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Phil Richardson

Phil Richardson

CEO at Take The Step Ahead Inc.
10 Following1 Followers
  • I agree with Frank Speiser: "We’ve been through this before. It’s easy to classify an entirely new shift as “useless” in the stage where the early (and very much experimental - and sometimes downright stupid) use cases are washed away.

    Some of us remember 2000/2001. When the web was “just a phase”

    I agree with Frank Speiser: "We’ve been through this before. It’s easy to classify an entirely new shift as “useless” in the stage where the early (and very much experimental - and sometimes downright stupid) use cases are washed away.

    Some of us remember 2000/2001. When the web was “just a phase”. Renowned economists professing that the web wouldn’t exceed the distribution of the fax machine. If we were all looking at a map in the technology cycle, we’re standing inside the circle right now that says “You Are Here”.

    Let’s handle the spreadsheet / database critique first. A database or localized document usually works on a “least-priv” model. You only get access if you are on the inside. A blockchain, by and large and with a few notable exceptions, is open for public inspection (and for the engineers and scientists here - possible ridicule). The real businesses which use blockchain for its ability to be transparent and open are just now getting off the ground and coming to light. To hammer the entire industry and ecosystem right now would be like saying Amazon Prime will never work because Cosmo.com once innovated in the delivery space.

    Secondly, regardless of the ratio of wealth concentration on the crypto side, fixed supply crypto monetary bases will tend to drift towards wide distribution, whereas fiat currencies can always reset the table by printing more M1 style money. Comparing a monetary base that is 10 years old and in the adoption phase to fiat systems in use (and not tied to either math nor commodities to manage supply) for generations is an irresponsible comparison at best.

    It’s important to understand the contract ability along with a crypto or blockchain offering. The contracts being unfairly called “pseudo contracts” are really just the result of the participants being inexperienced or “pseudo negotiators”. Removing contracting costs and installing triggers into the transference of value is going to dramatically alter legal, political, trade, medical, employment and property interactions, just to name a few.

    If you are one of these people who has committed to waving away blockchain and cryptocurrency as an irredeemable failure, you just might run the risk of repeating the mistake of thinking that because Excite and Geocities didn’t get all the way there, that Google and Facebook would be doomed. I kind of miss Friendster, now that I think about it.

    One final point. In small and developing economies, peered transactions, with no third party (corruptible) legal apparatus - this tech will help facilitate the type of trade that becomes uncertain due to inflationary risk. When you’re in a Venezuela or Zimbabwe type inflationary scenario, a “trustless” contracting apparatus can be the difference between life and death.

    There is tremendous upside, and I’m optimistic.. but also enough of a realist to understand that sometimes great technical advances have stupid applications. Invest in the good ones.

    call the technology useless is to lack vision and understanding. To call it the universal solution to the way humans interact is naive. The opportunity is right there."