• If you consider yourself in the “blockchain industry,” then you should probably also consider yourself in the array and hash map industries, since a blockchain is just a data structure.
  • Most “blockchain-based” things failed to get traction because saying you’re “a blockchain-based [x]” would be like Facebook pitching itself as a “PHP-based social network.”
  • A lot of the hype deflation is almost expected by Perez. People are disappointed because they expected a new internet and got a new way of doing distributed double-entry bookkeeping.
  • Double-entry bookkeeping is prosaic when viewed in a vacuum, but when you consider what it enabled: companies actually understanding their balance sheet, and assets = liabilities + equity.
  • Beyond that: self-sustainable entrepreneurship became possible because people could quickly learn/ramp up on how to do enough accounting to start and run a business that does valuable things for people.
  • Note: customers don’t care if a business uses double-entry bookkeeping or something else. It’s the results the matter.
  • I don’t think they held any conferences extolling the virtues of double-entry bookkeeping. A lot of the value was later on when people could easily build businesses and understand where value was going.
  • There are few people selling 12-week bootcamps on learning double-entry bookkeeping; nor are there entrepreneurs who go from rags to riches because of double-entry book-keeping.
  • They succeed because they make stuff people want and double-entry bookkeeping helps them not need to re-invent accounting and instead focus on making stuff for customers.
  • Anyways, back to making things.