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This argument is always very funny to me. History is rife with hundred-billion dollar industries destroyed in very short periods of time, across multitudes of

This argument is always very funny to me. History is rife with hundred-billion dollar industries destroyed in very short periods of time, across multitudes of field types. For example, i've watched fields created by single legal opinions, grow to many billions, and then get destroyed overnight by a different legal opinion. All in the course of 10-15 years. The amount of money in it is just not a sufficient condition for it to stick around. It certainly helps, mind you, but there will always be somewhere else to put the trillion dollars.

O__________O 4y ago
Do you actually have specific notable (and comparable) examples of technology based industries that reached relatively the order of magnitude crypto has that were rapidly killed off? Otherwise, as is, your response to me is without merit.
- rsynnott 4y ago
  Don't see what technology has to do with it. All sorts of weird financial instruments are created, grow enormous, and then either are banned, or scare people enough that everyone stops using them.
  - O__________O 4y ago
    From OP comment, “ Do you think this cycle the whole crypto space goes down the drain never to be heard of again?” Obviously the tech is part of the “whole space” and not a fade; didn’t even bring up encryption, which is the fundamental core of crypto. Sure encryption might be ban, but if you think governments will apply that to themselves, that’s obviously not a common or reasonable position.
- giaour 4y ago
  There were billions of dollars funding work on paid network traffic prioritization in the 90s and early 2000s. Then the whole field was banned in 2005, and it evaporated. The ban was lifted in 2008, then reapplied, then lifted again in 2014, then reapplied in 2015, then lifted again. Vast amounts of money flowed into and out of the sector at each reversal.
- DannyBee 4y ago
  Someone gave you one. Here's another: Software patents were judicially created in the US by a single fed circuit opinion. The field wildly expanded to many many many billions of dollars until a single supreme court opinion. While still kind of alive (mostly legacy lawsuits), the vast majority of the value was rapidly killed off post supreme court decisions (and AIA) This kind of thing happens all the time - in software, in pharma, in ... As I said, value helps in some sense, but just because there is a lot of money in a thing simply does not mean it will remain. FWIW - your comment very much comes off as the typical "crypto folks ignore roughly all history" stereotype that it gets painted with -
  - O__________O 4y ago
    Billions, even 10s of billions, is not comparable to trillions. None examples so far have provided independently source of valuing industries claimed, nor to my knowledge have any of the industries cited have as many direct customers. Feel free to provide specific (and comparable) examples. To be clear, just trying to be objective. For example, NFTs alone for living artist easily surpassed the billion made in non-NFT sales for living artist; sure NFTs were 30-40% behind in total volume, but that’s largely for dead artists. Further, you keep bring up legal changes, but I am not aware of any pending legal matters that might have a substantial impact on the use of the technology itself; further, crypto is global and clearly adapted to legal changes including all out bans in China.
    - DannyBee 4y ago
      Hahaha. So you are combining all of the different types of markets/etc in your case, but not in the case of comparison? And then just discounting them anyway with no reason why. Saying "it's not comparable to trillions" is both wrong and useless - it is not a reason, it's an assertion, and one not backed up. I'm not going to continue this, because you are definitely one of these folks who seem to believe crypto is unique in value and capability, that somehow make it not capable of failing (but can't explain why other than "when you add up all the theoretical money involved in tons of distinct markets and uses that somehow relate to crypto it's a lot"). This is IMHO distinct failure of objectivity and imagination. The entire stock market failed enough in a single day to wipe entire economic segments out and then continued to die - 2 day loss = 25%, 3 year loss = 89%. Eighty nine percent. It's so amazingly naive to believe that in the thousands of years of human history that nothing like crypto has happened, that large scale markets on the same order of magnitude of crypto markets have not failed, etc, that i don't even know where to begin. Then going further and just asserting anyone who starts to provide you examples is wrong/incomparable without even a single sentence that backs up why, makes this a pointless conversation. You don't want to understand, you want to win. Have a good one.

O__________O 4y ago

Do you actually have specific notable (and comparable) examples of technology based industries that reached relatively the order of magnitude crypto has that were rapidly killed off? Otherwise, as is, your response to me is without merit.

rsynnott 4y ago
Don't see what technology has to do with it. All sorts of weird financial instruments are created, grow enormous, and then either are banned, or scare people enough that everyone stops using them.
- O__________O 4y ago
  From OP comment, “ Do you think this cycle the whole crypto space goes down the drain never to be heard of again?” Obviously the tech is part of the “whole space” and not a fade; didn’t even bring up encryption, which is the fundamental core of crypto. Sure encryption might be ban, but if you think governments will apply that to themselves, that’s obviously not a common or reasonable position.
giaour 4y ago
There were billions of dollars funding work on paid network traffic prioritization in the 90s and early 2000s. Then the whole field was banned in 2005, and it evaporated. The ban was lifted in 2008, then reapplied, then lifted again in 2014, then reapplied in 2015, then lifted again. Vast amounts of money flowed into and out of the sector at each reversal.
DannyBee 4y ago
Someone gave you one. Here's another: Software patents were judicially created in the US by a single fed circuit opinion. The field wildly expanded to many many many billions of dollars until a single supreme court opinion. While still kind of alive (mostly legacy lawsuits), the vast majority of the value was rapidly killed off post supreme court decisions (and AIA) This kind of thing happens all the time - in software, in pharma, in ... As I said, value helps in some sense, but just because there is a lot of money in a thing simply does not mean it will remain. FWIW - your comment very much comes off as the typical "crypto folks ignore roughly all history" stereotype that it gets painted with -
- O__________O 4y ago
  Billions, even 10s of billions, is not comparable to trillions. None examples so far have provided independently source of valuing industries claimed, nor to my knowledge have any of the industries cited have as many direct customers. Feel free to provide specific (and comparable) examples. To be clear, just trying to be objective. For example, NFTs alone for living artist easily surpassed the billion made in non-NFT sales for living artist; sure NFTs were 30-40% behind in total volume, but that’s largely for dead artists. Further, you keep bring up legal changes, but I am not aware of any pending legal matters that might have a substantial impact on the use of the technology itself; further, crypto is global and clearly adapted to legal changes including all out bans in China.
  - DannyBee 4y ago
    Hahaha. So you are combining all of the different types of markets/etc in your case, but not in the case of comparison? And then just discounting them anyway with no reason why. Saying "it's not comparable to trillions" is both wrong and useless - it is not a reason, it's an assertion, and one not backed up. I'm not going to continue this, because you are definitely one of these folks who seem to believe crypto is unique in value and capability, that somehow make it not capable of failing (but can't explain why other than "when you add up all the theoretical money involved in tons of distinct markets and uses that somehow relate to crypto it's a lot"). This is IMHO distinct failure of objectivity and imagination. The entire stock market failed enough in a single day to wipe entire economic segments out and then continued to die - 2 day loss = 25%, 3 year loss = 89%. Eighty nine percent. It's so amazingly naive to believe that in the thousands of years of human history that nothing like crypto has happened, that large scale markets on the same order of magnitude of crypto markets have not failed, etc, that i don't even know where to begin. Then going further and just asserting anyone who starts to provide you examples is wrong/incomparable without even a single sentence that backs up why, makes this a pointless conversation. You don't want to understand, you want to win. Have a good one.