Last week I wrote that the ecosystem beyond bitcoin still awaits to be realized and understood. Now I am surprised how little I had to wait to see that a more conservative Financial Times reported about similar views held by a famous venture investor Glenn Hutchins.
"Mr Hutchins, the co-founder of Silver Lake Partners, a big technology-focused private equity group, is far more excited by the broader cryptocurrency ecosystem than he is by the bitcoin price smashing records."
I am not stating any preferences here concerning bitcoin or different altcoins. The point is merely to say that there are growing forces that are being aggregated by different, even competing cryptocurrencies. The effects are varying more than the effects of any single cryptocurrency.
"Mr Hutchins points out that Levi Strauss made more money selling jeans in the Klondyke than most prospectors did from finding gold. “I’m the guy who’s thinking about building companies. Not much speculating in currency.”"
Developing ecosystems typically require complementary resources and thus enable more traditional businesses to exploit new opportunities along the new innovations even with just minor, but accurate adjustments. It takes entrepreneurial alertness. These ventures or even smaller business operations by established companies may in turn serve as close references for new people to get introduced to more focal parts of the ecosystem and the whole ecosystem in the first place.
Whatever bitcoin, ethereum or a random altcoin become within a year or ten, it seems that the fundamentals of cryptocurrency ecosystem are getting more robust and real day by day.