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While economics teaches us that past performance is not an indicator of future performance it concurrently teaches us that history is the only clue we have as t
by tudorw 9y ago
While economics teaches us that past performance is not an indicator of future performance it concurrently teaches us that history is the only clue we have as to the future so, what follows is a fictional rewrite of a not so distant history; Maybe it's canals, not tulips...
"For each cryptocoin, a unique software protocol and accompanying network was necessary to enable its implementation, and as people saw the high incomes achieved from sales to fiat currency, mining and transaction fees, coin proposals came to be put forward by investors interested in profiting from coins, at least as much as by developers seeking to facilitate egalitarian movement of financial value and flexible independent storage of wealth.
In a further development, there was often out-and-out speculation, in which people would try to buy coins in a newly created coin simply to sell them on for an immediate profit, regardless of whether the network was ever profitable, or even built. During this period of "coin mania", huge sums were invested in coin infrastructure, and although many schemes came to nothing, the coin system rapidly expanded to nearly 4,000 coins in everyday circulation."
Inspired by the original;
https://en.wikipedia.org/wiki/History_of_the_British_canal_system#18th_century https://en.wikipedia.org/wiki/History_of_the_British_canal_s...
For each canal, an Act of Parliament was necessary to authorise construction, and as people saw the high incomes achieved from canal tolls, canal proposals came to be put forward by investors interested in profiting from dividends, at least as much as by people whose businesses would profit from cheaper transport of raw materials and finished goods.
In a further development, there was often out-and-out speculation, in which people would try to buy shares in a newly floated company simply to sell them on for an immediate profit, regardless of whether the canal was ever profitable, or even built. During this period of "canal mania", huge sums were invested in canal building, and although many schemes came to nothing, the canal system rapidly expanded to nearly 4,000 miles (over 6,400 kilometres) in length.[1]
- FabHK 9y agoA difference being that one can easily make a use case for multiple canals, but I find it harder to see a case for multiple digital currencies.
- tudorw 9y agoI don't agree, if it gets to the point where multiple currencies are exchangeable independently (Swap protocol for example) then I can see a use for different variations that have different properties, you may choose one that offers the highest security model and most stable price for savings and another that allows for fast transactions with a reduced security model. It's all gone a bit crazy recently and it's hard to see through the noise, but I do believe that something will come of this technology!
- jstanley 9y agoThere was a time when it was hard to see a use for more than 5 computers.
- tudorw 9y agoquite, I recall quite vividly 1994, arguing with my father who was a chemical engineer working for a blue chip in the city that the Internet had anything to offer the business world, 'the fax is fine, no one will ever trust anything that's not on paper', I feel the same about 'blockchain' technology, I've been following cryptographic currencies since it was science fiction, I've survived E-gold and Beenz, Mt-Gox and Butterfly labs and emerged into a new wild west. Winding back the clock not so far, emerging websites were all well and good, yet it was combining them with the power of databases that really drove the expansion of possibilities, I feel the same about distributed ledger technologies, while I would certainly not bet the house on any current implementation, the novel uses that the technology enables are only just being explored.
- CPLX 9y agoThe difference, of course, being that as a practical matter you can actually use a canal to efficiently transport goods.