What are you buying?

in LeoFinance10 months ago

I was asked "what am I buying" in regards to Bitcoin today by a colleague, and I was trying to explain that what is being bought is the infrastructure of web 3.0 that has to be built in order for the value to be applied. This is a little bit hard for many to visualize, so I likened it to the development of the oil industry - where at the start "striking oil" didn't mean insane riches, it meant there was now the possibility to work.


In the early days of the modern oil industry, there was no infrastructure in place, so finding oil required entire supply chains and development of tools to take place in order to mine the potential. But there was more to it than that, as even if one was able to extract the black gold from the earth, there was no infrastructure in place to really use it, so entire supply chains and products had to be developed in order to bring utility to the resource. Things like diesel cars, roads and service stations - as well as all of the other areas that oil was applied.

Without infrastructure, there is no was to shift the "energy" of a resource and transform it into something useful. When asked what this meant, I explained this through an industry a little closer to home, the internet.

On October 29, 1969, ARPAnet delivered its first message: a “node-to-node” communication from one computer to another. (The first computer was located in a research lab at UCLA and the second was at Stanford; each one was the size of a small house.) The message—“LOGIN”—was short and simple, but it crashed the fledgling ARPA network anyway: The Stanford computer only received the note’s first two letters.

Okay, so that is 52 years ago this year - so the internet isn't exactly "new" - but it was between those two nodes that the internet first started to make real its potential, even though the first transmission famously failed. But at this stage, it was potential only and even when it started being valuable for the US government, it wasn't until decades later that it really started to realize financial value as an infrastructure.

The value of the internet isn't the infrastructure itself, it is everything that is built upon it that is not possible without the infrastructure to enable it. Pretty much every business now has ties that leverage the internet in some way, with many of the largest companies in the world, wholly reliant on the infrastructure - making the likes of Amazon, Facebook, Apple impossible without it, at least in the form and size they have taken.

But, this is web 2.0 and the infrastructure that is to come is an additional layer that exists between the physical infrastructure of the internet and everything between. Blockchains and crypto leverage the same infra as web 2.0, but empowers it further through the way it is able to manage data, as well as track and distribute data across the world.

This layer allows for an increasing number of users to be their own data center and gateway, an owner of a node, an account, a business or a digital experience of some kind that will generate interest and value as part of the product creation possible through the new infrastructure. It is like the decentralization of the products surrounding oil mining, even though the oil itself was in the hands of the few.

But, the difference is that this layer of the infrastructure isn't in the hands of the few, it is owned and operated by the many at the infrastructure level, making it highly resistant to widespread manipulation from a single source. And, even if it some sector does get corrupted, the usage of it can be reduced to zero, while an identical service with a different governance structure takes its place in the network.

At this point, what we are doing is still in the discovery and mining phase, where we are finding and creating new resources, even though there are very few vehicles available to use them, let alone roads to make the cars practical. However, these are being built, where the logic is in place and developing, but the secondary supply of usecase products is being developed, even though the hype is on the buying of the infrastructure itself.

What will bring value to blockchain and crypto is as the businesses and the people who create and consume for them, start moving their activity onto the new infrastructure layer. This will mean that in the process, value generated will be split between the old and new, with increasing shift to the new, driving value up, as transactions of all kinds increase.

While for many, this process seems painfully slow, this is the way industries are formed.

A Pennsylvania oil well in 1859 fueled kerosene lamps. A 1901 gusher in Texas would fuel autos.

That is 41 years to that point, but in the last 120 years, oil has fueled a great deal of growth, innovation and wealth, albeit not necessarily all positive development, considering some of the side effects. Yet, all industries, whether the future of electric cars, or the development of digital cameras take time to build and even more time to adopt into mainstream usage.

I believe though, that due to the nature of the internet itself, web 3.0 is going to spread at a much faster rate, as communication of information moves virtually instantaneously, speeding up the process. Not only this, much of the technology is opensource with the core blockchains being available to leverage by anyone interested, who will use them in increasingly innovative ways, after first replacing what is already being done on web 2.0 with a better process.

Just like the internet itself, web 3.0 s going to impact and disrupt every industry on earth, every business, every person. It doesn't really matter if a person chooses to take part or not, but as Elon Musk has come to realize, it is inevitable.

So, what are you buying into?

The future of life as we will know it.

[ Gen1: Hive ]

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You sure can relate with your audience, sir. And I'm not just saying that cuz you highlighted UCLA. No, I don't watch college football or anything, it's my hometown.

LoL! My autocorrect had 'replace' for relate!!

Isn't it funny how easily we are swung by a touch of familiar?

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Absolutely. I can even quote myself saying things such as "Liverpool has the closest LA feel in England."

Ps - Liverpool's the only place we extended our stay an additional 30 days.

Yep, it is funny. Most people when travelling look for the similarities to home, not the differences. It means that they don't experience as much I think.

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I wouldn't suggest going straight to Liverpool and stay there, that's not what I meant. My best memories are elsewhere actually. Between me and you, it's just us here, right? We've been glued to housing options in a specific chunk of southern EU in preparation for the dropping of the gates. Sometimes i feel Olympic at the starting line and the gun's jammed. But familiarly was 'comfortable' for two months in the middle of two years—not gonna lie.

Yeah, I understood what you meant - I di the same here after 17 years too. I was more about the "casual" traveler, who looks for things that make them feel like home. Finns tend to search for potatoes and sausage ;D

South sounds good at -18 here :)

Hell A is a nice place to be from :)

I stay away from LA like the plague (that isn't so funny anymore, is it?). It seems I have to go once or twice a year, but...

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(that isn't so funny anymore, is it?)

The hell it ain't!

Wassup Tom? Hope you're having a nice week. I can't honestly say there's many places in this country other than New Orleans I'll avoid. I really enjoyed where I grew up.

And I loved summer weekends in Bullhead too. I don't like the cold but as far as city, LA, The Bay, NYC. What I like most is the atmosphere, music, and food. I like being in the middle of nowhere too. Tough to ruin my day.

I never spent much time in LA to be honest. There's obviously places and things that are unique but... I was way more about San Diego and San Francisco when I was out prowling around. I did love the Race scene in LA. There were some strange and wonderful cats that were just dedicated to going fast... The team I worked for had a shop space just where Chinatown and the Bario meet. Was a fun place to work. Lunch and dinnertime were exotic to say the least.

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Hey good morning Tom.

Oh you know then! Some of the best times in my day were Korea Town—"K Tooooowwn!" That's a common opinion to prefer San Diego and The Bay over LA, totally makes sense. Comparing the three is like comparing high winds in Glamis to a sunny day at Parker or Jackpot in Laughlin. I love all three but if I was given a choice, I'd still choose the path I was given.


And delicious! The best. Really, though, lay it on me. Have you been anywhere with better food than LA? If you say The Bay I won't argue it but I can't hand anywhere else such an easy pass.

I am going to say San Francisco, with an excuse (reason). I had a really good friend and mentor that had lived in San Francisco 20 years. He set me up with his friends that were still there and I had 'insider knowledge' all the time. I got to be really close with a couple of Harry's friends and somebody was always telling me to 'try the X.'

For just cold traipsing around? LA wins in the US I think. NYC isn't even close. Nashville, maybe. Fort Fucking Worth TX maybe. (who would have thought?) Closest thing to me would be Vancouver or Montreal.

I took my brother to Glamis for the first time ever last Sunday! He was just blown away. You know what I'm talking about!

I took my brother to Glamis for the first time ever last Sunday!

I got chills

That's the only one, I'll give The Bay a pass. You ever been to French Laundry in Napa? Oh man!!!

Dude I really like your opinion. I only mentioned NYC because it's popular, it was a sympathy mention. I'd rather retire in Forth Worth than live in New York. And that's exactly how I'd classify Nashville, too.

Funny, I'm working on another article right now and I specifically mention @bigtom13 in it.

You know? I've had some mighty good ribs in Nashville and have a friend that plays some blues there. But I have to admit that the best ribs ever is Arthur Bryant in Kansas City. I'll drive 500 miles out of my way to eat there.

I'd way rather retire in Fort Worth. Notice I didn't call it Dallas :)

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That is a really great and interesting way of looking at it. It kind of reminds me of the statistic about students and how kindergarteners will end up doing jobs that haven't even been invented yet by the time they are graduated. Here we are just laying down the ground work.

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how kindergarteners will end up doing jobs that haven't even been invented yet by the time they are graduated.

I have been meaning to write a post about jobs for ages. So many to come, so many opportunities.

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Elon is a visionary and I think that many will follow

Or, he is an early adopter with the means to "go big" :)

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Believe it or not, all that I can remember of 1969 is Woodstock.
You are correct as all infrastructure has to start somewhere and at my age I have seen many progressive changes. During the days of the Swiss handmade watches, my mom used to say that one day we would drop our broken watches into the dustbin.
Internet and the web was no exeption and even now it continues to improve, especially with the hardware. Same with the web.
Check this out!


Wasn't there also the moon landing?

During the days of the Swiss handmade watches, my mom used to say that one day we would drop our broken watches into the dustbin.

Drop everything in the bin these days, even if it isn't broken - just because a new model is available.

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Drop everything in the bin these days, even if it isn't broken - just because a new model is available.

Yes, you are right, but in those years we didn't have TV so it was not a big thing in our lives.
Strangely I have now reverted back to those years as we got rid of our TV two years ago.

Drop everything in the bin these days, even if it isn't broken - just because a new model is available.

Imagine that, "drop everything into the bin"

I bought the Canon Powershot SX60HS in 2017 for it's abilities to get the moon with full clear shots.
Since then it has become my constant companion. Broke down once and had the colour thingymagingy changed at great cost due to taking direct pictures of the sun.

Now it's on it's last legs, as the zoom carraige system is shot and they have replaced the SX60HS model with a SX70HS model, which is much more compact.
Spares for the SX60 has been discontinued, but I still use it every day and will continue until it dies.

Cameras are a money sink, but they also bring a lot of joy as well as on Hive, the potential to support some income. The challenge with the new ones is that digital always breaks sooner than mechanical, but it is a tradeoff for quality and versatility. What is going to be interesting in the future, is the number of cars that become disposable because of all of their little screens not working, making them somewhat undrivable considering that is where a lot of the settings are done, and only there. Hard to have a classic car in 30 years, based on a car today.

I think new job opportunities await in the EL car business.
Today some mechanics concentrate on the niche mechanical side of repairing and replacing car boosters and they should rather start to learn how to replace the little screens in the new cars.
The old is mechanical and the new is digital.

Gold, silver, cash, deposits at fixed term interest and old skool dividend stocks is what you buy when you are rich already. (comfortably rich)

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Yeah, I am a long way from comfortable :)

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"what am I buying"

Nothing... this is the time to sell and buy a fleet of Lambos. 😁

What colour is your first?

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Red, without a doubt.

Come on, man. How Gauche! Red is the color for the Ferrari, yellow would be much better for the Lambo :)

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Tooooo predictable for me...!, Red has always been my favourite colour.., there needs to be more red cars.

Ohhhh, I agree. I'm a big fan of red cars and particularly motorcycles. My thought was that you couldn't just buy Lambos, that you'd need a Ferrari or two and they are like Ducati. Best left red :) You'd look good in a Red 240, I think...


At one point I owned 5 motorcycles and four of them were red. This photo didn't include the Ducati. So yeah, I like red, too :)

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understated, subtle... :D

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There are not enough red cars in the world.. most of them here are the colour of the sky. Can you guess that colour? I don't want my car to depress me when I feast my eyes upon it.

Somebody made the sheep believe that a white car is over all cooler than anything else so white it is around here. Honest to God, I saw a white Corvette the other day. It hurt my heart.

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I had a ride in one while I was living there, but can't recall the colour or it blowing my socks off. White reflects all that Arizona heat well.

I was riding around in my friends Hurst Olds'.., black in colour with no AC during the summer of '94.. talk about dying of a heat stroke!

I was riding around in my friends Hurst Olds'.., black in colour with no AC during the summer of '94.. talk about dying of a heat stroke!

I can't imagine living here without AC in your car.

I had a work van for a few years that didn't have an AC, but it was just used to haul the tools and supplies job to job, and mostly at night. It was still plenty warm :) Oh, and for the record, it was white :)

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Red goes faster too. In Finland, red was very popular not to long ago, as people thought it stood out in the snow.

I am guessing silver - like mine :) My favourite owned car colour was white. There is something refreshing about it and it is far easier to keep clean than a dark colour.

I’m buying Scotch.

To invest, or just to drink? :D

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I always buy 2 bottles ... one to drink, the other to invest.

I have never looked into investment drinks, worth it?

Did you drink the other one you bought?

Not yet.

Yeah. I would say so.... macallan whisky sells for 1.9 million A bottle of whisky sold for $1.9 million on Thursday, October 24, 2020 exploding records -- again. The Macallan Fine and Rare 60-Year-Old 1926 became the most expensive bottle of wine or spirit ever auctioned. https://www.cnn.com/travel/article/whisky-auction-record-trnd/index.html

It is pretty crazy when you consider what it is. It makes that pixelart bought with Eth seem reasonable.

Should have just said doge coin and looked like a genious to them. 😉

Lol. Nah, they were interested in what it actually is, not the token. Seems people aren't able to do a search for it :)

The oil references caught my attention.

I was born and raised just north if Titusville PA. Wich played an important part in this countries oil industry. I have good memories of going to view this historic site as a child and as recently as ten years ago to ride the old steam train railway tour.

Quote from Wiki...

"The first oil millionaire was Jonathan Watson, a resident of Titusville. He owned the land where Drake's well was drilled. He had been a partner in a lumber business prior to the success of the well. At one time it was said that Titusville had more millionaires per capita than anywhere else in the world."

Wiki Page Here

Is it still a place where there are millionaires?

I think it is nice to have some real history close by, it helps build a longer understanding of a place and how what we do affects the future.

No. It is a pretty depressed, burned out area. Trump was bringing industry back, energy, steel and coal. All big in that area. But that is all being shut down now by the china socialist fraudster kabal that stole the country.

I am sure they will somehow demonize that heritage and label it racist also. But some great memories and history they will never be able to erase or re-write.

I bought Upco Universal carbon today. Not a big stake, but, day by day I am increasing my portfolio.

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I haven't heard of it, but there are so many unfamiliar to me these days. It is incredible.

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Sounds interesting. I have heard the name before, but haven't looked into it. Thanks.

I like it because it may be good for the earth. Plus I may earn some $$$ win/win

And decentralization is a very big part of it, as the video bloggers on Dlive have learned, now only Gamer Videos will be allowed because of two US Lawmakers. I read that in a story on coindesk site a little while ago.

The only real place for freedom of speech in the future may well be the decentralized block chains.

oh, that is a pretty big piece of news!!

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I hope 3speak is able to get their IPFS off the ground and running, otherwise it is not looking good for video makers when it comes to presenting their version of the news.

Yes. But, it is going to get interesting when there is direct value behind being a real journalist - how long until other journalists freeleance?

I think that is part of the issue with main stream media and news organizations, they are learning that people have alternative place to not only get news but that real journalist are beginning to see and understand they have alternatives places to present the News they uncover.

You have a very interesting post. Thank you.

Your post is reblogged and upvoted by me. It is a good post. Thank you @tarazkp

Thank you for your engagement on this post, you have recieved ENGAGE tokens.

A Pennsylvania oil well in 1859 fueled kerosene lamps. A 1901 gusher in Texas would fuel autos.

And trains and boats. It really was a huge change in life and lifestyle. The next 41 years would see better and better fuel refined to allow for increased performance that included being light enough with power enough for flight.

The next 41 years would be the search for new materials available in the refined out parts such as plastic. Probably more valuable than the fuel at this point.

Web 3.0 will go much faster, of course. I can't help but wonder what the consequences and products that we can't even imagine will be.

Elon is busy. :) He announced a $100 deposit on starlink service today. The $100 dollars does not guarantee service, but in the Northern Hemisphere it probably won't be long. $500 buys the dish and modem and then the price is $100 per month. Once the cash flow is regular and regulated he will spin it off and take it public. He expects it to be a $300 Billion per year business one day, that will out perform the parent SpaceX. Making them much the largest ISP on earth. That is based on a mere 30 million customers.

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Things are going to move very rapidly in many directions simultaneously - I am not sure who is going to be able to keep up, but it won't be governments. Web 3.0 and all the companies that will leverage it is going to move rapidly, especially once they work out how to tokenize driving a Tesla. We can do that already though ;)

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Great closer:

Just like the internet itself, web 3.0 s going to impact and disrupt every industry on earth, every business, every person. It doesn't really matter if a person chooses to take part or not, but as Elon Musk has come to realize, it is inevitable.
So, what are you buying into?
The future of life as we will know it.

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You have a very interesting post. Thank you.