Christopher Koopman1 hour agoAmerica should learn from the optimism of HODLingHistory is littered with failed predictions about the future of technology. Have we learned anything along the way?265 Total viewsListen to article 0:00OpinionOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onHODLing — an acronym that means "hold on for dear life" — is built on the long-term optimism that has been the driving force behind technological advancements that have forced us into modernity. It"s time to take that embrace of crypto culture a step further. We should make HODLing the default American position on all technology.
Americans tend to be optimistic on general terms, but that quickly gives way to pessimism in the specific. Just a decade ago, 78% said they would not eat lab-grown meat. Today? The number has nearly flipped, with 60% now indicating a willingness to try it.
Another example of Americans being generally optimistic about technology, but pessimistic about long-term effects is the widespread belief that self-driving vehicles will become commercially available within their lifetime. One 2021 survey by the Pew Research Center found that 63% of Americans believe that fully self-driving cars will be common within the next 50 years, but they are hesitant about actually riding in one.
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And Americans have always had some nagging pessimism about the future. In 1930, economist John Maynard Keynes worried about a new disease he termed “technological unemployment” that plague our future. Nearly 100 years later we have yet to see it happen. Have Americans shed themselves of such fears? Not at all. More than two-thirds of Americans view automation as a bad thing.
But innovation almost always faces skepticism and criticism. Louis Anslow, my colleague at the Abundance Institute and curator of the Pessimists Archive, has spent years cataloging historical examples of groundbreaking ideas being dismissed, from the lightbulb to the bicycle to the airplane.
Yet, innovators like the Wright Brothers persisted, epitomizing the HODL spirit. Despite initial doubts about the feasibility of flight, they remained steadfast. In 1903, The New York Times estimated that it would be 1 to maybe 10 million years to achieve flight. Nine weeks later, the Wrights took to the skies.
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Similarly, in the early 2000s, Amazon and Jeff Bezos faced intense scrutiny and skepticism. While Amazon’s stock was trading around $50, the USA Today said, “Amazon.com will never again approach its early 2000 share price of nearly $600, and there’s no guarantee the company will make a profit anytime soon.” Others were far less kind. Malcolm Berko claimed that "unless shareholders get rid of Bezos and the buffoons in the boardroom, those clowns may add a new chapter to the books sold by AMZN called Chapter 11. This company is a joke and so is its leadership.”USA Today predicted Amazon would "never again approach its early 2000 share price of nealry $600." Source: USA Today
Yet, Bezos held firm, confidently navigating through market fluctuations and critics who predicted the company"s demise. Today, Amazon stands as a trillion-dollar empire, a testament to Bezos"s unwavering belief in its potential.
Apple, too, encountered skepticism. Microsoft’s Steve Ballmer and one of Apple’s own founders, Steve Wozniak, questioned the impact of the iPhone and Macintosh. However, Steve Jobs remained unyielding in his vision, transforming seemingly flawed prototypes into iconic innovations.Microsoft’s Steve Ballmer questioned the impact of Apple"s inventions. Source: YouTube
In a world that is quick to dismiss new ideas, the HODL mentality provides a counterbalance, reminding us that the journey to progress is often marked by failures and imperfections. It encourages us to invest not only our resources but also our faith in the transformative power of technology. By embracing this perspective, we open ourselves up to a future where groundbreaking innovations are not just possible, but probable.
The crypto community embodies this unwavering optimism, recognizing that imperfect technology can evolve into something impactful. Just as we have witnessed the evolution of imperfect blockchains into transformative innovations, it"s time for the rest of America to embrace this culture of persistence, resilience, and long-term vision.Christopher Koopman is a guest columnist for Cointelegraph and the CEO of the Abundance Institute. He was previously the executive director at the Center for Growth and Opportunity at Utah State University, and a senior research fellow and director of the technology policy program at the Mercatus Center at George Mason University. He is currently a senior affiliated scholar with the Mercatus Center and a member of the IT and Emerging Technology Working Group at the Federalist Society’s Regulatory Transparency Project.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.# Apple# Amazon# Analysis# Adoption# Microsoft# Steve Wozniak# Predictions# OpinionAdd reaction