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In the world of cryptocurrencies and the cryptocurrency market, many friends may come across these questions: Is the entire space of blockchain and cryptocurrencies not just a bubble? A bubble that wakes up one day and realizes that it has burst and everything is gone. To put it simply, these friends are worried that everything in the cryptocurrency market is a joke.
In response, I have to tell these people that blockchain is a very new technology that there are two opposing views about it; Of course, this is not only for cryptocurrencies and blockchain. In fact, every new phenomenon that emerges in the human world is faced with opposing views at first, and until it cannot prove itself, these opposing views will exist.
But what can be inferred from the opinions of the great economists, which we will mention below, is that these people have made a difference between blockchain technology and cryptocurrencies as a by-product. In fact, negative comments about capital markets often refer to cryptocurrencies rather than blockchain technology. In the following, I will deal more with this issue and express the views of the great economists in this regard.
Examples of negative views of new technologies
Alvin Toffler , an American writer and futurist, in his book called Future Shock, gave examples of new technologies that initially faced negative views and such problems.
In the following, we will discuss some of these examples:
Invention of the telephone by Alexander Graham Bell
In 1865, there was a wave in American newspapers that thought the possibility of sound transmission was impossible. For example, the famous American newspaper stated in its editorial that:
Well-informed people know that it is impossible to transmit sound through a wire, and even if it is impossible, it will not be of any scientific or practical benefit.
About 10 years later, the telephone came out of Mr. Alexander Graham Bell’s laboratory and changed the world.
Aircraft construction by Wright vectors
In another example, a very famous Canadian astronomer and mathematician named Simon Newcomb wrote in a famous article:
None of the possible combinations of known elements, none of the defects of machines and unknown forms of energy can be combined in such a way as to make a machine with the help of which man can fly long distances in the air!
Less than a year after this quote, the Wright brothers took off with the world’s first airplane.
Fission of the nucleus of an atom
Another important thing was the prediction of Ernest Rutherford, the discoverer and father of the atomic nucleus structure. In 1933, he predicted that the energy in the nucleus of the atom will never be released!
Only 9 years after this prediction, the first nuclear chain reaction happened. It is safe to say that if Rutherford’s prediction had not disappointed many young scientists, the nuclear fission would have happened much earlier.
Opinions of famous economists about Bitcoin and Blockchain
Based on the above examples and their extension to Bitcoin and Blockchain, we can refer to the warning of famous economist Steven C. Roach and the more famous economist Joseph Stiglitz who said: Bitcoin is a big dangerous bubble. Robert Leonard also pointed out that Bitcoin is not the only bubble and is much worse than a bubble. Mr. Jack Ma, the founder of Alibaba and the famous billionaire, also expressed the same opinion with similar wording.
The most important and stinging opinion was Mr. Warren Buffett , who in a way poured clean water on the hands of the people of the cryptocurrency market. Warren Buffett was a famous billionaire, and his opinions in the capital market were considered a revelation among the people of the market. He said that only fools buy Bitcoin in the hope that they can sell it to people who are stupider than themselves at a higher price.
Read more: Goldman Sachs report against Bitcoin in 2020
Differentiate between blockchain technology and cryptocurrencies in theory
An important point to note is that even in the most pessimistic and skeptical opinions about cryptocurrencies, there is a difference between blockchain technology and cryptocurrencies as a byproduct of blockchain.
Paying attention to this distinction between blockchain technology and cryptocurrencies is very important and helpful. Blockchain technology came from Bitcoin. In fact, Bitcoin is introduced as the mother of blockchain. But this child of Bitcoin developed so that in a short time it became the mother of its mother.
Today, we consider blockchain to be the mother of Bitcoin, rather than the other way around. Although the blockchain itself emerged from the heart of Bitcoin, it definitely became the mother of all cryptocurrencies and the mother of many other new ideas that have arisen or are emerging based on blockchain technology.
The negative comments that we got from the greats of economy, business and capital market were also more about cryptocurrencies than blockchain technology. Instead of these negative comments, by searching the internet you will see many positive and utopian comments, which are sometimes wise and realistic and sometimes dreamy and overly optimistic.
An example of visionary theories was the prediction of John David McAfee, the founder of McAfee and the cyber security company, who predicted the price of Bitcoin up to one million dollars on his Twitter. McAfee wrote that he expects the price of Bitcoin to reach one million dollars by the end of 2020.
Read more: Bitcoin price depends on what factors?!
In response to the question, are cryptocurrencies and blockchain a bubble? Two points of view should be considered. A utopian or optimistic point of view and a dystopian, pessimistic or pessimistic point of view can be considered in response to this question.
The pessimistic comments are more about cryptocurrencies themselves and the bubble in the cryptocurrency market than about blockchain technology. Therefore, there is no debate about the usefulness of blockchain technology and its GPT potential. But about the cryptocurrency market being a bubble, maybe we need to monitor the crypto market more carefully and have a more realistic view of them.
Undoubtedly, after the end of the turbulences of the cryptocurrency market and the fluctuations become reasonable, we can look at cryptos with a clearer and better vision. And among the smoke, fire and dust in the market, let’s find the new baby phoenix that will open the way for more and more exciting developments of humanity and can solve the important problems that humanity is dealing with (last mile problem).
Solving the problems of the last mile problem by the blockchain system
The last mile problem refers to the fact that the last mile of the entire logistics journey is the most expensive stage. In fact, the last mile delivery of the package to the customer as soon as possible accounts for 53% of the total delivery costs. Any inefficiency in the last mile process will increase the cost of delivery. Below are some of the important problems in the last mile:
- Lack of transparency
- Unsuccessful delivery
- Poor grain tracking
- Last mile delivery fee
- Inefficient routing and lack of route optimization
- Lack of proper delivery infrastructure
- Outdated delivery tools and technologies
- Unpredictability in transportation
In fact, in the last mile problem , whatever you want to do, the last step has more costs and problems. To better understand this concept, imagine that you intend to import a series of cars from France to the city of Tehran.
In addition to the costs needed to send them to Tehran, there are also additional problems and costs to transport the cars from Tehran to Ray city. This series of problems is called last mile problem .
Blockchain technology in solving last mile problem has been able to help a lot. For example, you can see all the steps and steps of the diamond produced in South Africa through the blockchain and create transparency. In fact, the entire birth certificate of that diamond can be seen by the blockchain system. Therefore, based on this information, you can check its reasonable price and decide to buy if you are sure. Nowadays, many services are moved to the blockchain system to solve last mile problems.
