Why Bitcoin and Crypto will be Properly Understood Much Later?

As the founder of TechCrunch, Michael Arrington (@arrington) saw the promise of the internet early, went all in, and became the most important tech journalist of the Web 2.0 era. Today, he’s all in on crypto. He explains why — and why it will take years.https://t.co/0lJtjCDDv8 — Nakamoto (@nakamoto) January 4, 2020

Arrington has started to contribute to Nakamoto, a journal exploring the deeper features of distributed networks, analyzing the issues of technology, but also politics and philosophy. He believes the rise of crypto has been treated in the manner of early Internet startups, which were initially viewed as little more than gimmicks or hobby projects. “Crypto today is like the Internet in 1995 (a tired argument, I’ll admit), or like YouTube in 2005 (very cool, but perhaps doomed). Very few of us take it very seriously. Obviously, I take it seriously. I’m not just armchair prognosticating, I’ve staked my career on it,” Arrington wrote. But simply evangelizing about crypto will not make intellectuals agree on its aims and spirit. Arrington believes the community will have to show the project stands on its own before it is accepted as legitimate. BTC Pushes the Idea of Sound Money in a Fiat World of Unlimited Liquidity Bitcoin will face the challenge of presenting the idea of hard money in a world that is not only used to fiat, but to regular injections of liquidity to stave off market fears. This way of guiding and guarding the world economy is vastly different from Bitcoin’s aim to reintroduce hard money, similar to the gold standard of the past. Arrington is part of the Nakamoto magazine’s viewpoint that the multitude of crypto communities essentially supports new social and financial mechanisms. He is aware of the risks of scams and failing projects, but also of the potential for some of those projects to succeed and prove disruptive and more productive. So far, science and economists enjoy being skeptical of BTC, as they have been over the years.

Wow: Mining $1 worth of Bitcoin entails almost $0.5 in human and environmental costs. This new paper on the environmental and health impacts of cryptocurrency mining is amazing. https://t.co/NcJOtWFcVo (via @syllabus_tweets) pic.twitter.com/PdJyDOfp1I — Evgeny Morozov (@evgenymorozov) October 5, 2019

But Arrington remains certain some crypto projects will change the world in unimaginable ways, much like the early tech projects on the Internet. What do you think of BTC acceptance and the chance of crypto to change the world? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter: @evgenymorozov, @nakamoto The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/why-bitcoin-crypto-understood-much-later/

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