It’s hard to describe to people what it was like living in San Francisco back in the late 1990’s. In a word, it was ‘nuts’. New internet companies were raising enormous sums of money and were spending tens of thousands of dollars on ridiculous things like ‘launch parties’ for a version of software to receive brand recognition. People running these internet companies were largely in their 20’s and were the one’s calling the shots at meetings with older business executives that didn’t understand this new ‘internet’ thing. I could go on but you get the picture.
Why I mention this is that I feel history is repeating itself when it comes to the blockchain revolution that is upon us. Today we see blockchain companies raising incredible sums of money through ICO’s and there are many stories of young people running these organizations who are making poor choices on where they spend their money.
This may sound all ‘doom and gloom’ but there is a silver lining when it comes to both stories of ‘bad behavior’ and that is whenever there are new disruptive technologies like the internet and blockchain there is a lot of creativity and new business models that comes along with it. It is through this creativity where I see the biggest opportunities in blockchain now. In 1995, the concept of the Internet was far fetched for many people, but our society and economy is now dependent on it. In a similar fashion, Blockchain is changing the very way we look at making money by owning your own personal data.
The following article is a great read that echos my personal experience in Silicon Valley back in the 90s along with some very good insights what the author feels is in store for the blockchain.