We see many projections of how much the market cap of cryptocurrency can be worth. To many, the numbers tossed out are absurd. There is still a large percentage of the population, especially those from the financial arena, that believe cryptocurrency has no value.
Sadly, this shows how little people really understand what is taking place. They failed to learn the lesson of the Internet and how things can radically change. The next 50-100 years will see a complete transformation of human society. This is something that most are totally unprepared for.
Cryptocurrency is more than a monetary system; it also quantifies things. While not perfect, market mechanics, over time, reflect the value that is created.
Digitization And The Internet
We know the Internet is becoming a central part of developed countries. With more than 5 billion people online, this is spreading to all parts of the world. Within 3 years, it is expected most of the planet will have access to this technology.
It is also evident how this medium changed a bunch of industries. There are companies that no longer exist simply because the Internet offered a better solution. In fact, the United States Post Office encountered serious financial difficulty due to the fact that email replaced a large portion of physical correspondence.
Of course, the amount of information that was transmitted back and forth exploded. This is something that cannot be calculated in terms of value. Nevertheless, we can surmise that trillions in economic benefit were derived from this single technology.
Cryptocurrency enables us to quantify how much value is being derived. The market can decide what something is worth. Over time, as more use cases are opened, the expansion in value increases exponentially. This is what we are seeing with the entire cryptocurrency market.
So far, the present internet has created tens of trillions of dollars in value. While it is impossible to get an accurate valuation, we know that the largest companies in the world leverage this for high profitability.
What we are going to see with Web 3.0 is going to eclipse what took place so far, by many orders of magnitude.
Thus, when we think about it, the $2 trillion market cap presently applied to cryptocurrency is rather low. There is going to be enormous growth taking place over the next half decade.
Hundreds of Trillions
As technology advances, it solves larger and a great number of problems. Therefore, the economic impact is ever expanding.
We saw how the first iteration of the Internet, called Web 1.0, served some purpose. It made the acquiring of information easier. It was static and rather boring, yet it did provide a solid foundation for what would ensue. At the same time, there was an economic impact as people were able to do some basic online shopping along with more advanced communication.
Web 2.0 moved things further along. It allowed for the emergence of companies such as Facebook and Twitter. We also saw the massive expansion of Amazon. This moved us from text based to video and audio. Shopping, communication, and entertainment all changed.
Here we can see, even without concrete numbers, how the economic impact of Web 2.0 far surpassed that of the first iteration. This is in keeping with technological progress. Whereas the first stage of the Internet might have been worth trillions, the second was worth tens of trillions.
What do you think Web 3.0 will generate in value?
Based upon the trends we see, it is easy to understand how this will jump into the hundreds of trillions of dollars. In fact, we should not be surprised if this actually gets into the quadrillions.
This is a long way from the "no value" that many proclaim.
Cryptocurrency is a Technology
We are still in the early stages of cryptocurrency. While this is important from a financial perspective, it is even more imperative from the technological one.
Cryptocurrency is a technology. This is a new innovation that is still in the primitive version. Think of this as Cryptocurrency 1.0. We are just starting to experiment with the possibilities.
Understanding technological progression means that, as more development takes place, we see newer ideas that surpass what went before it. This brings up more use cases, increases the economic outcome. Since this technology has a market traded value, we can see how rapidly it can factor new innovation in.
Let us take the example of @podping. This is a simple program that is going to have enormous economic impact.
Here we see a project that takes the indexing of podcasts and ties them to the Hive blockchain. Through this process, podcasting hosting companies can update their feeds within a minute. This compares with the day or two for Apple™ using the present system. At the same time, computer resources are drastically reduced since the hosting companies aren't having to constantly scan RSS feeds.
How much is this single service worth? Again, it is hard to place a value but consider the fact that millions of dollars in server costs can be eliminated. That is a direct savings. Then we consider the fact that podcast indexing is now decentralized and cannot be censored by the major entities such as Apple or Spotify. How much value does that bring to the table?
Of course, this is a single application designed to solve one problem. If we extrapolate this out over millions of different issues, we can see how things can grow exponentially.
Remaking Everything
When viewed through the lens of how much the Internet changed things, we can see the next generation is going to affect so much more. Ultimately, Web 3.0 is going to change everything.
There will be no industry that is left unaffected. In a few decades, the way things are done will not resemble today. What we are doing today will seem archaic compared to the daily use cases in the future.
One of the biggest transformations we will see deals with custody. Blockchain is altering how assets are owned. The value that is contained in them is now often subject to the trust of a custodial agent. Blockchain puts custody in the hands of the individual. There is no third party required for this.
Consider how the idea of programmable money penetrates all we do. At the same time, value is, for the most part, traded on public markets. Therefore, we can look at it like this:
In the medium term, we are going to see real estate, research, charity, intellectual property and so much more tokenized. This is going to provide enormous value to each of these sectors.
Simply looking at cryptocurrency from the financial perspective is missing most of the equation. It is better to concentrate on the fact this is a technology, hence is subject to the expansion curves that other successful technologies follow.
Cryptocurrency is, at its core, code. This is something that can be duplicated and expand at the speed of the digital world. It is much faster than anything in the physical realm.
It is not hard to figure out the value software carries. Hence, it is likely that cryptocurrency, in general, will follow a similar path. This will be the basis for most online activity in the future.
Here we can see how the value of cryptocurrency will keep growing in value since it is a technology that is only expanding.
It is also something that cannot be stopped.
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Just in my short time on HIVE, my whole content creation thought process has changed. It wasn't until I spent time creating, curating, sharing, commenting inside HIVE that I realized what a huge game changer Web 3.0 is and will be. I tell folks that everyone will be doing and talking about this in the next 3-5 years. There won't be a conference, book, blog post, etc that doesn't talk about Web 3.0 and content creation on the blockchain.
Until then I am happy @shainemata told my family about a little "thing" he was doing that he thought we might be interested in. He was so right. Onward and upward!
Will people be talking about it in 5 years or simply doing it?
We do not really talk about the Internet as much as simply utilize it. People log onto Twitter and Facebook without giving it a thought.
Ultimately, people will log onto their favorite Hive-based applications and do whatever interests them.
This is going to really change things for a lot of people.
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Yeap, the more generalized something is, the more it takes the form of "reality" for people and stops being a "part of reality". The Internet is a wonderful example as it was such a controversial thing in the past but is now just another aspect of existence.
Very true. I come at this from the perspective of someone who has been involved in the podcasting and social media space since 2005. I've seen the beginnings of what was just a few early adopters to what is now a robust industry with mass adoption. So when I look at HIVE and blockchain content creation in general I have an understanding that mirrors what I experienced and saw happen with podcasting and social media. That doesn't mean it's correct, but I can't help but see so many similarities. Which is what prompted my original comment.
To give further illustration, I'll go back in time a bit:
There was a time when the only place you heard about social media was at social media specific events. Now social media is part of every event, strategy, ad, plan, etc... It has become just a normal part of how we live and work. But that wasn't always the case. Nowadays, if you go to say, a knitters convention there will be a social media component to it such as "How to do knitting tutorials on YouTube" or "The Knitter's Guide to Instagram", etc..
Right now the only place you are really hearing about content creation on the blockchain is at blockchain and crypto specific events. There will be a day (I predict the next 3-5 years) when knitters are talking about "Knitting content for the blockchain" or "The Knitters Guide to Hive" etc... and when that happens that's when we have mass adoption.
Having shared my take, I do have a tendency to see things through rose-colored glasses. So, I am very open to this type of discussion. I don't know what I don't know. Which is why the type of content you and other experienced, seasoned, and veteran HIVE content creators produce is such a valuable resource to newbies like myself. Your understanding (and others like you) of this space and community is far superior to anything I can find from a random Google search. Thank you for your insight and generous nature supporting HIVE building a vibrant community. I'll close with the one thing I can say with 100% certainty is that Web 3.0 ROCKS!
In my opinion, Hive is just the beginning! There is so much more that can be done that is not being done on Hive but on other networks. Here we have to use 2nd layer for many things like NFTs and smart contracts, and these are not yet finished and are based off Javascript and JVM (javascript virtual machine) which is riddled with vulnerabilities. I'm not saying Hive can't fulfill this potential, but it's not spearheading change in all the fields it could right now. It IS, however, the foremost proof-of-brain blockchain, I believe.
When I first heard about the Proof of Brain concept from @shainemata, I thought, "Now that's a genius idea!" I'm still learning each and every day. I've found the comments of posts to be such a great learning space. There are truly not enough hours in the day to soak it all in. In my short experience, I've found HIVE to be a great space for a newcomer to dip their toes into the blockchain content creation space. I'm glad to be here enjoying the welcoming waters. Cheers!
I think I'm just learning how not to see crypto as being solely about finance,,,it would take a while for me to understand the technology behind it
It is programmable money. Ponder that concept for a while and then think about what innovation could take place.
A lot of possibilities going forward.
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Amazing post again! I am new in cryprocurrency world but I am very interested in it and can’t wait to learn as much as possible. I think the future is for cryprocurrency and we are just at the beginning. Like you said it is a process that can’t be stopped so we have to learn and be prepared!
Many people are trying to stop it, thinking that their efforts will help bring down bad changes in the regions they govern. What they don't realize is that they're setting themselves behind by not adapting to the future which will come regardless of their desires.
In the end, they will realize too late that they didn't get on the wagon on time and will suffer the consequences.
Immerse yourself in what is taking place, especially on here. There is a lot going on. It takes a while to figure it all out. We are truly embarking upon a different digital world.
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Yes, it needs time to figure it out but I am trying with all my best
Monetizing everything is a better way of approaching things. At least I don't like youtube's way of doing things since I heard you need at least 1k subscribers and they can kick you off at any point in time.
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There is also a minimum amount of hours (or minutes) that have to be viewed by your followers.
Yes they can zap you at any time. They also like to change their payout structure, I am sure in ways that consistently favors Google.
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You're right, crypto is an expanding technology and we haven't even see close to what could happen in 20 to 30 years time. The 2 trillion dollar market cap for crypto seems small, I think it should be more than as well.
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Yeah it will see small since it is a reflection of what is taking place. There are going to be a lot of other projects rolling out that will be tokenized. This is only going to expand things.
A lot of is taking place. This is the foundation for Web 3.0.
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The question is for who?
The rich get richer, while most people earn cents with their posts. Nowadays I cannot even earn back the monthly price (approximately $17.86 USD) of the mobile internet subscription.
I am on the Steem/Hive blockchain for more than 4 years (since 2017.05.17), and somehow I still believe in this platform for some reason. But I do not know why.
Recently I sold all of my POB and LEO tokens, and I bought a Samsung Galaxy A12 smartphone. The quality of the photos I take became better, but the earnings of my posts are not.
Perhaps change your approach and stop always talking about your posts. Instead focus upon adding to the platform instead of taking from it.
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You write this, as if I would only take from this platform. I was in the top ten of the engagement league multiple times, yet still almost no one cared about my posts, not even about my giveaways. I often upvote comments, and give tokens to other people. Okay, I cannot do much with my $0.02 upvotes, but I still (try to) support others, and that (the intention) is what matters.
Much !LUV and some !PIZZA for you.
<><
@taskmaster4450le, you've been given LUV from @xplosive.
Check the LUV in your H-E wallet. (1/1)
@taskmaster4450le! I sent you a slice of $PIZZA on behalf of @xplosive.
Learn more about $PIZZA Token at hive.pizza (1/10)
@taskmaster4450le is right!
That's the reward you can get for shitposts. How much do you want for one sentence and two photos?
You should try steemit and blurt, they love shitposters and plagiarizers too.
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99% of the Facebook users are "shitposters", yet Facebook still makes billions of dollars out of them. Just saying. Is this how Hive wants "mass adoption"?
I registered on the Steem blockchain on 2017.05.17. I still post my Actifit reports there, but I do not really use the Steem blockchain anymore. And I completely stopped plagiarizing (=translating articles).
Nowadays I mostly write about my Splinterlands rewards on the Hive blockchain, and I also post Actifit reports, and photos taken with my Samsung Galaxy A12.
Maybe you are both right. Giving up on the rewards is the best. Plan B. Going to Spain for cave living. No rent, no bills, no worries. "Free life", as the leader of one of the communities call it. They live there for approximately 10 years. I would do well there with my approximately $250 USD pension-like income.
🤦 You really don't understand anything.
No one can save you from yourself. You're your biggest enemy, you just can't see that.
I told you before, you're doing the same thing for four years and expect a different results. You sound like a broker record, always complaining instead of trying to change something. I bet by now everyone on the blockchain is sick about you always complaining. You can't force people to vote your posts, that must be earned. I bet many have already told you but all that fell on deaf ears.
Anyway, good luck with your cave life in Spain, I hope you're going to find what you're looking for.
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Nowadays I earn more by playing Splinterlands than by blogging, which is ridiculous/hilarious/funny. I do not know for how long this will work, but if this will stop working, then I will just cancel my mobile internet subscription, and I will leave the whole internet, because it will not going to worth it. I am not going to sing this song for much more.
And I will also stop paying rent and bills in Hungary, and move to Spain to live in a cave with a community, which is already there for approximately 10 years. I will live a free life with my approximately $250 USD per month pension-like income, without having to pay rent and bills.
I am very tired of this financial discrimination.
Again. I am sure that I will not going to sing this song for another 4 or 5 years. Not even for 1 year.
but there's actually a lot. sometimes things make us confused,
It is a lot to take in, that is true. We are seeing things develop at such a pace it is easy to get lost.
Read and learn as much as you can. That is my suggestions.
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So many people going to be left behind. The looks and snickers I get when, just with family and close friends, I try and explain crypto now and it's future. So many people stuck in their old ways. Brain washed by big tech and old school thinking
!BBH
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Getting in early is the key as can you imagine when the market cap is 10 x what it is now and the value we are all holding going up is going to be worth. I never want to convert crypto to fiat and will be using it in it's current state only. Whether a debit card that holds the value for you or something along those lines.
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It might not all head up at an even pace but having some stake in a few different things will likely put people in a very advantageous position.
Hive went up about 7x from its low. That is a terrific return for such a short period of time. We can see things going even higher.
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Much much higher and the more projects you are involved in the better. I think it will all go up at a different pace and the decent projects will all have their time in the sun.
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Lol, if it's $2t at its infancy, just imagine in a few decades when it's no longer only used by just a few people. 🤪🤪
And I've been really looking forward these years to all the inventions that exist and will continue to arise that will be powered by blockchain and crypto-derived technologies. It's quite a pleasant show in human innovation.
It's not a financial advice though but having a good balance on how to keep to a number of assets is a good investment in crypto. I believe in keeping a diversified portfolio on a trusted wallet application like the one from https://atomicwallet.io/, which supports multiple coins.
There is something very curious, for example, in the economic data of gold, about the 70's 80's the capitalization of this reached 2 billion dollars, consequently it lost much of the road traveled to later reach +5 billion dollars, it gives me the feeling that we will see something very similar in cryptocurrencies. It's just a hypothesis
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I've mentioned it already but I spent a long time seeing you as overly optimistic and now I'm slowly coming to see what you see. I prefer not to imagine 20 years ahead cause it's just too far, but now I can start to imagine how this all plays out as it gets closer.
Yesterday I watched Jeff Booth's interview with Pomp and something clicked....it's already checkmate for anyone who is trying to hold back the bitcoin standard, and we are just waiting for certain people to realize it. Regardless of when and how they do, bitcoin wins in the end, and Hive is just where it needs to be.
You need to stake more BEER (24 staked BEER allows you to call BEER one time per day)
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every thing is great with crypto but It is a blood bath from the monday I'm seeing red in my portfolio
Because this is such an awesome post, here is a BBH Tip for you.
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Crypto is growing in two ways. first by its value in price and second by its ecosystem and adoption in the world. Exciting times ahead with crypto