As we approach Crowd Dialog 2017, a gathering of 600+ crowdfunding and cryptocurrency professionals, from 28 European countries, in Athens, Greece later this month, I take a moment to think not of where we are today as an industry. Rather, I’d like to spend the next few paragraphs to recognize where our industry will be in five years. 2017 is for crowdfunding and cryptocurrencies what 1999 was for the dot com era. Filled with promise, fraught with fraud and ultimately establishing the infrastructure upon which the next digital revolution is built – blockchain tech. We do have a ways to go before cryptocurrencies and blockchain are as widely used, boring and vanilla as streaming music, ride-sharing apps, and smartphones. Along with all those other little wonderful revolutions we have today that you can literally hold in the palm of your hand. As we go to this brave new future, let’s time travel.
You can’t be a futurist if you don’t time travel
Close your eyes and set your flux capacitors to the year 2022, to witness the amazing technologies that will be reshaping society and business five years from now. My favorite is the smart, driverless cars.
“Hey Kit (Knight Rider reference) go pick up my nephews from soccer practice. Thanks.”
Kit goes about, calling/texting letting them know that he’s on his way. I then text Kit to swing by Amazon and pick up the groceries I just ordered, based on what the fridge told me we were low on. Some version of a dumb bot, walks up to the car, opens the door and carefully places the order inside. Not a human involved in the entire process. The peak of efficiency! Five years from now, we’ll have access to a level of technology that truly does border on the magical. Alas with magic, comes a good bit of sorcery.
Cryptocurrencies and Tech Empires
Ok, let’s cut to the chase of 2022 tech. Here is what you should really be considering. What happens when Amazon decides to issue its own cryptocurrency? Five years from now when China, the SEC, and Goldman Sacks have agreed upon the terms of cryptocurrency regulations, what possibilities will that birth for billion dollar, multinational companies? After the VCs have fought it out and beat the hedge funds for dominance of the initial coin offering (ICO) market and after all the bluster, speculation and angst – when cryptocurrencies are as mainstream a thing as Netflix – what will really happen when Amazon issues their own cryptocurrency?
The Amazon Coin ICO!
In the year 2018 (cause seriously why wait?) Amazon announces that they, following Estonia’s model are issuing an ICO (initial coin offering). Pre-sale starts at four AmazonCoins to every USD dollar. For the purposes of market share, dominance and engaging the everyday shopper Amazon only accepts USD. The AmazonCoin is a “token” whose use is explicitly limited to use in the Amazon ecosystem (wink and nod). AmazonCoins can be used to purchase anything that Amazon, its retailers, or business partners sell. In under 60 minutes, Amazon raises $100B USD. Why? Cause here is where things get interesting.
Where Things Get Interesting
• The Dutch East India Company
• British East India Company
• Russian American Company
• De Beers
• Hudson Bay Company
All these companies ruled their empires long before colonialism, when nations belatedly assumed responsibility for their commercial enterprises. (except from “Merchant Kings: When Companies Ruled the World, 1600 - 1900 Hardcover – December 7, 2010 by Stephen R. Bown” Available on Amazon. But sadly not audible.com (an Amazon company)).
Things get interesting when Amazon, after issuing its own currency, sitting on even more stacks of USD than It currently has, decides…
Eh. Uncle Sam, let’s talk. Let me tell you what I’m no longer going to do. Starting with paying taxes and moving up from there.
Not Paying Taxes! Ok, yes, that is a bit of a stretch. But have you ever heard of anyone paying taxes on their Bitcoin or other cryptocurrencies they are holding, offshore (in anonymous wallets?). Also, given Amazon’s history with Luxemburg and what they’ll do to avoid taxes (all completely legal) what do you think would happen when they are the producers of their own currency?
Merchant Kings their Cryptocurrency Empires
Apple, eBay, Alibaba, there are numerous tech companies that could issue their own cryptocurrency today. With their annual profits rivaling GDPs of many countries why not? If they chose to go that route, what would this mean for business, society, the entire notion of government if private, multinational, billion-dollar companies, opted to update the adage “He with all the gold, makes all the rules”; replacing gold with cryptos?
I’m not sure. I’m a time traveler, not a policy maker. However, in my travels I see an era dawning where the new Merchant Kings of Tech, rise to challenge the very authority of sovereign nations – openly and without pretext. If you think cryptocurrencies are a fad, that they’ll go away anytime soon, you’re not seeing the big picture. The big picture looks like a jungle, where the king is already Amazon.
My name is Samson. I’m a human and an anthropologist. If you agree, like it. If you disagree, please comment and tell me why. In the meantime, this has been a production of Cryptocurrencies for Dummies by a Dummy. Feel free to hit me up on Twitter or Instagram @HustleFundBaby. I would say thoughts are my own…but I probably stole them from a woman.
Your post instantly made me feel poetic. Someday bitcoin will become greater than gold, a beacon of light in the financial night that's so bitter and cold... Oh I should just stop, here's an upvote for you!
Congratulations @hustlefundbaby! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @hustlefundbaby! You have received a personal award!
Click on the badge to view your Board of Honor.