Quote:
|
Originally Posted by Lightspeed
I don't see how Bitcoin survives. I think its inevitable crash will set back the public perception of cryto systems a good decade. But that won't really matter in the long run. But the long run is very long, I think 50-100 years. Which conversely is also very fast, if you consider how long traditional banking and legal systems took to be established and a normal part of human day-to-day life.
|
Changes in banking systems take ages to happen until they do, and then they happen overnight. The example that comes to mind for me is the Renaissance transition from bookkeeping in Roman numerals to bookkeeping in Arabic (yes, Indian, I know) numerals. When it became obvious to every banker that keeping track of compound interest in Arabic decimal notation was more efficient (i.e., profitable) and that doing so gave the bankers using it a competitive advantage over all the other bankers who were still using Roman numerals, the change happened just like that. Two and a half thousand years of carefully tuned systems went out the window because something better came along and the first movers with the new thing had an advantage over their competition.
We don't yet have the something better. However the
tools for
building the something better are coming together, and it just seems to me that the tools coming together don't appear to involve Bitcoin.