This is a post written and narrated by Haseeb Qureshi, a cryptocurrency investor and entrepreneur. Haseeb is speaking at an upcoming Software Engineering Daily Meetup.
The ICO bubble had no single cause. Mono-causal explanations always fall short in explaining complex phenomena. But its effects are easier to pinpoint.
There are now many world class teams well-capitalized to build, scale, and evolve blockchain technology, and tens of millions of people in the world who now understand decentralization, proof of work, and private keys. Looking back, it’s really quite amazing! It comes at a high cost, but Perez hints: it’s likely that bubbles like these are the only way to overcome technological inertia.
At the same time, most people had their first interaction with crypto during its orgiastic adolescence. It’s not a great look. But this has been true for every technological revolution of the last 250 years. In that regard, crypto is in good company.
I was too young to appreciate the dot com bubble when it happened. It’s strange to say, but I’m glad to have witnessed a speculative bubble from up close. I’ve now got war stories to share with future generations. It was a wild time, when anyone in the world could launch a coin and raise tens of millions of dollars to build a network that no one could control. I don’t think we’ll see anything like that again for a long time.
So what happens now?
If you believe that crypto has the stuff of a technological revolution, then as Perez puts it, the collapse will pave the way for a more fruitful deployment phase. At the end of the day, I’m an optimist about technology. So it won’t surprise you that I think this deployment phase is coming. But it will be slow, unglamorous, and probably won’t make for nearly as entertaining of headlines.
Oh well.
