GETTING TO GRIPS WITH BLOCKCHAIN
Is crypto going to go up? Is there going to be a crash? How close are we to a dot-comlike bubble burst? I get these questions all the time. The problem, in my opinion, is that these are the wrong, short-sighted questions as if blockchain is just a get rich quick scheme.
The implications of this technology for the society lie beyond our understanding, which is a blessing and a curse at the same time. It's a blessing because blockchain technology will likely make the world a better place.
It is the end of the tragedy of commons, and it will reduce inequality. The mere fact that currency issuance is no longer the monopoly of governments is a tectonic shift in our society that will challenge the established order. It is a curse for very few people who understand what Bitcoin is and how it works. For many, it's just a speculation game, which, very likely, will end up in millions of dollars losses. Yes, we are in a bubble where we have all sorts of fraudulent projects with the word blockchain slapped on them for no reason.
How do we get the most of this technology while eliminating the risks associated with it?
First, education, which for many of us will come in the form of a crash. If you don't want to be one of the losers, read the Bitcoin whitepaper and follow the train of thought of Andreas Antonopoulos, Nick Szabo, Naval Ravikant or Nassim Taleb.
Second, don't trust anyone, including myself and the gentlemen above. One of the fundamental principles of Bitcoin/ blockchain is the responsibility that anyone involved has to take on (at least regarding controlling your private keys). Those that Maksim Izmaylov, CEO and founder of Winding Tree and a speaker at the 2018 Arabian Hotel Investment Conference, tells us that we need to educate ourselves about blockchain and for many of us that will come in the form of a crash. try to convince you to buy any crypto tokens do that for a reason, which probably involves the movement of wealth from your pockets into theirs. You are responsible for making an educated decision and bear the consequences.
Third, focus on the right thing, ignore the hype (it's easy to do after the first step). What we're creating here is a new set of rules that the next generation of businesses will be using.
Another topic that is brought up all the time is the scalability of blockchains, which for corporations justifies oxymoronic private blockchains.
Remember, we weren't able to watch 4kquality movies on the Internet on day one, It took us 20 years! Public blockchains are already scalable with layer two tech, such as Lightning Network, and many other projects aim to solve these issues. This technology is so important that we'll probably find many different ways of overcoming the problems of scalability and privacy.
Regarding the questions at the beginning, we'll have a crash, but I am bullish. But don't take my word for it, do your homework.