Technology always wins in the end.
We are still in the early days of blockchain technologies, and a lot of companies, governments, and people are trying to figuring out how to take advantage of. At the beginning of this year, everyone was talking about NFTs, Defi, and how they profit out of it.
However, there are always people who are skeptical about new technologies, and some of them even ban of the use of them entirely. I’m so sorry for Chinese people because of the government’s extreme ban of crypto.
Analogy — YouTube & Japanese Music Industry in the early 2010s
I still remember there were almost no official Japanese music videos on YouTube around 2010 or so. Back then, many people uploaded videos with music which violated copyrights, and Japanese record companies really hated it because the majority of their source of revenue is from CD record sales. They couldn’t see this as a opportunity to gain more awareness of their music through YouTube.
Unlike Japanese record companies, vevo uploaded a lot of full music videos on YouTube, which was absolutely brilliant. They could reach literally everyone on the internet, which led to billions of views on YouTube and the huge popularity worldwide. Artists like Taylor Swift, Justin Bieber, Ariana Grande, and etc. got a momentum. Their fans were in all over the world because of YouTube. I was a teenager in Japan and one of the guys who loved music on vevo in the early 2010s.
Like YouTube, blockchain has so much potential and many use cases that can change our society. I know it’s easy to think like “Bitcoin, it just seems like a scam" and stick with status quo, but extreme government regulations on cryptocurrency for the sake of their own short-term interests would only end up hurting yourself.
Thank you for reaching😊