JOHN McAFEE: Here's why you can't call bitcoin a 'bubble'

Business Insider - 2017-08-15


John McAfeeJohn McAfee John McAfee's MGT Capital recently announced it is mining for cryptocurrencies. There are peppered innovations throughout history that have changed human culture beyond recognition. One such innovation was the adoption of agriculture. Prior to this adoption, the great thinkers within society struggled with how to determine when to break camp and move to more fruitful lands, how to limit the size of a village so that sheer numbers did not quickly deplete the available food in a new area, and how to design lodging so that could be quickly dismantled for a sudden move. Imagine how these great thinkers must have struggled to comprehend a world in which the village never moved; where the size of the village was inconsequential; and where lodging was constructed of immovable stone. There would be nothing in their contextual understanding of their culture that would allow them to comprehend the end product of the emerging new world. I believe that the blockchain is, even now, ushering in a new economic and social paradigm that will rival, if not exceed, the impact that agriculture had in human society. The idea that has clouded the waters for many is the idea of "Decentralization." There has been much hype for dozens of years about the mind bending potential of decentralization but little if nothing has come of it. The reason is that no-one has been able to solve the problem of distribution required to power these decentralized system. Distributed, decentralized systems have an inherent power that literally obsoletes centralized systems. this is obvious even to the most casual observer. We have known this for decades.