So many debatable questions upon the topic of cryptocurrency. When you “get it” and understand, not only the potential, but the genius behind a decentralized system that can run on its own merit, you simply shake your head at all the naysayers.
Through the ages, we’ve had many revolutionary ideas and technology become not a fad, but a way of life. Technology that has create new business, new careers, provided a better quality of life, and opened the doors to bigger and better things. All of these novel ideas, created tremendous wealth directly or indirectly for many, but they did not come without prejudice from the mass media.
Let’s take a closer look at the past and have a “chuckle”:
- 1800- TRAINS… ”Rail travel at high speed is not possible, because passengers, unable to breathe, would die of asphyxia” – Dr. Dionysys Larder
- 1859- OIL DRILLING… ”Drill for oil? You mean drill into the ground to try and find oil? You’re crazy.” –Associates of Edwin L. Drake
- 1876- TELEPHONE… “This telephone has too many shortcomings to be seriously considered as a means of communication.” – Wester Union
- 1880- LIGHTBULB… “Everyone acquainted with the subject will recognize it as a conspicuous failure” – Henry Morton
- 1902- AIRPLANE… “Flight by machines heavier than air is unpractical and insignificant, if not utterly impossible.” – Simon Newcomb
- 1903- AUTOMOBILE… “The horse is here to stay, but the automobile is only a novelty, a fad.” – President of Michigan Savings Bank advising Henry Ford’s lawyers
- 1916- TANK… “The idea that calvary will be replaced by these iron coaches is absurd. It is little short of treasonous.” – Aide-de-camp
- 1916- CINEMA… “The cinema is little more than a fad. It’s canned drama. What audiences really want to see is flesh and blood on stage.” – Charlie Chaplin
- 1921- RADIO… “The wireless music box has no imaginable commercial value. Who would pay for a message sent to no one in particular?” –Associates of David Sarnoff
- 1946- TELEVISION… “Television won’t last because people will soon get tired of staring at a plywood box every night.” – Darryl Zanuck
- 1977- COMPUTER… “There is no reason for any individual to have a computer in his home.” – Ken Olson
- 1995- INTERNET… “The truth is no online database will replace your daily newspaper.” – Clifford Stoll
- Present- BITCOIN… ““I hope Bitcoin becomes a better way of doing it, [but] the idea that it has intrinsic value is a joke.” – Warren Buffet
Ok, so you get the picture. Earlier this month the “naysayers” bashed the industry and bitcoin (BTC) took a dip under $6k, a monster dip from it’s all time high of nearly $20k just a few months back. Corrections happen, they are inevitable, but my question to all of those pessimists out there… why are we back near $11k? Why didn’t cryptocurrency continue to drip lower and lower until it was absolutely ZERO! Why is the market cap of the space back over $500 Billion? I’m not a genius, but I can spot a healthy trend when I see a chart.
Much of the negativity is coming from respectable money people with “old school” mentality. I have debated this with my peers and have found 3 categories. People between the ages of 35-50 are torn. They are young enough and open minded to see the history of the old, mixed with the teachings of their parents, but young enough to see what the youth of today are doing. Most individual over the age of 50, just do not understand the concept, are closed minded and can only fathom the monetary system they grew up with and the value of GOLD and “so called” gold back currency. The youth today, 18-34 are of the digital age and fully understand the possibilities of blockchain and are much more open minded to a whole new currency system.
The new-found wealth of millennials, with young imaginative minds, whom are our leaders of tomorrow, and also have quickly became the trend setters of today. What are your thoughts? What historical negative quote did you like best? Comment below