- October 7, 2019
- Posted by: James Hall
- Category: Posts
In his latest video, Andreas Antonopoulos addresses the constant questions he receives by those asking him to speculate on what will be the “next Bitcoin” or the “next Ethereum.” Antonopoulos’ response and argument are that one’s time is better-spent educating themselves about decentralized technology rather than attempting to wade through a swamp of pump-and-dump schemes for the “next Bitcoin.”
Antonopoulos, first, goes into detail about the importance of education and having knowledge acquired in this emerging space.
“Invest in skills, invest in education, invest in knowledge because knowledge doesn’t lose 40% of its value in a weekend. Knowledge doesn’t crash. Knowledge doesn’t het hacked by the latest group of hackers. Knowledge doesn’t get banned by the government…”
And, unfortunately, a lack of knowledge mixed with an excessive amount of speculation has caused, and will continue to cause, bubbles to form in this emerging field.
“If you need to ask someone else what you should buy that means you don’t understand the technology well enough to make that decision on your own. Are you confident enough to say, ‘I think this technology has some unique differentiation, good market fit, the timing is right, the momentum of the market, the liquidity is there?’ Like, if you understand all of that, then okay, you’re qualified to make that decision on your own. And if you’re not qualified to make that decision on your own you really shouldn’t be investing in this thing.”
Antonopoulos, ultimately, informs the audience that bitcoin could fail; however, the number of conditions that need to be met to effectively kill bitcoin and take its name are so numerous that nobody can predict it. Not only is bitcoin dominant as the “unique application” for “non-government money that can spread globally that is completely un-censorable, decentralized, unstoppable, and borderless in a pure digital form,” but all the developers are already trained in bitcoin, it offers the majority of the liquidity for exchanges, and it is the most secure blockchain network. Lastly, the cultural norms are already accustomed to bitcoin and you would need to convince the world to now accept and have to learn about your “new Bitcoin.”
This presentation was delivered at the Athens’ Bitcoin and Blockchain Tech meetup earlier in July and was released on his YouTube channel on October 05, 2019. Watch his speech below: