Finance, however, has not been transformed at its most critical point: the creation of new instruments, contracts, and agreements. If today you wish to create a new financial contract — a derivative, loan, or money market instrument, for example — good luck! In short, I would argue that finance has not even begun it’s equivalent to the printing press phase of the information revolution!
There are no vegan societies for a simple reason: a vegan diet is not adequate in the long run.
Protein deficiency is one danger of a vegan diet for babies. Nutritionists used to speak of proteins as “first class” (from meat, fish, eggs and milk) and “second class” (from plants)
The rationale behind the algorithm adjustment speaks to Ethereum’s egalitarian ethos: the improved efficiency of specialized versus generalized hardware provides material advantages to ASIC owners, destroying any notion of Satoshi’s ‘one CPU one vote’ and concentrating hashpower in the hands of those who can leverage economies of scale to afford more expensive machines.
The bullish case is that Bitcoin will appreciate indefinitely due to its capped supply and an ever-growing demand. The bearish case is that Bitcoin's price will fall to zero, as it's an intrinsically worthless asset. We think the future price path is more likely to remain bounded between these two extremes.