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Emin Gun Sirer of Avalanche (AVAX) : Year 2022 was a great year in many ways. It was a terrible year in many other ways. But, if I look at the 10 year picture when I first noticed Bitcoin 11 years ago or 10 years whenever it was; however, for as many years it has been, the adoption curve is up and to the right.
The important curves that we all care about in terms of institutions, in terms of users, in terms of number of assets, in terms of actual useful people doing things that they could not do before, up and to the right.
And, in many ways, it is no different than when they entered the internet revolution before and back. Then also there were incumbents saying all sorts of things. We might remember content is king all the media companies were out there saying the internet is going to change nothing.
Where are they now? They have been blocked out by internet companies. There were all sorts of telecom companies. I remember how big HT was. I bet you remember how terrible the treatment was on the phone companies to the users.
In 60 to 70 years, there was no innovation in the telecom space. The one thing they invented was the flash button. So, you never knew whether you hung up – whether or not you actually hung up – you press the button little too quickly and the person was still there.
So, that was their innovation. And, there was a good reason for that, and that is because their architecture was centralized. We had dumb machines in our hands. We were clients to a set of service. When we operated their service, they collected the monthly charges. And there was no competition whatsoever to be had. And the interface they gave us was a dial tone.
And that is how they kept us at bay for so many years. But, all they fed us was a simple dial tone and they collected billions over billions over years and without allowing anybody to innovate. And, the main thing that the internet did was that it opened up that space to innovate.
And that then flooded in a whole lot of the new things. What I see in Crypto is exactly the duplicate of the same process.
The main mission for this year is so clear and so simple. We are doing things that cannot be duplicated and in the future people have to use these technologies. There are set of technologies that just does not exist in TradeFi.
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