HomeCryptoBenedict Evans, "Ignoring cryptocurrencies is like ignoring the Internet in 1993"

Benedict Evans, “Ignoring cryptocurrencies is like ignoring the Internet in 1993”

A successful venture capitalist and general partner of Andreessen Horowitz (A16Z), Benedict Evans, recently stated that “ignoring cryptocurrencies is like ignoring the Internet in 1993“.

According to Evans, focusing on failed and fraudulent projects in the cryptocurrency industry would be like focusing on the lack of developments in the Cuecat, Usenet and Boo.com and taking those as a reference to judge the Internet.

Crypto today has a lot in common with both the internet in 1993 and the internet in 1999. Huge potential with few of the use cases invented yet, combined with froth, scams and delusion. This makes it easier to dismiss. But dismissing crypto as a useless scam is much like looking at Usenet, Cuecat and Boo.com and dismissing the internet. It mistakes applications for the enabling layer”.

A popular point of view

In the past, Ben Horowitz, co-founder of A16Z, also pointed out that new technologies can be misleading for those who try to evaluate their potential. In fact, at the beginning of their development cycle, many technologies seem to be inferior to what they become over time.

An emblematic example of these mechanics are the digital cameras that, having initially been cited as useless, were not adopted and developed by Kodak.

In fact, wanting to preserve its business model, Kodak has tried to prevent the development of this technology. This, according to many, is why this company is now only a shadow of what it once was.

It’s easy to try and use Bitcoin and say, “It’s slow and hard to use, it’ll never succeed“. In the same way, it was easy to make the same mistake seeing once the image of low resolution and quality generated by a digital sensor of immense cost.

A bubble exists

The Internet, in its beginnings, was wrapped in a bubble, just as cryptocurrencies are now.

Most of the value of this market is due to a speculation that arose from anticipating the revolutionary effect that these will have in the future in many sectors.

Often, investors in new markets flock to invest in new projects to make a profit on the bubble. In fact, in the period of greatest market value, some projects have reached a valuation of several billion dollars.

But just as in the dotcom bubble both Amazon and Pets.com were hiding, in the cryptocurrency bubble as well as worthless projects there are real pearls.

 

Adrian Zmudzinski
Adrian Zmudzinski
Adrian è un appassionato di tecnologia e IT, specializzato nell'analisi di token, tecnologia blockchain e crypto. Il suo interesse verso Bitcoin risale al 2009, espandendosi al mondo delle crypto più in generale. Le sue analisi si concentrano per lo più sulle potenzialità tecnologiche alla base dei token.
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