2018-10-31 19:29 |
Andreessen Horowitz (A16Z)’s General Partner, Benedict Evans, says crypto currently is analogous to the early days of the internet. People who are dismissing it now should take a lesson in history.
Even though the crypto industry has seen a lot of scams and failed projects in the past couple of year, Evans thinks that it is a function of emerging technology rather than of cryptocurrencies themselves. The VC thinks that if VCs and tech leaders just focus on the failed projects and frauds, they are missing out on a sector which can give exponential returns.
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 (“useless AND a scam!”).
— Benedict Evans (@benedictevans) October 29, 2018
Earlier, Ben Horowitz, the co-founder of A16Z had explained that emerging technologies can be deceptive. In fact, the early days of mobile phones or cryptos look worse than their traditional alternatives. It is important to understand the technology and try to see how it applies to the future.
The fact that there are so many vulnerable people is that it is easy to lure people who are ignorant and greedy. To invest in the right projects, one has to be educated and informed. However, as the markets mature, the understanding of people will mature with it.
Looking at crypto and only seeing the scams is like looking at the internet in 1999 and only seeing the bubble.
Looking at crypto and seeing no use cases is like looking at the internet in 1993, when the web was 3% of traffic
— Benedict Evans (@benedictevans) October 29, 2018
Unlike the Internet boom when sites like Pets.com bombed because they were overrated with nothing to show. These new tech companies are developing the next version and infrastructure of the Internet, web 3.0 or The Internet of Money. All businesses dealing with finance, data recording, healthcare, voting, and more will be run on the blockchain in some shape or form in the future.
If cryptocurrencies achieve mainstream adoption lots of people are going to regret it, just like the early days of the internet.
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