Stop worrying about the price of bitcoin!

Stop worrying about the price of bitcoin!

Hi it’s Keir Finlow-Bates here, and today I
can’t help but comment on the drop in
the Bitcoin price recently. Lots of
people seem to be worried about it –
personally I’ve never let the market
price of Bitcoin bother me because I’m
in it for the long haul and in
particular one thing I think that needs
paying attention to is the fact that
unlike for example the mining of
precious metals and the storage thereof
in vaults, when it comes to Bitcoin the
ecosystem is growing – people are
continuing to write code, to find
applications, to produce programs that
use the system, so the value of the
system is just increasing over time – it
doesn’t decrease and there’s a parallel
there with the internet and the web, in
that more and more software’s being
produced that uses the Internet, and when
you look at the early days of the
internet – and there was just email and
then browsers and then web 2.0 – that’s
an ecosystem that grew and grew and
grew and became capable of doing more and more stuff so there’s a
parallel there with Bitcoin and
blockchain, in that it’s growing – it
doesn’t get smaller it gets more, not
complicated, it gets … the ecosystem
gets wider. There … more and more
opportunities to do stuff arise and
things that were tricky in the early
days become easier and that is a
particular key thing I think because it
was the same with the internet: back in
the 90s you had to be a pretty damn good
programmer to be able to do stuff and
you had to understand tcp/ip and you
had to understand DNS and you had to
understand the simple mail protocol and
things like that,
you don’t have to worry about that
anymore as a programmer because there
are libraries out there that do that for
you and exactly the same thing is
happening in blockchain – stuff that three
four years ago required you to start
digging around inside the bits and bytes
and guts of the system, now are
abstracted and you don’t have to worry
about them anymore and you can actually
concentrate on building things on top of
the systems that
do stuff. Look, for example, at
Ethereum – it was totally
incomprehensible to me three or four
years ago and now there are so many
tools out there: it’s got a properly
developed integrated development
environment and all sorts of stuff that
you can deploy in order to do stuff and
there are plenty of sample smart
contracts out there that you can pick
and choose from in order to edit and do
what you want. So this is just a blip –
people who are obsessing over particular
prices at particular times are not
taking the long haul view, and just look
what happened to people who didn’t take
the long haul view of the internet: they
missed out. Anyway that’s a post on the
blockchain ecosystem as it stands
today and where I think it’s going. I
hope you found that interesting. See you
in the next video soon. Bye for now!

One comment

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