Often I hear from people about the “bad innovation” that’s happening around us. Not everything seems like a good idea to everyone. But I think innovation has never stopped, and never will, even if some people believe that it’s ruining lives.
The first industry that I watched very closely in my career was the music industry. Artists made their living by selling albums on cassettes and eventually CDs. But someone decided that music needs to be more portable and digital and so Mp3 was invented.
MP3 contributed big time towards music piracy and killed the revenues for musicians. Eventually Steve Jobs saved the day for musicians and record labels by offering “a la carte” music at 99C a piece to customers as a legal alternate to piracy. The digital music had to happen even if it happened at the cost of suffering of musicians and record labels.
In a similar way, I think crypto revolution will also happen, even if it happens at the cost of many other things. The money will be digital, decentralized and deflationary whether someone likes it or not. It’s likely that just like Mp3, Bitcoin or other crypto assets may need to be acquired from the iTunes of crypto-assets. But the crypto revolution will happen.