Paul Ford has written an entertaining essay on Bloomberg, in which he shares his thoughts on Bitcoin:
Whenever I hear people talk about Bitcoin’s limitless future, I think about Dow 100,000. I first saw it in the old Borders bookshop at the World Trade Center. A few years later, the store was destroyed, and the book title was a sad joke. The markets lost interest in tech for years. Today all the Borders are gone, too.
I loved this sentence:
Consider Bitcoin a grand middle finger.
Ford’s view on how monetization can possibly happen:
Here’s what I finally figured out, 25 years in: What Silicon Valley loves most isn’t the products, or the platforms underneath them, but markets. “Figure out the business model later” was the call of the early commercial internet. The way you monetize vast swaths of humanity is by creating products that people use a lot—perhaps a search engine such as Google or a social network like Facebook. You build big transactional web platforms beneath them that provide amazing things, like search results or news feeds ranked by relevance, and then beneath all that you build marketplaces for advertising—a true moneymaking machine. If you happen to create an honest-to-god marketplace, you can get unbelievably rich.
Also worth reading is Paul Ford’s 2015 Bloomberg piece on “What is Code?”