The mobile phone industry was also deeply entrenched back in 2007, it still got disrupted wildly within a few years with the iPhone.
If Crypto is so revolutionary, it should have resulted in radical changes within the entrenched financial industry. All we've seen is regression (Stripe supported bitcoins from 2014[0]-2018[1] for eg).
Re:Andreessen on Crypto
by techbrobane on Friday July 02, 2021 @02:46AM
(#27708497)
>All we've seen is regression
That's what happens when you only look at Stripe. smh.
Pretty sure every major financial institution is buying crypto because it's obviously superior to the dying and corrupt printer and fax system.
Re:Andreessen on Crypto
by darkerside on Sunday June 27, 2021 @02:20PM
(#27653840)
The internet was a communications medium, and not an industry. When it became big enough, it spawned an industry of Big Tech companies. Crypto in this example is the new financial medium. The industry that could be birthed perhaps doesn't exist yet.
Internet had no competition from any other industry. It was nothing like anything that ever existed. In terms of Internet's development itself, we went from dial up to optical fibers. People in 21st century who use internet have no idea about pains of dial up connection.
Crypto is replacing something that has existed for centuries - the financial system. The financial system being challenged has itself kept up with changing tech, albeit slower than expected. This system is corrupted, exploitative and doesn't provide equal opportunities to all who use it. Crypto has to better the existing system by making things better. But the main point is, crypto itself is the next evolution of financial industry. Internet was a new industry of its own.