live. There is a big difference. The blockchain allows people to achieve something we have always wanted to do but haven’t been able to do until now. The stone money on the island of Yap is an example.
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The bursting of bubbles can make insutries stronger.
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What Bitcoin and other blockchain-based cryptocurrencies do is allow transactions to happen in places where trust previously would not have been possible.
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Think about how many brilliant ideas may have been squashed because a would-be inventor was either turned down by traditional gatekeepers of funding, or because they lacked the network or social capital to even initiate the process.
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Had the state-backed systems of money and payments been working properly, and had been upgraded to work in the digital age, there would have been no need for crypto in the first place. This is the point that official organs will never admit.
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A few years ago, Bernie Sanders uttered a passing comment that elicited howls of laughter among believers in competitive markets. “You don’t necessarily need a choice of 23 underarm spray deodorants,” he said. Today, many people are saying the same thing about cryptocurrencies. Why so many? What’s the point? Why not one only or, actually, what not just stick with the dollar? The point is that we need a rivalrous process with free entry to discover the better way to do money. And we need this process to run forever.
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Much progress has been made. And, yet, there is still much room for improvement.
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Nobody should celebrate a system of money and finance in which government controls the on-ramps and off-ramps based on political loyalties. That’s proven to be a very dangerous system. What we need is a censor-proof technology that can make prosperity possible for ever larger swaths of humanity. That’s not “evil”; it’s gloriously good.
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The bubble in comparing Bitcoin to the tulip bubble has gotten out of hand.
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We place our trust in financial intermediaries because they have made costly investments over time to engender that trust. Processing payments on a blockchain essentially avoids these costs.
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