Delving into the annals of history, a captivating tale analogous to the crypto-era has been refound. Dating back to the 1890s, automotive pioneer, Alexander Winton’s accounts illustrate the challenges faced while explaining to the public that the ‘horseless carriage’ or the automobile was the future. A paradoxical comparison of the challenges faced by cryptocurrency developers to establishing a burgeoning auto-industry seems serendipitous.
Yet, this isn’t cosmic whimsy; the same trials beset many technological revolutions. The chief cause being the inherent ambiguity in capitalist investment and speculation, shaping human behaviours. Achieving recognition and distancing from flawed ideas and outright scams was a tedious process for Winton, painting a picture strikingly similar to the current crypto-environment.
Spectacular yet impractical ideas, such as the mechanical horse or cars operating on compressed natural gas, steam, compressed air, and electricity, bear a striking resemblance to early digital cash concepts that didn’t support long-term practical usage. Pioneers of automakers had naive aspirations for this transformative technology, mirroring the audaciousness of crypto visionaries.
Furthermore, the presence of fraudulent operators in the automotive industry bears a resemblance to the crypto sphere wherein the allure of investment has attracted scams that aim to dupe the innocent and the novice. As Winton referred to these early day fraudsters, “they were difficult for the public to distinguish between the genuine and the ephemeral.”
Winton further asserts that these deceptive practices led to skepticism of the automobile concept, a sentiment that is similarly mirrored by critics of the crypto world who suggest traditional digital payment means like PayPal or Venmo suffice. It seems the investing public has been roundly skeptical of technological advancements, whether they be automobiles or cryptocurrencies.
On a more optimistic note, a thread of cooperation is also evident among early innovators in both spaces. In the infant stages of the auto-industry, there was a generous exchange of ideas, tools, and patents among the pioneers. This spirit of exchange and mutual growth is reminiscent of the crypto industry’s endorsement of open-source licensing, fostering a cooperative environment of innovation.
However, as seen in the automotive industry’s history, productive collaborations may be overridden by parasitic ‘patent trolls’. This results in a monetary drain on real innovators through royalties paid to parties who contribute nothing meaningful to their creations.
Cryptocurrency has faced similar bouts with tarnished characters. The claims of Craig Wright, the alleged inventor of Bitcoin, embarking on patent enforcement suits reflects a comparable vibe to trolls of yesteryears. However, Winton’s account also offers hope that fraudulent practices don’t have a looming span.
Devotees of crypto can now take heart in the knowledge that the pathway to adoption has never been clear of obstacles; still, those obstacles have not held back progress in the past. The crypto world can manoeuvre through skepticism, scams, and patent trolls just like automobiles- leaving them to its dust.
Source: Coindesk
