What I think is interesting is that the very features of this new technology allow new entrants to become a player and capture value at the same time also make it much easier for the incumbents to play a larger part in this ecosystem. Thus making it continually hard for true disruption from an economic standpoint.
This is also why I think the players that are supporting or going the open source way are going to be the very important bridge that enables creation of an ecosystem around these technologies. Lately, I have been following the advances in such players and realized that the for-profit space for the most part is in opposition to the open source nature of the very fundamental building blocks of this tech.
I could also argue that while the church might have become obsolete in a few ways, the state definitely did not become obsolete. Instead, the state became even more powerful and dissemination of knowledge through print led to foundation of things like the bill of rights and documents like constitutions, and laws which now tied people of nations together.
In the same fashion I also think that some organizations will become obsolete as standards and technologies change but larger whales like JPMC & Co. can hedge their position by investing in a crypto business unit. This will help them and they might not necessarily become obsolete if fungible tokens become the standard.
Thanks for reading and the comment. For sure, I think, the role of incumbents will always be there and they will evolve or will have to evolve to the new ecosystem. But I think the stronghold they currently have will break down to a certain extent. I think what you pointed out around the role of state becoming important with the printing press, I guess we can directly compare it with how the government will regulate Crypto which will be an important part of the whole system.
What I think is interesting is that the very features of this new technology allow new entrants to become a player and capture value at the same time also make it much easier for the incumbents to play a larger part in this ecosystem. Thus making it continually hard for true disruption from an economic standpoint.
This is also why I think the players that are supporting or going the open source way are going to be the very important bridge that enables creation of an ecosystem around these technologies. Lately, I have been following the advances in such players and realized that the for-profit space for the most part is in opposition to the open source nature of the very fundamental building blocks of this tech.
I could also argue that while the church might have become obsolete in a few ways, the state definitely did not become obsolete. Instead, the state became even more powerful and dissemination of knowledge through print led to foundation of things like the bill of rights and documents like constitutions, and laws which now tied people of nations together.
In the same fashion I also think that some organizations will become obsolete as standards and technologies change but larger whales like JPMC & Co. can hedge their position by investing in a crypto business unit. This will help them and they might not necessarily become obsolete if fungible tokens become the standard.
Thanks for reading and the comment. For sure, I think, the role of incumbents will always be there and they will evolve or will have to evolve to the new ecosystem. But I think the stronghold they currently have will break down to a certain extent. I think what you pointed out around the role of state becoming important with the printing press, I guess we can directly compare it with how the government will regulate Crypto which will be an important part of the whole system.
A very poorly written comment but only initial thoughts. Would love to chat more about this.