Reading that quote gives me goosebumps, especially when thinking about SMTs and Steem.
But wait, it gets better...
This was a quote retweeted by Dan Nathan of Fast Money on CNBC:
The original quote was uttered by the CEO of 21.co, Balaji S. Srinivasan, on CNBC back on September 7th.
The exact quote can be read here:
"With that said, relative to existing secondary markets in either property (like houses) or equities, the scale of what is happening with the token market is unparalleled. It's one thing to have a bunch of small secondary markets; it's quite another to turn the internet itself into a market. Anyone with an internet connection can purchase a token. See shapeshift.io (or steem SMT) for a great example of this.
The rise of all these new tokens and public blockchains means the internet will, in the long term, become by far the biggest "stock market" -- once the regulatory issues are worked through -- just as it has become the biggest library."
(except for that part about Steem and SMT, I added that part) :)
But, Wow!
The entire release can be read here:
https://www.cnbc.com/2017/09/05/balaji-srinivasan-21-co-interview-on-blockchain.html
Let's break that down a little...
Basically he is saying that what is about to happen is without precedent, basically since the creation of the internet. There are tons of other markets out there, some of which are very large, but this could make the entire internet a market place. One just waiting to be tokenized.
Which is another reason why these things will be so hard to control. If two people have an internet connection there can be a token transaction. In order to shut it down, the internet will have to be shut down.
The big thing is going to be making sure all these new tokens are not securities, that is one of the biggest things the SEC is looking at. If they are securities there is a whole host of regulations that will be attached to them.
Basically as long as the token has a utility behind it, it won't be considered a security.
What can be tokenized?
According to Balaji, tokenization will be most closely related to scarce assets. Anything that is scarce, for one reason or another, will be tokenized.
Today the most appropriate thing to tokenize is something that is purely digital.
However, by 2025-2030 Balaji thinks that there will be jurisdictions that allow the tokenization of virtually any scarce resource, including personal tokens.
By that time you might be able to take a stake in an individual's tokens by giving them a lump sum of digital currency today in exchange for some smart-contract enforced percentage of future earnings on just about anything.
Want to buy some of Steph Currie's future earnings as a basketball player? You just might be able to do that some day.
Pretty exciting ehh?
The dam is breaking, the stampede is coming, do you hear it?
Stay informed my friends.
Sources:
https://www.cnbc.com/2017/09/05/balaji-srinivasan-21-co-interview-on-blockchain.html
Image Sources:
https://www.earth.com/news/understanding-early-life-forms/
https://twitter.com/BKBrianKelly?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
Follow me: @jrcornel
In the long term, tokenization is is inevitable. All the trends clearly point towards a shift into this space, whether it's in gaming, social media or running a business online with fewer overheads, minimal resources and at far greater transaction rates than ever before. I still believe we are in the innovation phase, so the potential to grow and scale this technology is huge...the time to get involved has never been more auspicious to for literally ANYONE to make the most of this in an economical sense and use it as a tool to become financially independent and free of the shackles of an outdated, failing corporate model that benefits the top .1% of the population whilst wrecking havoc on our planet.
Ok. Who wants to buy tokens backed by my future creations? How can i create them? :)
Sensational find @jrcornel.
It is interesting to see Dan Nathan tweet that out because he isnt the real techy guy on there...that is Brian Kelly. Dan seems more like a novice to this.
That said, it is amazing to think of all the personal tokens that could be created. We are embarking upon the greatest wealth creation mankind has ever seen. Consider all the world markets, combined, and compare that to the size of the internet. It is no contest.
I have stated that the crypto market is going to explode because Wall Street is about to get into it.
This makes me rethink that....crypto is going to explode because everyone is going to get into it. Money will be flying in from everywhere since everything of value will be on the blockchain in some fore.
Simply amazing.
That very well might be the case... I have been reading a lot about different Wall Street players taking an interest in blockchain and crypto but it might end up being a lot bigger than just them...
What? Investor don't need to be techy.
About tweet:
Yes, now crypto is stock 2.0. Why? To buy stock you need a broker, money to buy atleast one whole stock (some stocs cost more than 100$) and often they don't profitable. Some brokers won't work with you if you have less than 10 000$, 100 000$ or more.
Crypto is very profitable and you can buy less than 1 coin. You can buy 1/100 of coin and less.
Yes. It will turn everyone into an investor, even the kid on the corner with $10 in his pocket.
Cool phrase. YES, it's so good to be alive, baby. 21 century is cool. I don't need to pay broker.
Yes, tokens remove many of the barriers to investing. There need not be some minimum amount of cash you must have before you can invest, which permits microinvesting easily and often (imagine an app like Acorns but for tokens that rounds up every purchase you make with your phone to automatically invest your daily spare change in a list of preferred tokens or cryptocurrencies). Some tokens, like the Crypto20 cryptocurrency index token, will permit you to liquidate the token for its underlying net asset value 24/7, meaning you can treat it like a money-market account -- C20 -> ETH on MetaMask -> ETH on Coinbase -> USD on Coinbase -> USD PayPal card or US Bank. Microinvesting in any token with 24/7 access, with a lot of automation, without the need for banks -- game changer.
Who knows such dime coin will become hundreds.It was proven many times in the short history of cryptoworld.
Despite what it may initially appear, I believe that we can all be optimistic about this future posibility.
In an initial look, this may appear to be quite concerning, with all these physical assets moving into the digital world.
Each deed, certificate of ownership or contract between parties, being made digital into a token or smart contract.
Since it all is a new and unprecedented movement, this change from physical to digital could create a cause of concern for both those in the blockchain space and the public.
That said though, with this there could be a cornucopia of new possibilities emminating from this forseen change.
Land ownership could be protected within the blockchain and not able to be messed with by greedy governments (at least not without physical force).
Vehicle data such as repairs and accidents would be transparently available to the buyer without any trust in the seller.
Investments could be made into companies and individuals without needing complex security measures and protections in place.
With any new innoviation, it is expected to be uneasy and this tokenization is no exception, but with the well made ICO's and smart contracts staying in the game due to good practices, hopefully when the time is right, everything will be built upon a tried and tested stable platform and we, as the pioneers, will know how to properly use the system.
@cryptowolf I can hope so. Only the power of many can equal the balance of those at the top. Our current economic model perverts our governments and legislative processes. In the U.S, throughout Europe, and especially in areas throughout in Asia, Africa and Latin America.
I look forward to what is possible and I believe in the humanity to out innovate the worst in our society
Nice post :D
Well said... I'm ready for the fireworks
I would not only Internet (of things), every bit work in to monetary value. Work produces data, data should produces monetary value. In fact corporations are collecting data on us, our belongings and activities (eg. activities in FB or Amazon), but we are not getting back anything. SMTs and other ideas are going change this status quo,
I deeply hope for the day when everything on the internet will be monetizable. That day will be magical.
The rodeo isn't over that is for sure!
Yeah investment banks are probably gonna short sell it now
That would be a bad decision. At least before Nov 18th
Awesome times are heading :)
We are fortunate to be able to 'see' this as it evolves. Once you can bulk load and copy exactly your website to a blockchain app, then the floodgates will open. Steemit as it is currently cannot do this, but a developer - out - there is going to do it - its just a matter of time - then the old order collapses!
I’m really pissed right now that th AG Jeff Sessions and Rod Rosenstein are telling the media that Bitcoin is ‘dangerous’ because people buy drugs with it. Like you can’t buy drugs with US dollars.
They most likely have no understanding of what crypto is and are listening to people who have an agenda that want it suppressed to protect their interests.
Lots of shady things are bought with dollars, does that make the dollar bad? That is a pretty weak argument...
@cryptobarry, politicians are not the initiators or bringers of change. We, the people are. Our current political & economic model are focused on the free market and the vicious competition that follows.
We must force our legislatures, judiciaries, and executives to represent the majority. Cryptocurrency is a means by which we can overcome
Lol. The most dangerous thing about drugs is government force.
Great bro. Crypto currency will one day dominate the whole world. I like the way it works.
Good post,,,,,,
Please follow me back and upvote my posts
Please follow me
There are so many interesting posts in steemit. Read well.
Very interesting. I think this is true. If we see how easy it is for non-investors to buy tokens and sell them.
Blockchain will make the internet, the internet of value.
A commmon critique is, that we need to be careful not to make everything money monotized in the future. I was worried about that myself. But with blockchains like steemit which makes transactions free, I think my worry was unjustified.
The possibilities are pretty exciting when you think about them... reading his thoughts on the future gave me chills. :)
I love reading good future thoughts too! (get it?:P)
hello dear friends nice you am new her help me upvote
Great post you nailed it
nice post
I don’t know how I would keep up with the goings on without posts like this. Keep up the good work.
Tokenize everything, we should get paid for everything we do !!!
Great post! Tokenization is bright future! I think steem and smart tokens can make this future closer.
Awesome stuff and great quote ;-)
Great Article! Thank you for the analysis
good comment
Great post ! I can see a future where an individual's tokens will have a "Value" or "rep" like here on steemit. Can you imagine checking ones coin value instead trying to vet them using Fakebook page ! ... Who needs a resume when your coin value tells it all !
Here is to the future ! /cheers
Read More, Reason More ... JTS
Mind blown...yet again
Viva the blockchain
Hi @jrcornel, This is one of the most valuable posts on this topic. It's really helpful. You're inspiring me everyday. Many thanks!
Steem On!
Its a revolution and the current financial system will shake
including your life, and your id and identity. it always good to think how some new tech or any development can be used for both good or bad, so in some countries big bro can get even bigger
I may need to sell my silver soon if continues to bounce between $16 and $17 endlessly
I am not entirely sure what this means?
I'm not entirely sure I agree, the excitement for new tokens has slowly losing steam. With that said, if alt coins does rise to glory like Bitcoins I think it's a definite possibility then....
Can I tokenize my rock collection?
Sure! If it's valuable enough you might find some buyers. ;)
Personal tokenisation is already happening . Commodities trading will be tokenised next . Good post
Very nice quality post. Positive for the future as well! HODL! HODL
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A debt of gratitude is in order for the data, fundamentally I might want to thank you on every one of the recordings which the group has transferred which has enable a ton in understanding the installment business to value your assistance.
It cant be better said. Nice one
Every time I think about this stuff and the more I learn, the more my mind is blown at the potential prosperity the crypto-space will bring to the world. I'm an optimist, and so I err on the side of hope and euphoria when it comes to technology (a disposition that has its positives and negatives). But given that crypto is real, it's not play money, and that the whole world will have the potential to enter this space, I think that we really are looking at one of the greatest wealth transfers in human history, and for the better. All of the pessimists talking gloom and doom for the past 20 years will have to answer to wealth and freedom that crypto will enable for people all across the world.
Thank you for posting this, @jrcornel.
If that happen un the next future, steem will surely rise as well as with its price.
This is an interesting forecast. The rise of crypto currency and in particular rise of SMTs will lead to great changes in the economies of huge sections of society. Especially as widespread adoption kicks in.
I agree with @taskmaster4450. I think this is inevitable. Where there's momentum and money, the will be a wave of copycats trying to follow and cash in.
Do you gentlemen agree? Let me know
This is an interesting forecast. The rise of crypto currency and in particular rise of SMTs will lead to great changes in the economies of huge sections of society. Especially as widespread adoption kicks in.
I agree with @taskmaster4450. I think this is inevitable. Where there's momentum and money, the will be a wave of copycats trying to follow and cash in.
Do you gentlemen agree?
I very much look at ICO's and tokens more as shares rather than useful currency. Very few i think are a valid crypto"currency" they should be classified as a crypto"Share"
I enjoyed your post! Thanks.
Are these TDV's dogs? Oh wait, he has chihuahuas lol
Good to be one of the first in the ship.
How much concern do you have over the SEC deciding crypto/ tokens are securities?
beautiful picture
very nice post
Lots of changes are coming very fast. In few years, unimaginable development will come to our door. We need to prepare ourselves for them.
I like this, I think you're right, you can start any business in this way instead of crowdfunding or lending money from the bank. Have a great day, following you!