hectorr510

I see blockchain as an evolutionary step for computing and the internet.

The internet is great because it grants the ability to communicate worldwide at minimal cost, to distribute software at minimal cost, and to replicate information at zero cost.

While copying is great for knowledge, it's problematic for value. Blockchain solves this, now you can share applications and communicate globally with objects of value. That's it.

I don't know if any of the current implementations will survive. I could see blockchain only running a small subset of online activity relating to finance, insurance, and law. I could also see it rendering our current conception of the internet sector as the media/advertising niche, the way cable changed broadcast TV forever.

Mostly I think the tech is really cool. So I'm going to keep messing with it. But I appreciate the skepticism, it means there's work to do.

He also called it an angel investment. As in 1/10 or 1/20 chance at profitability, and less than that at long term sustainability. Though at this point I'd consider buying bitcoin equivalent to buying stock in a company with a promising product but some major obstacles to achieving its vision. It could go to the moon if things work out (Facebook). It could muddle along if it has a brilliant idea but major internal problems (Twitter). It could go to zero if people lose interest, lose faith, or an amazing competitor comes along (Yahoo search).

That's a problem for any substantial wealth in securities. Also why Wall Street stock and bond traders exist.