Blockchain began to destroy multi-million-dollar verticals, including international bank transfers, the gold industry, and crowdfunding. But new technologies, such as blockchain, are being severely criticized. Let’s discuss it in detail.
Fads, Bubble, Monopoly
On the way to the top, very valuable techniques often experience an inexorable negative. If there is high growth, this corresponds to high volatility and higher expectations. This leads to exaggerated cycles and periods of revaluation. This happens until the technology becomes ubiquitous. Now, new criticism concerns the inevitable monopoly, not the whim or lack of utility.
For example, if we talk about social networks and Facebook, people, despite the accumulation of up to 500 million users over six years, were considered a bubble in 2010. In addition, it was assumed that this company would never live to extravagance. 33 billion dollars that people have invested in this. But until 2017, Facebook earned $ 15 billion in net profit. Therefore, such issues silently disappeared if you overestimate social networks or Facebook.
In these multi-million-dollar sectors, including the gold mining industry, international bank transfers and crowdfunding bitpay, they have provided quantitative improvements 10 times higher than in previous technologies. To be more specific, bitcoin is better than gold. Large amounts of money can be quickly moved across borders and can be ten times faster than the same amount of gold can be transferred.
Obstacles may be related to performance and distribution. Fundamental zero-to-one innovations in crowdfunding, international bank transfers and the gold mining industry are no longer in doubt. Yes, improvements 10 times may exist, but there is an argument that not everyone can use them.