Joseph Lubin thinks that the price bubbles are a good thing. He points out that after each bubble the activity of developers grows. Lubin thinks that massive adoption is coming
The rise of blockchain adoption is similar to the growth of the Internet. Initially, during the dotcom bubble, there were thousands of companies that were evaluated higher than they actually were worth. Many of these companies still haven't recovered, for example, Cisco is still three times cheaper than 15 years ago. Microsoft has a bigger market cap now, but look how many years have passed.
However, compare the old Internet, when you had to wait three hours to download an MP3, and five minutes to load a page, to current speeds, when you can watch YouTube on mobile phones, instantly downloading gigabytes of video. See a difference? The thing is, the market speculative valuation and actual development aren't related, but these bubbles can provoke the interest of developers. The dotcom bubble attracted many talented developers to the Internet industry because there was a growing demand in coders, coupled with high salaries. We have a similar situation in blockchain industry. The salaries are very high, up to 130k a year, and there are fewer developers than is needed by many companies. All of this would be impossible without the market bubbles, so we should be grateful that they happened.
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