Brian Armstrong, the Chief Executive Officer of the Coinbase exchange, has recently made a public post on Medium. The post, done on the 2nd of January, reveals Armstrong’s thoughts of the crypto world and its evolution during the last ten years of its life.
Bitcoin’s Over 379 Predictions Of Its End
The article was inspired by Fred Wilson, who did a similar one reviewing technological developments of the last decade. Armstrong’s version started out with Bitcoin. He noted that the world’s first major leading cryptocurrency has yet to fail even once during its first ten years of existence. This comes in spite of countless articles expressing doubt of Bitcoin’s prospects of survival in the future.
Armstrong explained that more than 379 articles were written that heralded the end of the Bitcoin cryptocurrency. As one could clearly guess, the Bitcoin survived and even thrived, becoming the best digital asset in terms of performance. Armstrong explained that those that were against Bitcoin were summarily proven wrong, and humanity relearned a fundamental lesson about its own nature. This lesson shows that massive breakthroughs in technology are often ridiculed and dismissed at its inception.
Of course, Armstrong couldn’t speak about crypto’s evolution without talking about his own exchange: Coinbase. He compared Coinbase to Bitcoin, stating that both were concepts that succeeded even tho the majority considered its success impossible.
In his words, he said: “When I was thinking about starting Coinbase, a few people told me I was crazy to try creating a custodial crypto wallet and exchange.” He explained that the world’s best hackers were in full force trying to crack things like it, citing Mt. Gox as one of the many victims. Armstrong stated that Coinbase survived these chaotic times through “a combination of luck and skill.” Furthermore, Armstrong cited the many novel techniques devised to store private keys that have been developed in the meantime, with improved ways being developed by the year.
Coinbase is indeed one of the powerhouses when it comes to the crypto industry. Having been founded in 2012, the company now operates in over 100 countries across the world.
Emotions From Investment
Armstrong also remarks about the emotional attachment that’s so prevalent in the crypto industry, more so than most developing technologies. Armstrong considers this to be a product of there being an inherent conflict of interest the moment a user to buy Bitcoin or any form of crypto. It clouds the mind, making them sometimes believe that their coin is superior above others.
Armstrong spoke about a large number of topics related to the crypto industry, showcasing how much the crypto world has developed. It’s quieting to think what the future holds for the industry if all this chaos and evolution came from its initial development boom.