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"no blockchain of any sort has been scaled to any mainstream consumer financial task." Maybe the OP could have written a post in 1990, 17 years after the first
by mrb 9y ago
"no blockchain of any sort has been scaled to any mainstream consumer financial task."
Maybe the OP could have written a post in 1990, 17 years after the first handheld mobile phone prototype, about the tech "still having not reached mainstream consumers, therefore being a failure."
The OP seems unaware how fast Bitcoin is growing. Not mainstream yet, but it's growing. https://en.m.wikipedia.org/wiki/History_of_bitcoin#Growth https://en.m.wikipedia.org/wiki/History_of_bitcoin#Growth
- zamalek 9y agoExtinction, and failure, is the law. Survival, and success, is the exception. Just because dropout $billionaire is in charge of $unicorn, does not mean that all dropouts will be billionaires. Bitcoin is no exception. It may survive, but the story about mobile phones (and any tech that succeeded) is irrelevant here. We can have this discussion when and if it is a consumer success.
- acdha 9y agoThe first mobile phones had clear value, many initial customers, and a bunch of people who were obviously interested if the price came down. Where is the equivalent waiting market here? Similarly, where is that short-term growth coming from and how would you distinguish it from a speculative bubble? Lots of companies reported amazing growth from 1995-2000, too, but anyone who looked at their fundamentals couldn't justify it.
- mrb 9y agoThe "waiting market" with Bitcoin is effectively caused by network effects. If your financial transactions don't involve peers accepting Bitcoin, then you have little incentive to use it. The more people use it, the more incentives you have to do so.