undefined | Better HN

0 pointsDannyBee3y ago0 comments

This argument is always very funny to me.

History is rife with hundred-billion dollar industries destroyed in very short periods of time, across multitudes of field types.

For example, i've watched fields created by single legal opinions, grow to many billions, and then get destroyed overnight by a different legal opinion. All in the course of 10-15 years.

The amount of money in it is just not a sufficient condition for it to stick around. It certainly helps, mind you, but there will always be somewhere else to put the trillion dollars.

0 comments

O__________O3y ago

Do you actually have specific notable (and comparable) examples of technology based industries that reached relatively the order of magnitude crypto has that were rapidly killed off?

Otherwise, as is, your response to me is without merit.

DannyBeeOP3y ago

Someone gave you one. Here's another: Software patents were judicially created in the US by a single fed circuit opinion. The field wildly expanded to many many many billions of dollars until a single supreme court opinion.

While still kind of alive (mostly legacy lawsuits), the vast majority of the value was rapidly killed off post supreme court decisions (and AIA)

This kind of thing happens all the time - in software, in pharma, in ...

As I said, value helps in some sense, but just because there is a lot of money in a thing simply does not mean it will remain.

FWIW - your comment very much comes off as the typical "crypto folks ignore roughly all history" stereotype that it gets painted with -

O__________O3y ago

Billions, even 10s of billions, is not comparable to trillions.

None examples so far have provided independently source of valuing industries claimed, nor to my knowledge have any of the industries cited have as many direct customers.

Feel free to provide specific (and comparable) examples.

To be clear, just trying to be objective. For example, NFTs alone for living artist easily surpassed the billion made in non-NFT sales for living artist; sure NFTs were 30-40% behind in total volume, but that’s largely for dead artists.

Further, you keep bring up legal changes, but I am not aware of any pending legal matters that might have a substantial impact on the use of the technology itself; further, crypto is global and clearly adapted to legal changes including all out bans in China.

1 more reply

giaour3y ago

There were billions of dollars funding work on paid network traffic prioritization in the 90s and early 2000s. Then the whole field was banned in 2005, and it evaporated. The ban was lifted in 2008, then reapplied, then lifted again in 2014, then reapplied in 2015, then lifted again. Vast amounts of money flowed into and out of the sector at each reversal.

rsynnott3y ago

Don't see what technology has to do with it. All sorts of weird financial instruments are created, grow enormous, and then either are banned, or scare people enough that everyone stops using them.

O__________O3y ago

From OP comment, “ Do you think this cycle the whole crypto space goes down the drain never to be heard of again?”

Obviously the tech is part of the “whole space” and not a fade; didn’t even bring up encryption, which is the fundamental core of crypto. Sure encryption might be ban, but if you think governments will apply that to themselves, that’s obviously not a common or reasonable position.

j / k navigate · click thread line to collapse

0 comments

O__________O3y ago

Do you actually have specific notable (and comparable) examples of technology based industries that reached relatively the order of magnitude crypto has that were rapidly killed off?

Otherwise, as is, your response to me is without merit.

DannyBeeOP3y ago

While still kind of alive (mostly legacy lawsuits), the vast majority of the value was rapidly killed off post supreme court decisions (and AIA)

This kind of thing happens all the time - in software, in pharma, in ...

As I said, value helps in some sense, but just because there is a lot of money in a thing simply does not mean it will remain.

FWIW - your comment very much comes off as the typical "crypto folks ignore roughly all history" stereotype that it gets painted with -

O__________O3y ago

Billions, even 10s of billions, is not comparable to trillions.

None examples so far have provided independently source of valuing industries claimed, nor to my knowledge have any of the industries cited have as many direct customers.

Feel free to provide specific (and comparable) examples.

1 more reply

giaour3y ago

rsynnott3y ago

Don't see what technology has to do with it. All sorts of weird financial instruments are created, grow enormous, and then either are banned, or scare people enough that everyone stops using them.

O__________O3y ago

From OP comment, “ Do you think this cycle the whole crypto space goes down the drain never to be heard of again?”

j / k navigate · click thread line to collapse