Cryptocurrency And The Age Of Abundance: Fueling Technological Advancement

in LeoFinance2 months ago

We are in an exponential age. This is a phrase that gets overused a bit yet it is accurate. It is also a period of accelerating technological development. Again, this is an idea that loses its impact due to oversaturation. Nevertheless, it is still valid.

In this article we are going to see exactly how things are unfolding and the pace. By the end, the hope is everyone will be excited about what is taking place.

For years, we covered the Age of Abundance. This is something that is bearing down on us full tilt. The era of scarcity is quickly evaporating. The next couple decades are going to see the complete transformation of most parts of society.

Basically, we never saw anything like this in the history of the world, at least not to this degree.

A Few Percent Growth Per Year

Most of us are unaware of what is really taking place since growth rates are rather slow. This is especially true from an economic perspective. For many, the headline figures do not mean much since they are not big enough.

For example, the US growth in GDP over the last couple decades is a few percent per year. This equates to some big numbers yet means very little to each person. Even if we take this to wages, the result is the same.

After all, what does a few percentage added to one's paycheck really mean? If one is making millions, it is a decent sized number yet has little impact. It is equally true for the middle class worker.

That said, over time, we can see massive changes. When looking at the growth in global GDP, over a long period of time, we see a radical difference. Look at what took place over the last 200 years.

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For much of human history, the growth rate for humanity was miniscule. It was far less than one percent for centuries. Yet, technological innovation, starting mostly in the 1800s, sent this on a much different trajectory.

As we advance technologically while also having a population basis large enough to have a major impact, we see the chart go parabolic. It is no surprise that we see such start difference between today and the late 1800s. Compare that with prior centuries where life did not change much over hundreds of years.

Notice also how the population was trailing technology yet caught up during the last century. Yet, of late, the chart is showing how technology is starting to outpace the population, and at an increasing rate.

This is a vital point to what is ongoing.

Massive Technological Expansion

Here is an idea that many are aware of yet cannot grasp the exact implications. It is something we realize is taking place around us but is hard to quantify.

Perhaps we can clarify things a bit by looking at how technology is growing. A simple way might be looking at investment in it. After all, more money in means more technology coming out.

This is a chart of High Tech Spending In GDP:

hightechspending.png

Once again we see a chart that is exponential. This is the theme for the era we live in.

Notice how the spending first hit the greatest acceleration rate during the "Internet Era". From about 1996-2000, we see the slope the steepest, until recently. After the DotCom pop, things slowed a bit only to reach the same point in the past 5 years.

One thing that is noticeable is the trend went almost vertical since COVID. It is likely this will settle down a bit since we know IT spending went through the roof as companies adjusted to the circumstances. However, it is vital to remember the benefits from that investment do not go away.

This chart helps to quantify what we saw over the last 25 years. Most of us are mindful of the fact that it was the greatest advancement in technology in human history. Here we make a case as to the reason and why it is going to continue.

The fact that we are seeing the investment accelerating means that we can expect more technological advancement to roll out.

Of course, considering topics such as the space race, electric vehicles, mixed reality, satellite Internet, and battery technology, this should come as no surprise when viewed through this lens.

No Impact From Cryptocurrency

All of this is taking place without much impact from cryptocurrency so far. Being in the early stages, we see a great deal of development yet the power that is going to be unleashed is still in front of us.

What this means is that, today, we see development funded by Venture Capital money. Naturally, this is of great help, from the advancement standpoint, since it does generate more applications. However, this is still operating under the old model.

Cryptocurrency has the ability to radically change how all of this takes place. While funding is growing at an exponential rate, what happens when cryptocurrency is used as the funding mechanism for the advancement of technology?

At present, we see a lot of development occurring, for lack of a better way of phrasing it, in fiat. Money that is out there is diverted to projects, something that took place for decades.

We can see this altered by cryptocurrency. What happens when projects tokenize as a means of funding their development or research? How will all this change when we enter an era where cryptocurrency is created to fuel technological advancement in a particular area?

Consider this as opposed to simply engaging in yield farming, which appears the main use case for cryptocurrency at the moment.

That does not mean the present flow of capital is going to dry up. That will likely continue. Nevertheless, consider what will occur when hundreds of billions of dollars (or perhaps trillions) in cryptocurrency enters the technological funding game.

How much more technology will we see rolling out?

In short, cryptocurrency is going to equate to more technological advancement. This will accelerate the trend that is already in place. We know what happened over the last 25 years, which was an appetizer.

The next couple decades will see much greater advancement and cryptocurrency will likely be at the center of it.


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I'm amazed by blockchain every day.
I believe we are still early in the "magic internet money" game, so congratulation to everyone here. You are pioneers.

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believe we are still early in the "magic internet money" game...

Without a doubt. This is the super early days. People do not realize how much more advanced things will be in 5 years.

That sounds like a long time but really is not. That is how fast things are moving.

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Massive Technological Expansion
Here is an idea that many are aware of yet cannot grasp the exact implications. It is something we realize is taking place around us but is hard to quantify.

A really great experience on finding how this behaves by just being on HIVE.

I feel HIVE is teaching a lot of people, almost like a public service many countries are not yet aware of otherwise they will be exploiting. And this should be definitely be supported by them.

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Hive certainly fits into this larger trend as does all we see taking place within the blockchain and cryptocurrency world.

For that reason, if one can see what is taking place at this level, it will give them insight into what is happening at an overall technological level.

The reverse is alaos true.

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 2 months ago Reveal Comment

PoW has security but major scaling issues. That is one of the reasons why Ethereum switched to a PoS system. Do you really think there will be trillions of transactions done on a PoW chains? We are likely to see one, Bitcoin, as the only important one long term.

As for PoS, we will see if you still feel that way when Ethereum is in the hands of Wall Street. That is who is buying up the token. Of course, the major holding of the foundation could be a difference maker, although not for decentralization and distribution.

There will come a time when the PoS validation on Ethereum will come from a handful of people. The drawback to a straight PoS is the fact that there still is a huge weighting towards the wealthy.

But we will see in time how it all pans out.

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Here's my two cents.
Skyrocketing intellectual growth has been because instead of being forced to make other people massive amounts of money people have started working on the internet and with cryptocurrencies growing their own holdings and skyrocketing this sector.

I have said it before and I'll say it again.

Hive has some of the greatest minds on the planet working together

agree

You can't just give me a one-word reply.

That's like completely against all of the rules. I'm not sure which rules I'm referring to but I'm sure it is somewhere written down that you cannot give a one-word reply...

I guess I'm going to have to give you one penny vote.

Hive has some of the greatest minds on the planet working together

There are some pretty smart people involved in Hive. That certainly is the case. We are also seeing alliances forming. There are some smart people over at Peerplays also.

We just need to keep the push forward with time and getting more development to take place. This is what will keep attracting more people.

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I remember during the town hall we were talking about all of this and I asked a simple question...

We can continue to negotiate with he who should not be named or we can prepare things.

All the sudden all the developers disappeared and Hive was born out of all of this.

Pretty amazing that I got interrupted by a person he who should not be named

It's pretty amazing how much interaction and being apart of blockchain History we all are.

And I really like your work and I'm really impressed by your success. I have used your outlook and thoughts a few times as well as shared your content.

Thank you very much for your work and support.

Me and my puppy dog say thank you very much and we really appreciate all of your hard work and content.

IMG_20211003_114839112_BURST000_COVER.jpg

All of this is taking place without much impact from cryptocurrency so far. Being in the early stages, we see a great deal of development yet the power that is going to be unleashed is still in front of us.

This happening is true for future as well for sure. Because the huge growth and slow growth chart as you shown will continue in the future as well. Crypto will be in stable in the future as well, i sure.

We are going to see a great deal of funding come out of the cryptocurrency sector at some point. For now, we are seeing growth take place which I guess is the first step.

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Holy cow! That first chart is totally nuts! I never would have guessed things blew up quite that much. It is really impressive. Then to think about how much more it is going to grow is just kind of mind boggling.

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Wait until my next post about that @bozz. It will really blow some things out of the water.

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Looking forward to it!

Aren't we also entering a stage of depopulation? In that case, won't the per capita GDP explode upwards even more.

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It depends.

To be clear, we still are going to have population expansion for the next 30-40 years. Where we are seeing a fall off is in many of the developed countries in Europe and Asia. In addition we see Canada and Russia also heading down in that area.

As for GDP, it is an interesting situation. If the population is declining (as well as aging), productivity goes down. Of course, that can be offset by technology.

Japan has not seen their GDP grow in 25 years, yet it also has not shrunk a great deal in spite of horrific demographics.

That is a testament to the Japanese people and how they are a technologically advanced country.

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If you check the statistics of cryptocurrency adoption in 2020 with the 2021 own, you will surely discover that there is an increase in adoption this year, and it is likely to continue with each passing year.

Crypto adoption and crypto funding are two different things.

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Well, I believe that the funding can not be feasible without the adoption. The adoption comes first. Funding is what makes the adoption complete.

People who have accepted cryptocurrency do not necessarily need to be scared of funding especially when there are CEX that offers finding services

I think there will ve much more funding for advancement of technology thanks to cryptocurrency. The more R&D and funding, the more technological advancement.

There seems to be a correlation between the two.

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Technological advancement is the order of the day. I trust bitcoin and the other altcoins have a role to play in the globalisation of crypto. As we push for this positive agenda. Remember to keep accumulating coins on a trusted and decentralized wallet application like that of https://atomicwallet.io/ for the long term.

There is a lot going on with more popping up each day. Ultimately, we can spread this wide enough that the exponential impact will be like something we never saw.

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i myself prefer to work from home and trade crypto