Despite the endless madness that dominates life in the Middle East mankind moves on. Despite the religious power brokers set on clinging to old values science moves on: medical science moves on – diseases are eradicated; organs transplanted; limbs repaired; eyes and ears enhanced . . . we move on. The Internet gave us a huge leap forward in communications allowing us to move on to email, voice over, social media . . . moving us on beyond all expectation. Digital data in electronic form moves us on to run algorithms at lightning speed. Faster processors, cloud storage, and ever improving efficiency all moving us on to the creation of the blockchain. That’s huge. The blockchain is a huge leap forward. With it we can create tokens for financial exchange: for contractual integrity; for data analysis; for analysis of analysis; we even have a token for everything. The development of blockchain has opened a door moving us on to a better way of doing things but there is opposition. There’s always opposition: resistance to change. If we conclude that the understanding of evolution brings about rising standards; that adaptation circumvents difficulty and overcomes adversity, then what are we to do with the gods? If we remove the need to pray and praise then with what shall we do with our churches and temples?
Change challenges us in this way. Although a change before us is undeniably the better path to follow there are plenty to shun it because they feel threatened, and they’re right. They are threatened. Shoe makers in Arizona are threatened by shoemakers in Mexico. If iPhones assembled in China were not available to the US market then Apple would be threatened by manufacturers of phones made in the United States. The teenager determined on leaving the home is undoubtedly on the correct path but the parents will resist. They are happy with the way thing are; the clergy are happy with the way things are and the banks and governments are happy with the way things are but, change is here. Radical, do-away-with-treasuries, change is here and you can hear the resistance rattling through the vaults and bond exchanges like a typhoon through a crypt. With blockchain we are changing the way we do business. We are moving on, doing away with third party verification. We are removing the government control of our money. That’s a humdinger of a change that leaves many scurrying for shelter from its onslaught and cowering in its wake but it’s here: blockchain gives us Bitcoins to buy and sell goods and services with a click of a mobile without a bank, clearing house, lawyer or accountant in sight. Imagine how they all feel: imagine how the priests , bishops, cardinals of Wall Street and The City of London all feel about their livelihoods being undermined in this way – much, I suspect, as the Arizona shoe makers feel.
Warren Buffett was wrong when he said the crypto business would end badly. It will improve our lives. It will become better, much better but, like the coal miners, the finance workers – they who moved established manufacturing to cheap labour centres – need to adjust. They need to stop resisting; they need to move on.