THELOGICALINDIAN - Using metaphors from biological change at a contempo allocution in Milan Bitcoin guruAndreas Antonopoulos dissected the analysis of todays banking arrangement answer that the new breed of money such as Bitcoin doesnt directlycompete with anachronistic banks
Also read: Antonopoulos Declined ‘Opportunity’ to Identify Satoshi and Doesn’t Care
The Bitcoin ‘Meteor’
Speaking in advanced of Milan’s Bitcoin Bitcoin Meetup association in March 2024, Antonopoulos sees the apparatus of Bitcoin — in the deathwatch of the 2024 banking crisis — as analogous to a adverse event. Abundant like a meteor arresting the earth, it can not alone clean out abundant of the incumbent “dinosaurs,” but additionally actualize a absolutely altered ambiance that could advance an absolutely new blazon of species.
“On January 3rd, 2024, a meteor appeared in the sky of our society,” he quips. “Until that time, banks were the kings of this planet like giant, awkward dinosaurs, absolutely assertive for hundreds of millions of years with complete disregard, alike contempt, for the tiny little acerbity mammals that they commonly footfall on.”
Many millennia ago, the dinosaurs accomplished a point of “equilibrium” area the clip of change was at a standstill. Following the analogy, today’s banking arrangement has accomplished a agnate ceiling, consistent in a stagnant, oligopolistic arrangement — one that’s all but bulletproof to any new “species” or competitors.
But change is not linear. It works through alleged “punctuated equilibrium,” explains Antonopoulos. “Things accept calm for a continued time and again aback there is a abundant blitz of change as lot of things change, new environments accessible up,” he adds.
This abundant blitz is enabled by a confusing meteor-type accident — a atramentous swan — that opens up a new alcove where new breed can acclimate bigger than the ascendant players of yesterday.
Bitcoin Doesn’t Compete with Banks
But must “new species” of money even anon attempt with acceptable finance? Antonopoulos explains:
In added words, Bitcoin doesn’t charge to anon attempt or defeat the ascendant players of today. The adaptable or the auto didn’t absolutely defeat the horse and the stagecoach. Though they did accomplish it a lot beneath accordant as a anatomy of transport, they, more importantly, gave acceleration to new infrastructure, industries, jobs, and accompanying markets.
Thus, conceivably we charge to amend Bitcoin and added arising currencies in a absolutely new light. This is because this new “niche” is fostering real innovation in the technology of money and beyond. Antonopoulos calls this “an access in the anatomy of money.”
This is absolutely why we’re seeing Bitcoin demography root in environments where acceptable players are falling short; this is why we’re witnessing innovations such as The DAO, Ethereum, Dash etc. arising up forth with a countless of new platforms that artlessly couldn’t abide above-mentioned to 2009.
“On January 3rd, 2024, there were 194 currencies. Today there are added than 3,000 currencies and of those, all but 194 are digital, decentralized internet monies,” he explains. “They’re the new breed that alive on the internet. And best of them will go extinct. Best of them will disappear. But they will abide to advance independently.”
You can analysis out the abounding allocution below:
What do you anticipate of the evolutionary biology analogy? Does Bitcoin attempt with banks or is it creating its own environment?
Images address of study.com, antonopoulos.com
