Very hard to disagree with that.
However, look at internet stocks. Back in the late 1990s and early 2000s you would have said the same thing about internet stocks. Now look at them, the wild swings in valuations have normalised and the idiotic businesses have all gone (mostly).
Yes, but cryptocoins are a largely unregulated industry (by definition they are, and should we one day need to ask permission at government level before we can create a new coin, we will all be damned).
That's why I don't believe that we will ever go out of this wild west phase we are in now.
I hope we won't. Because that's what freedom is like. This might go on for an indefinite time.
There will always be new coins, there will always be scams, but there will also always be gems among all the shit.
And the best coins with the biggest network effect will win (and winning in this context is "surviving the longest while maintaining value")
I say that in contrast to stocks, where you are simply not allowed (thru strict regulations) to do the many things of how we create (and anticipate) value within the crypto world.
(I believe that the normalization you see in internet stocks today has mainly come thru intense government regulations and not so much thru free market price discovery)
For example: Insider trading is fortunately not something we have to concern ourselves with in crypto business.
It is not even defined as "crime" because it doesn't make sense to define it as such.
In the contrary, it is a widely accepted practice and nobody has even a problem with that.
What is left are investors asking serious questions about cash flow, profit, added value, realistic business plans, etc; but most importantly, there is a healthy and growing tech sector that is part and parcel of everyday investment planning.
Yes, caveat emptor.
Be aware and act responsibly.
It's your money and if you lose it you are the only person to blame.
No need for government to take responsibility away from the consumers (and killing any innovation before it happens) so that we all can feel more secure,
no, instead let everyone just learn and recognize the immense possibilities that open temselves up over time...
And immense possibilites will alway pose a giant risk, obviously because of all the scammers and copycats,
but also because we just don't know which of all the possible players will have the largest network effect in the end.
The best most promising players might lose out (although they have fancy tech) simply because another player gets a better adoption and the people as a large mass don't like to change to new coins all the time.
(think QWERTY keyboard, and why we haven't had other keyboard layouts for 100 years, and probably never will have...)
Crypto needs to go through this exploratory cycle to find the core applications that are sustainable over the longer-term. But crypto itself is here to stay. Build a compelling proposition, a trusted infrastructure, applications with
longevity, and we can be here over the longer-term.
Absolutely, that's why I like spreadcoin so much, because it carries the principle of decentralization proudly as its most important rule of how it wants to do business.
And I can think of multiple extremely widespread services, that are in centralized hands,
for example
google,
youtube,
facebook,
etc...
Could servicenodes start and compete with the largest centralized search engine known today?
Can a large enough number of servicenodes (5000+) search and map the net and create a fast and secure searchengine that no single person or institution has control over?That's my kind of "reaching for the stars" goal!
And it has
DECENTRALIZATION written all over it in large capital letters.
Those are the thoughts I am having and researching.
Stay tuned.
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Great work Georgem!
