Blog

My response to Kai Stinchcombe

12/25/2017

The anniversary article reflecting on Ten Years of Bitcoin triggered a storm of heated debates. And no wonder–it was a great write-up launched at the best possible time—the calm silence before Christmas, when no one is working and everyone has plenty of time to lazily wander around the house and wonder, with a craving for juicy news.

Kai makes a number of excellent arguments, but he seems to be knocking at the window while missing the wide open door.

 

Let’s start with the basics...The “Ten Years” Argument

It’s common knowledge that Bitcoin was first released at the end of 2009 (version 0.1). A number of bugs were discovered and resolved between 2009 and 2013. Looking at the issues that were addressed back then (transaction malleability, unexpected network fork, etc.), it is hard to associate the word “stable” with it at any time before early to mid 2014, even with the caveats and disclaimers one often uses to handwave road bumps with any new technology. For all practical purposes, the age of Bitcoin as an applicable, functional technology rather than an abstract concept is less than three to four years old.

By all practical measures, three to four years means a technology is still in its infancy. ARPANET, the precursor to the Internet, was established as early as in 1983, but it took seven to ten years before we saw the explosive growth of the 90s. That being said, someone in 1994 could have written a perfectly logical article titled “Ten years later, no one’s come up with a use for the Internet,” for example.

It took another ten years for fundamental changes in travel, stock trading and a number of other industries to take place. In fact, the overwhelming shift to online shopping over brick and mortar didn’t happen until 2010 or later.

Social media and the online advertising industry that it facilitated didn’t hit their stride until the mid-2000s. After that it took another 10 years for online advertisement to finally wrest control from TV and print, only really occurring in the last year or two. All in all, it took 20 years or so for Internet to deliver on its promises. Why would be Bitcoin or any other manifestation of blockchain be any different?

 

Disruption of existing industries: payments, stocks, banking, distributed storage…

If history offers any lessons, the disruption of an existing industry does not happen simply as a result of the invention of new technology. New business models, fueled by the technology or creative applications in the context of existing models, are instead often the cause of a disruption to the paradigm. It’s not that unusual for existing players to embrace and prosper with new inventions rather than allowing themselves to become obsolete.

We still buy cars from dealers—but the majority of car shopping happens online. Did dealers go out of business? Not quite. The smarter ones embraced “the online” to drive even more sales than before.

Stock trading — today many investors trade using online brokerage accounts. Charles Schwab saw lots of early success as a pioneer in online trading. Did any broker go out of business as stock trading shifted to the internet? I’m sure some did. Did others survive and become even stronger—that’s not even a question.

Bitcoin and blockchain are no different than other technology innovations we’ve seen before. In fact, history is repeating itself right in front of our eyes.

Nasdaq and a few others united behind R3—the consortium looking to enable trading on the blockchain. The hope is to simplify the stock settlement across market participants—a manual, involved process that takes up to three days to complete after the purchase. Yes, you read that right—it takes around three days for your one-click purchase to finally settle and register in all affected books. Could the blockchain provide a superior alternative? It’s easy to see that it should be explored, at least.

Visa and MasterCard operate a global network of connected and mutually trusted nodes. Lots of work goes into certification, audit, and secure operation of individual nodes. Could blockchain ease some of the requirements as a result of its trustless model? Absolutely! Is it possible that payment costs will be lower as a result? No doubt. Does it mean the world of plastic cards must switch to the blockchain for each and every payment? Absolutely not!

There is no need to consider extremes—no need to aim for the extinction of a business or a vertical for blockchain to succeed. There are plenty of opportunities to compliment, enhance, and extend.

 

Where are the opportunities?

Joe—the cool guy—launched a file storage service and offers it cheaper than S3. Would you trust him with your sensitive files? Not likely. What if the payment for Joe’s service was cryptographically contingent on your retrieval of files and matching of hash codes? We just replaced the trust to the unknown party Joe with trust in the integrity of a decentralized network, supported by hundreds of billions in individual investments that is unlikely to go away anytime soon. Clearly, there is an opportunity for Joe and his customers.

Joe launches a Kickstarter campaign on a new, cool IOT device. The campaign goes well, devices are shipped, Joe maintains a server with device registration. Suddenly Joe goes out of business, taking the servers with him and rendering the devices useless. Would it be better if the registration data was stored in a blockchain, eliminating the risk of owning a device that outlived the manufacturer?

More on this point—the number of accounts and registration records is exploding with the growth of the consumer and industrial IOT. Account maintenance is becoming a serious expenditure, affecting margins and profitability. At the same time, it is almost never a core business function for an IOT maker, who would happily hand it over elsewhere. Clever developers at Xage (https://xage.com/) have already deployed an account management solution for industrial IOT (Disclaimer: I am not involved with Xage in any form or fashion).

Despite the hysteria surrounding the Experian story, anyone with meaningful experience in corporate IT would say that Experian is not any worse than the average. In fact, not better or worse, just average. The issue is not that they should have been better. It is rather the enormous concentration of data creating unbearable risks.

In absence of better alternatives, Experian must be the collector of records and the custodian, compute FICO and perform a number of other functions that leads to enormous risk concentration. An alternative that stores records on the chain and only infrequently opens access to Experian and other parties based on explicit customer authorization could be much more secure and reliable, leading to a clear win-win. Notice that credit ratings did not go away, credit agencies did not get replaced with the blockchain, but rather agencies became a participant in a new engagement model.

I could go on for hours, but hopefully the overall premise is clear by now:

  • Bitcoin and blockchain should not be evaluated in the context of head-to-head competition looking to drive incumbents into obsolescence.
  • Similar to the Internet and other innovations, Bitcoin and blockchain will take time to mature.

 

Technologies do not change the world, business models do.

Comments

Submitted by jaredcu2 on Wed, 12/31/2025 - 20:49

Is watching pornography a sin hidden realities about the porn
https://snoozes-shebigboobsx.tiktokpornstar.com/?nichole-yolanda

jessica simpson nick lachey porn 13 japanese teen porn latin porn for her porn actreses where do you watch porn

Submitted by coryow2 on Wed, 12/31/2025 - 21:32

All porn tubes free sex videos everything in one place meta porn
https://kouda-android-sexy-dancer-body-font.alexysexy.com/?marcella-elisa

chanel stacks porn stary young future porn star spanking tube porn school free classic porn star vids jessica simpson porn comics

Submitted by katiepo60 on Wed, 12/31/2025 - 22:13

Free xxx porn videos hardcore adult sex movies porno hub tube
https://boobys.amandahot.com/?joyce-vanesa

real kiddie porn xxx xhampster legends of porn most sexiest porn stars mlp porn my porn gallery

Submitted by dollyyl3 on Wed, 12/31/2025 - 22:56

Ava koxxx nude image galleries pornstar pics pics x
https://viennateatro.energysexy.com/?alena-natalia

harrdcore interracial porn public humiliation porn videos sister porn movie church free tivia porn movis young twins porn tube

Submitted by calliecs6 on Wed, 12/31/2025 - 23:37

25 best indian onlyfans of 2023 top only fans indian girls
https://aladan.energysexy.com/?raquel-joyce

hoang thuy linh porn little angels nude porn men at work gay porn milf porn stars with kids capone you porn

Submitted by margueritejl7 on Thu, 01/01/2026 - 00:20

Getting her pregnant to impregnate her w a quick creampie
https://heinekenbeerpictures.instakink.com/?elaine-jillian

free tube porn family cody chase porn gay men animal porn britney spears porn pictures cheap porn downloads

Submitted by dollieul8 on Thu, 01/01/2026 - 01:02

Free big dick porn movies monster cock porno vids pornhub
https://amaturevideos-thingstosaytoturnhimonovertext.miyuhot.com/?felici...

older couples porn pics safari porn movies free porn vidos sites 100 percent free cam porn stereo porn nvidia vision

Submitted by bernardvp5 on Thu, 01/01/2026 - 01:44

Top 10 pawg onlyfans sexiest onlyfans pawgs la weekly
https://sector-6-shion.alexysexy.com/?alexus-mandy

elite mature porn tube smallest porn star the ultimate hot chick porn porn clips for woman bath babysitting stories porn

Submitted by leapv18 on Thu, 01/01/2026 - 02:26

Free gay wrestling singlet porn videos pornhub most relevant
https://matana-soophie-dream.dudeporn69.com/?eleanor-eileen

amatuar porn tubs for free dbz porn trunks wide hip teen virgin porn tube psp hd porn dr of porn

Submitted by noellefp3 on Thu, 01/01/2026 - 03:08

Watch babestation live babeshows pervcam and uk cam girls
https://august-ames-hanging-soolin.relayblog.com/?allison-alissa

bang tidy porn porn audio clips free suck this porn free loleta porn kate mara porn

Submitted by lilianef7 on Thu, 01/01/2026 - 03:50

Wonder woman makes you suck superman s dick at a party
https://android-sexy-prime-button-play-hiking.moesexy.com/?felicia-moriah

frr kitty porn webcams handjob finger porn kissing cousins porn cd universe 80 2 porn porn star criss strokes

Submitted by wallacemb69 on Thu, 01/01/2026 - 04:34

Sexual violence new details about hostages life in hamas captivity
https://militaryhotgaysex-kannadakavanagalunew.miaxxx.com/?tayler-paloma

free whipping porn tubes vids ileagal porn movies free porn videos on little girls sister and brother pink porn barely legal laotians porn

Submitted by loriepl2 on Thu, 01/01/2026 - 05:16

What are the best twitter porn accounts 2023 update
https://androidsexydancerrobotwebcam-lorena.tubered69.com/?jackeline-ashtyn

free tube porn clips gay online porn movie clips tiny porn babes free hardcore triple xxx pron trailers japanese porn stars

Submitted by ernars18 on Thu, 01/01/2026 - 06:00

Mature tube hot mom milf and granny porn maturetube
https://izikhokhovideos.adablog69.com/?ericka-nancy

hd teen sister porn gay strip porn full free black porn movies abused young teen porn frued box porn

Submitted by blancaux8 on Thu, 01/01/2026 - 06:42

Top 10 best onlyfans blowjob girls hot onlyfans bj follows in
https://milfxvideos-lena-paul-in-public.instakink.com/?molly-summer

s w porn porn star nicknames katie waisell porn mobile porn dude streaming movie porn

Submitted by taniaui5 on Thu, 01/01/2026 - 07:26

Former utah lawmaker arrested in child porn investigation
https://armas-androidsexypromdressesnotalloweduk.fetlifeblog.com/?annabe...

josh porn webite golden boys porn seventies keira king porn queen amidala porn pics porn star isabell

Submitted by peggyii60 on Thu, 01/01/2026 - 08:10

Leading porn sites caught by new eu law to police online content
https://disqualified.adablog69.com/?danna-aurora

gladiators porn mexican hardcore porn videos free young whore porn watch hot free porn online iphone porn gay hentai

Submitted by sofiadh10 on Thu, 01/01/2026 - 08:54

Couple xxx videos real life couples fucking amateur couple
https://cougar-staubach.miyuhot.com/?annika-janiya

free online streaming porn for wome ryo cheerleader anime free porn my first porn shoot milf teen lesbian porn download flv porn vids

Submitted by rolandxq11 on Thu, 01/01/2026 - 09:36

Eu names three porn sites subject to its strictest online content
https://ainsley-asian-recipes.tiktokpornstar.com/?tamara-elisa

internet cookies porn just stocking porn suite porn role play porn sakura russkaya porn

Submitted by gaylelj1 on Thu, 01/01/2026 - 10:20

Best vr porn sites for women in 2023 female pov reviews
https://opensourcephotos.dudeporn69.com/?allyssa-mayra

amateur porn cracked ex girlfriends free porn ericka martin porn girls fucking cow porn celeb porn cartoon salena gomez

Submitted by karlaqb69 on Thu, 01/01/2026 - 11:04

Nasa streams cat video from deep deep space the new
https://whatdoyouneedtotaketovote.fetlifeblog.com/?kenia-dana

black pepole free porn gay pissing porn tbue gay porn kink penisbots porn trashy wife porn

Submitted by francescats2 on Thu, 01/01/2026 - 11:47

Best candid xxx candid and kinky porno videos for free
https://keyla-amateur-fmf.tiktok-pornhub.com/?alisa-dalia

free extreme hardcore porn porn movies of beautiful girls proud family trudy porn free milf porn by seekmo classic porn starts

Submitted by mariolj6 on Thu, 01/01/2026 - 16:28

Amateur babes in free porn homemade sex with amateurs redtube
https://androidsexualorientationexamlocations-mount.instakink.com/?alond...

playstation portable porn pics porn booth sucker kendra cox porn olsen twins porn clips pussy lesbian porn

Submitted by melissabw9 on Thu, 01/01/2026 - 17:10

The russian soldiers raped every german female from eight to 80
https://hestation-androidsexypromdressescartoondesigns.a4tkube.com/?robi...

porn star vanity download homemade porn free realplayer porn best asian porn stars movies tawny porn star

Submitted by minniesi60 on Thu, 01/01/2026 - 17:53

Best black pornstars top 25 hottest black porn stars dieoff
https://gleaming-allentown.a4ktube.com/?angel-joana

xhamster s free porn videos lesbian red head porn galleries mon son porn galleries horny porn fun redot porn

Submitted by goldiekv11 on Thu, 01/01/2026 - 18:36

Free porn trial user reviews guides and advice for porn apps
https://porn-star-catalina.titsamateur.com/?evelyn-adeline

kardashin porn horse blowjob porn compialtion free hardcore mobile porn porn sex kamasutra thai model porn vids

Submitted by kurtdm3 on Thu, 01/01/2026 - 19:20

Porn games sex games gamcore the office e3 v 0 3b free sex games
https://porto-full.lexixxx.com/?jaylin-kate

free porn minutes fat black porn teen webcam porn search engine top free black porn sites how to watch porn with bestfriend

Submitted by adrianazf7 on Thu, 01/01/2026 - 20:05

Big Tits, Hard Anal, Hairy Pussies, Brunette Hotties & More
https://julez.titsamateur.com/?allie-ericka

free insest porn clips school teacher porn star free real amateur porn pictures free porn talk dirty instituto porn

Submitted by marshallli8 on Thu, 01/01/2026 - 20:49

Menstruation porn video search tnaflix alphabetical
https://josie-junior-hideaway.titsamateur.com/?jade-eve

molly free porn free white girl porn pics free mobile phone porn vids pregnant ebony porn movie redfox toon porn

Submitted by roxannedd10 on Thu, 01/01/2026 - 21:32

Helpless teen girl gets extreme rough sex in cabin in woods
https://lubeck-magazines.sexyico.com/?aubrey-theresa

dirty very young teen free porn taylor rain thoughts on porn sexy free iphone porn videos extra bbw porn tube toxic porn interracial

Submitted by priscillabt9 on Thu, 01/01/2026 - 22:16

Famous pornstars and models with b cup sizer breasts pornhub
https://android-sexy-silk-za-kid-tail.tiktok-pornhub.com/?rachelle-magda...

girl shaving porn lucia porn free bbw amature porn vids fat guy with skinny women porn tiny teen porn clips

Submitted by maigd1 on Thu, 01/01/2026 - 23:00

Shemale gif tranny babes in transgender porn gifs xgroovy
https://pantyhosefantasy-bisaxual.lexixxx.com/?cynthia-theresa

gay bi sex porn bad ass bitches porn passed out drunk college porn porn vidoes gang ban porn blindfold

Submitted by chasitywi4 on Thu, 01/01/2026 - 23:44

Babysitter hd videos sweet young babysitters get fucked by
https://wolf-stuttgart.topanasex.com/?taylor-victoria

cross eyed blowjob porn free blonde porn thumbs west coast productions porn little niki porn legs heels porn thumbs

Submitted by autumnxs16 on Fri, 01/02/2026 - 00:25

Best onlyfans lesbian girls hot lesbian onlyfans the village
https://tiffanynorris-simonehairy.sexjanet.com/?kaylee-nyasia

glossy porn free high school guys porn free full length hd porn scene colorado springs porn free lesbian bdsm porn

Submitted by jeaninefn18 on Fri, 01/02/2026 - 01:04

Schoolgirl porn photo sharing website back online after being
https://chubbygrannytube-breastenlargementmethods.adablog69.com/?molly-j...

public spy porn porn fidelity police officer videos porn pelican 80 s porn actress sex porn cartoons comics pics

Submitted by kristieuj18 on Fri, 01/02/2026 - 01:43

Scandal porn galleries, daily updated lists
https://bestbedbugspray.gigixo.com/?kacie-sylvia

porn clups tube porn vidieos teachers teach sex porn free busty porn babe galleries lara croft 3d pokrn tube

Submitted by edwinauo3 on Fri, 01/02/2026 - 02:23

The obsessive photographer behind america s first gay magazine
https://performs-vintage-porn.hotnatalia.com/?ebony-nathalie

cheerleaders who do porn reality kings porn preview free erotic indian porn balhoneys porn naughtyfiles brunettes with big ass porn

Submitted by pollykt5 on Fri, 01/02/2026 - 03:03

Best saree indian porn tube xxx saree bollywood sex videos
https://sexymilffacial.instasexyblog.com/?emilee-piper

porn bribe free milf boy creampie stockings porn free iphone porn ronaldo porn horneo soft porn first time lesbians kissing

Submitted by mirandawk18 on Fri, 01/02/2026 - 03:43

Leggings xxx videos leggings xxx hot women in tights
https://ree-full-length-porn.celebrityamateur.com/?fabiola-tianna

mature porn dvs inocent little girl porn free short clips porn free streaming granny porn tube hypnotize porn

Submitted by wilmani8 on Fri, 01/02/2026 - 04:20

Free porn site
https://jolene-osnabruck.dudeporn69.com/?tayler-erica

submitted homemade porn rape porn scenes lesbian animae porn porn movies free redhead women porn sex casting

Submitted by jefferyhm9 on Fri, 01/02/2026 - 05:38

Bisexual porn videos hardcore bi sex videos pornhub
https://julie-cash-in-clothes-experiencing.moesexy.com/?breanna-kassidy

porn hub mpegs porn sex game swf free porn porn vid gallery prepuberty gay porn

Submitted by enriqueni11 on Fri, 01/02/2026 - 06:19

Free hd xxx sex porn sites free porno videos xxu mobi
https://muphotos.lexixxx.com/?theresa-ayanna

sexy porn star gere the hardest teen porn english subtitle porn miss star porn der agent porn lisa

Submitted by jodieia69 on Fri, 01/02/2026 - 06:59

Top 10 ssbbw onlyfans models to follow 2023 straight
https://saucyhappybirthdaypictures.a4ktube.com/?makaila-kaitlynn

stream video home porn kamasutra porn video free lack lesbian porn videos panty pantyhose porn bib boobs porn

Submitted by vilmafl7 on Fri, 01/02/2026 - 07:40

Amateur high heels porn pics naked photos pornpics de
https://croydon-cum-hydrant.danexxx.com/?miriam-zoe

cracked passwords to porn sites nudist camp photos porn porn movie talk hindi language free mature blonde porn tubes porn girls marilyn monroe

Submitted by williamrg4 on Fri, 01/02/2026 - 08:24

Top gay black onlyfans and best black gay onlyfans in 2024
https://reallyraunchyjokes-spanishvslatino.celebrityamateur.com/?meadow-...

safe reliable free porn youngest porn models porn women alphabetical order amature teen porn hub adult porn dvd to buy

Submitted by franmf8 on Fri, 01/02/2026 - 09:08

In india porn may be changing how some men view masculinity forbes
https://kentweddingphotographer-nostringscasulafun.hoterika.com/?macie-a...

best rated amateur porn sites watch junior capsula porn tape dangerous warehouse porn the johnsons porn sex cell porn parkland high school

Submitted by claireei7 on Fri, 01/02/2026 - 09:52

Mature tube hot mom milf and granny porn maturetube
https://blackmenaregay.xblognetwork.com/?madyson-robin

porn babies patti plenty porn you porn mature fucking free porn videos ryder skyye one on one porn webcam

Submitted by joykh2 on Fri, 01/02/2026 - 11:21

Watch porn sex young girls videos and movies online for free
https://mobfather-outdoor-nude.energysexy.com/?elyse-marcella

anime porn sites keith ingram porn women seductive tease porn free porn videos sun porn fat gay boy porn

Submitted by laceytb5 on Fri, 01/02/2026 - 12:04

Hot galleries, daily updated collections
https://munich-soundly.alexysexy.com/?abigail-kiera

free porn sex xxx tube scandinavian porn tube freeones porn site henita porn videos xtube free gay porn

Submitted by jerrynr5 on Fri, 01/02/2026 - 12:49

Mature wife needs mega cock deep in her hairy pussy
https://is-porn-legal.celebrityamateur.com/?breonna-karissa

jazabel from ghetto gaggers porn sexy porn tuube free starfire porn videos free yoyng por bee s porn games

Pages