Physical media (record, laserdisc, 8-track, cassette, CD, Betamax, VHS) have switching costs which become barriers of entry and create lock-in/loyalty. Various forms of money have similar properties but as it digitizes, regulations and laws are needed for the same purpose.
Cryptocurrency has no such barriers. That means, over time, the best forms of money will prevail as people seamlessly transition to something better (much easier and faster than physical media transitions). It also means there is no lock-in between different cryptocurrencies.
Which tells me your maximalism is misplaced. Your level 2 or level 3 solutions won’t help you in the long run. The best technology will be used because the costs and usability pains for switching are decreasing.
That also means your new shiny coin with new features won’t take over the market and be the one ring to rule them all. There’s always some new, better shiny around the corner.
What matters is story. Story creates shared belief which underpins the network of trust and usage.
Strong stories mean competing currencies will survive and thrive in an ever-changing landscape of coopertition (competing as we cooperate). Cultivate and share great stories backed by superior technology. Be open to learn, reevaluate, and change. End tribalistic thinking.
(Original tweet thread here)
On a personal note, I’m still in Vegas with the family advising on a very interesting project which somehow involves Lambos, McLarens, and Teslas as you can see here
Last night we had a dinner and show at Excalibur which was a blast. The kids love eating with their hands. :)
We also went up in High Roller and Aria and I did the zip line.
And cryptos are software. So, one crypto gets an upgrade, you don't even have to sell one and by the other, soon, your coin will have it too.
Further, i expect in the future that you will be able to send whatever coins, and the vendor will be able to accept whatever coins, and the network will just automically swap them.
It may even do things like, instead of going to the vendor, to pay the wholesaler, the wholesaler will get paid in the same transaction. With post-smart-contracts.
Baby steps first. But yes, we'll be there..
Have fun in Vegas. One of the reasons I like Steem is the people. I'm not seeing this sort of community with such a rich mix anywhere else.
All great online communities started like this.
excelente entra qui: https://veneapp.com/2019![folder (3).png]
Hello @lukestokes time without entering the steemit platform, because I don't have a computer, and because this is my country, but a little changing the subject, very good photographs, I think it's great someday to go to those sides and enjoy, very good post you've written.
The barrier that would have occured in crypto is privacy barrier as users wouldnt have continued facing hacks and expecting to keep trading. But as good it may be some projects like veil and monero have already bridged this gap of privacy challenge. We can check the tools used.
A huge barrier faces crypto currency which is privacy. That is why we see big projects like Veil project bringing and providing top notch privacy in the operations. The question now is, when will privacy be fully adopted?
The bigger priority of cryptocurrency is privacy. We all need security on our funds/assets, the biggest barrier we have in crypto is privacy. Veil is an advance privacy coin that Surpasses monero. The veil has a wallet with unique features.
All Time Low $0,061033 USD (Jun 14, 2019).... Is this the Buy-the-dip signal?
@lukestokes, This is the time to see the Shift because we all know that 99% follows and 1% leads. Hope that in near future this pattern will change and everyone can empower themselves with the new Technology. Stay blessed.
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Well put! Enjoy Vegas!