Business changing is not novel. Over the centuries, we saw massive shifts in how things were done. We often categorize these changes as ushering in a "new age". For example, we had the Agrarian Age which then became industrial. Of course, this was followed up by the Information (Computer) Age, a time which evolved into the Internet Age.
Each transition radically altered society. It affected where we lived, how many children we had, the laws we wrote, and the governance models we operated under. All of this severely impacts each person on a daily basis.
Most of us are aware that we do not live like our great grandparents. They were from an era that is totally gone. Actually, many of the younger generations can claim they are not in the same world as their parents. This is most likely true.
We are seeing things change at an unprecedented rate. Basically, each generation is seeing a marked difference from the one before. The reality is that we are probably seeing that every half generation now.
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The Fall Of The Traditional Gatekeepers
This is a shift that took place over the last 20 years. Remember when broadcast television was the norm? This was followed up by the massive "cord cutting movement" where people decided to dump this service. Here we see a generational component in play: the Boomers still have cable television while the Millennials do not.
Not only is the service changing, the actually platforms are different. How many people get their video information from the likes of YouTube? We are now seeing this expand to TikTok. What is crucial here is those who are delivering the "news" are much different than 30 years ago.
Here we see a tremendous impact upon business. To start, a great deal of the money departed. Broadcast news is a high-cost, big revenue game. Anchors can be paid millions of dollars with advertising priced to reflect this. Of course, the idea is simply to get the ratings, so the companies keep coughing up the big bucks.
To see how the traditional model changed, consider the plight of Psy. This was the one who brought out the YouTube sensation Gangnam Style. Here was a video that was the first to get billions of views. It made YouTube millions in advertising and Psy probably took home 7 figures for it.
But notice how this sensation was created. Was there a massive marketing campaign? No. Did someone put together a program to enlist the aid of research groups and grass roots organizations? Still the same answer.
Instead, this video took off because a few people watched it. After that, they shared it with their friends which ended up setting off YouTube's algos. Once this happened, the video was suggested to more people and, as they say, the rest is history.
From this example, we can see how "luck" played a part on Psy's success. Sure, the talent is there while the effort was put in. However, the viral nature of what happened occurred outside the realms of any traditional business or marketing model. The fact this could target a global audience shows how different things are.
Yet, there is one group that did not benefit from this: the viewers.
Here is where we are seeing cryptocurrency radically alter the entire business world.
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Paying The Community
Many are perplexed how cryptocurrency can be sustainable. They look a the returns being paid and feel it is impossible to keep up. While that is the case for many individual projects, it is not for the overall.
What is missing, to start, is the fact that we are no longer dealing with scarcity. This might seem like an obvious point yet it does change the entire structure of business. Much of what we are accustomed to is a result of a system built upon scarcity. Few of us truly grasp the concept of abundance. When we do, then entire outlook instantly changes.
For example, what happens if we are dealing with abundant energy? How does that alter things? It is a proposition that gets the mind flowing. Certainly it takes us to another level altogether when we consider the increased output ability.
The digital world is the epitome of abundance. When we add in automation, we really see how all of business is changing again.
Going back to cryptocurrency, we are watching the traditional lines of separation being eliminated. The idea of a prosumer is a novel one. Here we see where the producer of content is also the consumer. This means there has to be a different incentive system.
Cryptocurrency is helping to generate that. In the Psy example, the viewers of the video did not get anything. Their efforts, even by licking the video, did nothing for them financially. This is no longer the case.
We can see how this is changing on a blockchain like Hive. Simply consuming and liking content provides monetary benefits depending upon one's stake.
With the elimination of the gatekeepers, there is more to spread around. Few realize how much is taken in by these entities simply for positioning themselves between buyer and seller. As they are removed, those revenues can be directed towards the users, who are now part of the community.
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The Internet Changed Everything
For those old enough, it is hard to dispute that life did not completely change due to the Internet. When we ponder the business that sprung up over the last few decades, along with those that disappeared, we can see how different things are.
Look at these names:
- Priceline
- Amazon
- Netflix
- PayPal
None of these are even 30 years old. Yet they are some of the largest companies in the world. We also know there are comparable Chinese versions of many of these such as Tencent and Alibaba.
Many feel it is "too good to be true". This is one's conditioning rearing its head. While we have to be prudent with what we do, seeing the bigger picture shows how a major transformation is underway.
Fortunes are made whenever there is a major transition. The great industrialists are now household names. While we can disagree about their modes of business, there is no doubt they were able to build huge empires (and enormous wealth). Of course, the concentration was in the hands of maybe a dozen people.
The Internet Age spread the enormous wealth over more people. We not only have the billionaires, but these companies also spawned countless millionaires. It is not only the founders who ended up with generational wealth. We see people like Eric Schmidt and Tim Cook worth billions, people who headed up the technology companies.
A final key point is how the Internet Age generated a lot more wealth than the Industrial. This means that we are going to see a repeat with the Cryptocurrency Age. The amount of money created will dwarf what we saw the last 30 years. Of course, through the tokenization process, we are going to see how it is spread to even more people. Millions are going to spring up all over the place.
And yes, we will see a number of billionaires cropping up.
This is going to change society completely. Here is where we see how massive fortunes are made. Lucky for everyone reading these words, we have the opportunity to involve ourselves with it.
Cryptocurrency is changing all of business. This means it will also end up altering society as a whole.
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