Cryptocurrency is a new concept that isn’t understood by most, but that does not take away from its inevitable contribution to humanity.
Below is a clip from 1994 on the Today Show where “The Internet” was a confusing concept that also wasn’t understood.
One of the beautiful things about this is if you’ve experienced things like this before… and we’re very lucky to be part of a generation where we have advancements in technology happening at a rate where you don’t you see one or two, but you see several in a lifetime that are pretty earth-shattering in their complexity and involvement.
We’ve seen the Internet, we’ve seen Social Media, we’ve seen the miniaturization of computers, now we’re going to see self-driving cars and digital currencies and all of these other things in a single lifetime. Once you see two or three you start capturing the pattern. And the pattern is, when it starts everybody ignores it, makes fun of it, can’t possibly see how change will happen.
This happened with the automobile, it happened with electricity, it happend with credit cards. No one wanted to accept a piece of plastic as payment. This happens with every type of technology. It’s ridiculed at first and then gradually it matures, it gets less cumbersome to use and if it has some fundamental properties, some utility, something it’s useful for that’s different to do things that you couldn’t do before then at some point it hits an inflection point and it because mainstream very very rapidly. And then everybody is surprised and at the same time claims ownership, say “well, I always thought that this Bitcoin thing would succeed.”
Excerpt taken from: Joe Rogan Experience #844 Andreas Antonopoulos
Price is What You Pay, Value is What You Get
Warren Buffett once said that as an investor it is wise to be “Fearful when others are greedy and greedy when others are fearful.” This statement is somewhat of a contrarian view on stock markets and relates directly to the price of an asset: when others are greedy, prices typically boil over, and one should be cautious lest they overpay for an asset which subsequently leads to anemic returns. When others are fearful, it may present a good value buying opportunity.