In today’s Money Morning…the importance of blockchain in 2021…making way for real innovation…Ethereum is more than just an alternative currency…and more…
Before you read today’s article, I want you to take four and a half minutes out of your day to watch two videos.
Because together, these two very different videos will provide some context for the kind of position you’re in right now.
So, check out this short clip first. A brief interview between Bill Gates and David Letterman from 1995.
Watched that? Good.
Now, I want you to watch this video. A brief snippet from a much lengthier monologue by John Oliver from 2018.
Alright, I’m sure you can already get an inkling for what I’m about to talk to you about. But let me just make it very clear…
See, as I’m sure you’ve gathered from the Letterman interview, his offhand criticism of the internet has aged poorly, to say the least. Which is certainly no fault of Letterman himself.
After all, it’s easy to criticise someone for poor foresight — especially in regard to technology — when we now have the benefit of hindsight.
The internet was a strange and complex concept back in 1995. A technology whose only use case at the time was, as Letterman states, a debatably better alternative for things that already existed.
As he jokes, why would anyone listen to a baseball game when radio exists…
Well, to provide some more modern insight, from 1 April through to 18 April baseball fans streamed 1.8 billion minutes of MLB.TV; the official streaming platform for MLB baseball. Achieving record results for its overall streaming viewership.
Which goes to show, despite what Letterman may have thought in 1995, it turns out the internet is pretty popular.
Which is precisely why I suspect, that in perhaps less than a decade, John Oliver’s comments will have aged just as poorly…
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‘It’s easy to criticise something you don’t fully understand’
Now, to Letterman’s credit I think his most important comment is his concession that he is ignorant. As he tells Gates: ‘It’s easy to criticise something you don’t fully understand.’
And this, dear reader, is the crux of it all.
Just as your everyday schmuck couldn’t fathom the importance of the internet back in 1995, few can fathom the importance of blockchain in 2021.
Which is perhaps best represented by the fact that most mainstream outlets, whether comedic or not, don’t even talk about blockchain. The only thing they ever do talk about is bitcoin or cryptocurrency, because it has the flashy numbers that generate interest.
Which again, is the point that I really want to drive home to you.
Because as you’ve been hearing from us for the past two weeks, crypto has and is going nuts right now. Just like it did at the end of 2017.
Attracting plenty of attention, and plenty of criticism.
But, I would argue that a lot of these critics don’t fully understand bitcoin because they don’t understand blockchain. Which is understandable, because wrapping your head around how the blockchain works and the cryptography involved is hard.
The irony in all of this, at least in my view, is that bitcoin does have legitimate criticisms. As do many cryptocurrencies. But none of them are talked about in the mainstream because it requires looking beyond the argument that crypto is backed by no ‘value’.
I digress though…
I don’t want to dwell on the bitcoin critics though, or bitcoin at all for that matter. Because as far as I, and most of my colleagues are concerned, blockchain is the bigger story.
And today I want to tell you about our latest initiative to make sure you do fully understand blockchain.
An investment service that isn’t just about trying to deliver solid returns, but also educates you about this new and rapidly evolving technology. Because even if you feel like you missed out on the bitcoin or crypto boom, the blockchain revolution is only just getting started.
Which is precisely why we want to ensure you not only stay aware of it but understand the true machinations of it.
After all, if you had the same insight about the internet in the early ‘90s, you’d probably be a very wealthy individual right now. So, don’t miss out on this very unique but very important opportunity.
You can ensure you stay informed and involved by clicking here.
Because at the end of the day, the biggest advantage you can have when it comes to blockchain right now, is understanding. Especially now that we may be seeing the start of ‘The Flippening’.
Making way for real innovation
If you haven’t already checked out Lachlann’s article from Tuesday on Ethereum’s rise, then I suggest you read it now. You can access it here, if you like.
As he explains in detail, Ethereum is closing the gap between it and bitcoin. An event that some crypto diehards are calling ‘The Flippening’.
Again though, for anyone who has even a surface level understanding of blockchain and crypto, it is easy to see why this was always likely to occur. Because like I said earlier, bitcoin has some valid criticisms, and chief among them is its simplicity.
Bitcoin was always meant to be a simple test case. Satoshi Nakamoto’s case study to see whether blockchain really worked or not.
Ethereum on the other hand, is aiming to push blockchain’s potential to new limits. Introducing some of the more complex ideas such as decentralised finance (DeFi), decentralised apps, staking, and smart contracts.
Because of this, Ethereum is more than just an alternative currency.
It is a system that powers and regulates a kind of decentralised ecosystem. Allowing it to be used in more than just a transactional setting, but also for logistics, legal disputes, voting, and a whole subset of yet to be explored possibilities.
Again, just like Gates explained the internet to Letterman in 1995: ‘It is the big new thing’. That is exactly how you should view Ethereum and the decentralised app boom we’re seeing right now.
Because while it may be hard to imagine where this technology leads us, a decade from now we will be looking back and wondering how we ever lived without it.
Which is why, just like I’ve said time and time again, you need to learn it now.
Don’t dismiss all of this as quickly as many others will.
If you take the time to truly appreciate what is happening, and the change that is coming, you will thank yourself down the road. I promise you that much.
So again, if you’re looking for somewhere to get started, check out our upcoming event, right here.
Editor, Money Morning
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