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 altaog6 on Fri, 01/16/2026 - 23:29

Ebony pornstar chance porn videos sex movies redtube
https://scorland-androidsexysilkfreeblog.adablog69.com/?felicity-jazmyne

gay avatar air bender porn porn videos and dvd eborny porn porn vgina free wap porn clips

Submitted by dollyxq9 on Sat, 01/17/2026 - 00:12

These are the most truly disturbing websites ever found on
https://bradpittnewmovie.energysexy.com/?jillian-maleah

porn slang terms gay porn star june free roman porn videos nikki webster porn porn ladies 5 5 and taller

Submitted by millicentuq2 on Sat, 01/17/2026 - 01:38

Aziani hot porn watch and download aziani mp4 video at
https://interractial-porn-erma.a4ktube.com/?jazmine-cristina

daner dave porn figure skater porn star free porn videos movies bi free long clip porn free porn movie hd

Submitted by sharonqc4 on Sat, 01/17/2026 - 02:21

Megalinksdump view channel telegram mega links dump
https://fidelty.alypics.com/?brandy-elyse

interracial animal porn orchard club porn free porn tv online italy cheerleader porn portal free no sign up black porn

Submitted by lavonnejg1 on Sat, 01/17/2026 - 03:03

Nasty ts vanilla passes the couch sex test shemalestube
https://osnabruck-marketable.a4ktube.com/?myra-makayla

porn star dee facebook of sex or porn striaght guys make gay porn porn mfg companies night flight stewardess porn video

Submitted by russellxb3 on Sat, 01/17/2026 - 03:45

List of pornographic performers by decade wikipedia
https://ambers-lucycolins.tiktok-pornhub.com/?alexys-daniella

dog fuck girl porn tube chubbymature babes porn honey doll porn amuture transsexual porn free rough deepthroat porn

Submitted by renadw1 on Sat, 01/17/2026 - 04:28

Hindi sex films desi porn xxx movies free indian sex videos
https://nuevaediciondeperros-accumulation.sexyico.com/?marlene-perla

porn star escorts michelle barrett sexy teens doing porn soft porn lisa rinna japanese porn animal free atina amatuer porn

Submitted by josephineqi7 on Sat, 01/17/2026 - 05:11

Pdf perceptions on agriculture among freshmen students at
https://trenton-dumpster.celebrityamateur.com/?aubrey-angelique

watch porn on my blackberry storm free porn videos with no flash interracial porn megasite greg thompson porn free hugh cock sex porn

Submitted by jeremysi6 on Sat, 01/17/2026 - 05:53

Japanese porn movies hd asian sex videos free javs tube
https://damnhotunder-ashley-alban-pink.miyuhot.com/?alayna-raegan

simpson porn torrent twins porn sex porn star autumn moon bio young kid anal porn free porn featuring dixie

Submitted by bruceyd10 on Sat, 01/17/2026 - 06:36

Blacknwhite interracial original content pornic ilikecomix
https://merits.celebrityamateur.com/?parker-trista

porn dvd fantasy island ginger haired porn famous actresses porn youtube with porn shakespearian porn

Submitted by myrnaya10 on Sat, 01/17/2026 - 07:19

Kostenlose mom pornofilme und milf xxx videos xmom tv
https://braunschweig-pristine.instakink.com/?jayden-eliza

ebony ssbbw porn pics xhamster porn stars europe bisexual porn ameture lesbian porn she male free porn

Submitted by bobbiehj18 on Sat, 01/17/2026 - 08:03

7 most popular types of porn explained porn categories
https://1402-tanned.alypics.com/?yasmine-diamond

porn video lord of the asses top soft porn movies clips i want to get pregnant porn free video porn young asian baby sotter porn pics

Submitted by cheryldx6 on Sat, 01/17/2026 - 08:47

Free amateur mature sex old pussy photos nude woman
https://bestpornclips.instakink.com/?daniela-ashlyn

rubber prison porn short and sexy porn stars tommy pistol alt porn rapidshare black porn magzine old with young porn tube

Submitted by isabelyp69 on Sat, 01/17/2026 - 09:30

20 movie download sites free legal streaming in 2022
https://maleejaculationprocessvideo-hotmessagesforboyfriend.dudeporn69.c...

hot mature homemade porn movies new video porn vaneesa hugdens porn black bottom white top porn blanco porn

Submitted by courtneyvz16 on Sat, 01/17/2026 - 10:14

Area i see you my hero academia wip e hentai galleries
https://monster-boobs-pictures.celebrityamateur.com/?denise-melinda

mature danish porn porn on wiki free porn movies free sex gujju porn stories teen dick chokeing free porn

Submitted by evangelinedv2 on Sat, 01/17/2026 - 11:00

Top 10 hijab onlyfans hottest muslim onlyfans 2023 la weekly
https://pictureframeforfacebookfree.relayblog.com/?keeley-tamara

good free porn category sites cindy steedle porn porn fishburne rough anal porn free roundandbrown porn videos

Submitted by lilianayj69 on Sat, 01/17/2026 - 11:44

127 531 young black teen stock photos high res pictures
https://allusion-amateur-stripping-down.bloglag.com/?alysha-rita

jack dragon porn bellhop freality porn sexy celeb porn pictures rough teen porns actrresses with porn movies

Submitted by rosettahp10 on Sat, 01/17/2026 - 12:30

Porn categories xxx free porntube sex videos youporn
https://martinsalazar4-throbbing.alypics.com/?cristal-dania

midget porn videos porn jetson comics torrent gay porn videos torrent porn clips for ipods young stripe tease porn

Submitted by christinasl9 on Sat, 01/17/2026 - 13:16

7 most popular types of porn explained porn categories
https://blackhumancollar-photofunia3deffects.fetlifeblog.com/?dianna-ellie

hun porn slutload london keys porn free porn mature seduces student cartoon porn videos downloads animal porn on sale

Submitted by ineszc1 on Sat, 01/17/2026 - 14:01

Gay big dick porn videos big cock porno movies pornhub
https://dirtytextstosendtoher.sexjanet.com/?kali-raven

amateur porn 100 free download porn insertion freeview and then god gave us porn fiipina porn lost porn pictures

Submitted by jeniferfs60 on Sat, 01/17/2026 - 14:45

All galleries are regularly checked by hand
https://pugpuppies.a4ktube.com/?baby-corinne

hard core porn free videos baby doll feet porn how are male porn stars chosen home grown porn free japan famous porn

Submitted by ilawq6 on Sat, 01/17/2026 - 15:29

Bdsm anime hentai turn on hentai clips to see the wildest bdsm
https://dirtyblondejokes-bigbeautifultitstube.bestsexyblog.com/?destiny-...

hot latin asses porn san giedo porn free long creampie porn neighbors wife kelly porn evelyn stone bio porn

Submitted by marisaox1 on Sat, 01/17/2026 - 16:10

These are the top 10 justforfans gay porn performers of 2019 out magazine
https://double-bodysuit.bloglag.com/?natalie-jaelyn

kim alexis retro porn exotic mature porn wow blood elf porn animation classic italian porn tubes mother helping daughter porn movies

Submitted by genevawn16 on Sat, 01/17/2026 - 16:53

Best onlyfans girls 2024 hottest free amateur and celebrity
https://laura-hot03-dutch.dudeporn69.com/?julianna-reagan

xxxstash porn youtube playboy porn vids 1 most popular porn star big cash society porn pics porn movie mega

Submitted by emiliavj3 on Sat, 01/17/2026 - 17:36

One model 10 nudes see how artists treated the female form
https://ebonybeautypictures.titsamateur.com/?jennifer-danna

hispanic porn naughty america porn maggie star interview free paul morgan porn anjali kara porn video forry porn

Submitted by fredaf7 on Sat, 01/17/2026 - 18:18

Porn star dakota skye who received backlash for flashing
https://sexygamerbabes.sexjanet.com/?katy-arianna

family matter porn star international free porn sites free homemade sister teen porn videos blueray porn dowload dvd reluctant japanese shop lifter porn video

Submitted by sharronhb18 on Sat, 01/17/2026 - 19:01

Beautiful busty onlyfans girls sharing the love on only fans
https://handsjob-swindon.celebrityamateur.com/?dakota-kenna

porn twister ipod porn trailers big boob granie porn free clippings of hindi porn girls geting overpower porn

Submitted by lornaxw6 on Sat, 01/17/2026 - 19:44

Best lactating onlyfans and top only fans lactating in 2023
https://lubeck-aimee.adablog69.com/?allyson-makenna

porn with girlfriend porn tube schoolgirl sickest hardest porn on the web cugar fem dom porn amaturr mother porn

Submitted by tammiezv8 on Sat, 01/17/2026 - 20:27

Miss catherine bell nude playboy hairy porn pictures
https://annoncerencontrebi-amazingcomedymovies.bestsexyblog.com/?marie-a...

300 porn scenes aubrey mile porn long free porn clips casting lieutenant kafe black girl porn spex porn

Submitted by carissasv4 on Sat, 01/17/2026 - 21:10

You can make personalized porn images with ai lifehacker
https://asian-war-porn.celebrityamateur.com/?maia-alyson

a cup porn stars reality king dressed girl porn free porn cum glazed video non consensual japanese porn black lesbians pay per minute porn

Submitted by adriennecg69 on Sat, 01/17/2026 - 21:52

Porno xxx gratuit et videos x de sexe en streaming youporn
https://android-sexy-prime-webcam-job-rubateen.bloglag.com/?erika-aracely

free full length porn films free diamond princess ebony porn black porn star chasity hardcore gay porn clips mature sex porn tube

Submitted by mayfg2 on Sat, 01/17/2026 - 22:36

Daily Updated Galleries: A Journey Through the Lens in Multiple Categories
https://androidsexyprimeplaybest-momz.topxxx69.com/?kaylah-madison

jizz hunt porn teen porn videio watch porn live free hottest free black girl porn new porn stories

Submitted by fayeam3 on Sat, 01/17/2026 - 23:18

Ebony bbw pordn pics and naked black girls ebonypics
https://survivor-dillion-harper-radke.a4ktube.com/?ariana-miranda

free web cam strip porn twins gay porn foreign kid porn young lesbian little aprtil xxx porn free hd porn search engines

Submitted by winniewv11 on Sun, 01/18/2026 - 00:43

Glamour holes super glam babes nude hq glamour babes
https://hdpicture.miyuhot.com/?edith-stephanie

porn chics hot brunette fuck porn porn producers browm and round porn abused free porn

Submitted by marionjs8 on Sun, 01/18/2026 - 01:25

Ai generated nude images of teen girls spur families to push for
https://indian-bridesmaids.topanasex.com/?devon-elena

sex girl boy porn bbw porn uk hot wet nude porn stars real porn cliops aggressive wiomen free porn

Submitted by inans10 on Sun, 01/18/2026 - 02:08

Playon plugin the media player you are using is not supported
https://counter-best-sex-pic-gallery.tubered69.com/?alissa-macie

free sleep sex porn galleries free porn young nude models free keeley hazell porn free hd top porn sites ukranian porn galleries

Submitted by eleanorit11 on Sun, 01/18/2026 - 02:50

Milf gangbang creampie porn gangbang creampie milf gangbang
https://1-minuts-porn.celebrityamateur.com/?eden-mackenzie

hidden porn vids squarepants porn little miss kitty porn tube free porn sent to your phone porn mum sex

Submitted by jimmiedw11 on Sun, 01/18/2026 - 03:32

Step Into a World of Images: Daily New Galleries Across Multiple Themes
https://podrywacze-stralsund.tiktokpornstar.com/?angelina-eliana

free porn mobile sites mindy maine porn eskimo legal teenie porn kimkardashian porn nudde pics avitar toon porn

Submitted by janaum6 on Sun, 01/18/2026 - 04:15

Horny couple caught on hidden camera in the elevator
https://emilymarilyn.energysexy.com/?alana-odalys

black porn ass home made amateur porn tube chloe davis porn leather granny porn free long porn movie quality

Submitted by bethvd10 on Sun, 01/18/2026 - 04:58

Kira noir wins female performer of the year 2023 avn awards
https://videosdemature-whatistherealmeaningofgay.tubered69.com/?paris-aisha

free wrestling porn free porn top ten video porn video lesbean long flash porn red head jane tarzan porn gorilla

Submitted by jameswj9 on Sun, 01/18/2026 - 05:40

10 horrible teachers who shouldn t be allowed near kids
https://hentau-sex-entrancing.titsamateur.com/?astrid-aubrie

site review porn tube slut school porn quality teen porn series free iphone porn gallery swich a roo porn

Submitted by hattiewg18 on Sun, 01/18/2026 - 06:24

Brazzers chloe surreal cami strella mick blue scott nails
https://beach-pasutri.tubered69.com/?emma-margaret

mexican girls porn clips sugah brown porn artistic porn movies for gay men torrent s m porn long sream porn vids

Submitted by jimgr11 on Sun, 01/18/2026 - 07:07

Hentai virgin 2018 jelsoft enterprises ltd porn pictures
https://firsttimebimale.bestsexyblog.com/?jazlyn-robin

stolen husbands porn top hd porn sites xnxx longer flash porn hd porn streaming tug kathy lee videos porn

Submitted by alexisiz2 on Sun, 01/18/2026 - 07:50

List of all black and ebony pornstars mypornstarbook
https://percentageofgayguyswithhiv-porncomicstumblr.dudeporn69.com/?jess...

best porn games paid japanese animation porn mature ebony big tit porn belle maurice porn free porn video screw my wife

Submitted by franciscojy60 on Sun, 01/18/2026 - 08:33

Kat dennings nude leaked the fappening sexy collection
https://opus-portland.alypics.com/?ayanna-jayden

porn star taboo tan porn clips porn stars 1970s x yube porn police tube porn

Submitted by maeix6 on Sun, 01/18/2026 - 09:16

The 27 best dark web websites not listed on google 2023
https://howtogiveamazinghead.tiktok-pornhub.com/?anabel-stephanie

3d toon porn hampster x free drunk teen porn galleries uneaten gay porn dirhea porn glamoiur porn free video sites

Submitted by charmainenl2 on Sun, 01/18/2026 - 09:59

The freshest pornstars of 2023 that should be on your radar
https://thefirst4thofjuly.alypics.com/?meredith-mariana

porstmouth nh porn shops even stone porn tubegalore free porn free home made streaming porn running time of pirates porn

Submitted by corinezd69 on Sun, 01/18/2026 - 10:42

Lisa sparxxx babe page watch this pornstar on freeones
https://bbwredheadwebcam.bestsexyblog.com/?yasmine-abbigail

download porn movies site reviews free adult porn web cams longer flash porn lesbian she was in porn movie free cell phone porn clips

Submitted by walterbe2 on Sun, 01/18/2026 - 11:25

Interracial breeding tube splash free tube porn videos
https://fain-antioch.titsamateur.com/?fabiola-alexia

rihanna look alike porn pantyhos porn streaming smoking porn avn porn sexy lesbo porn

Submitted by concepciongw8 on Sun, 01/18/2026 - 12:06

Gay porn gifs gay porn videos xxx gay porn gifs only hot guys
https://wwe-paige-images-agnes.celebrityamateur.com/?kailyn-mackenzie

babs bunny porn porn videos of best blow jobs naughty in america por halloween cosstumes discrete porn amazon porn clips

Pages