History is not on the side of the crypto’s grave dancers, by Simon Black

Every great wave of innovation has a lot of failures and a few great companies that capitalize on the innovation. Don’t let the recent weakness in cryptocurrencies prompt you to throw out the investment baby with the bathwater. Odds are that some cryptos will emerge from the carnage and over the long term will be stellar investments. From Simon Black at sovereignman.com:

On June 12, 1817 in the city of Mannheim, Germany, a local inventor by the name of Karl von Drais unveiled a brand new, futuristic invention he had just developed.

It was called a laufmaschine, or “running machine” in German. And it was essentially the world’s first bicycle.

There were no pedals, no seat, and no chain to connect the wheels; the rider basically had to propel the laufmaschine with his feet, then balance on it once achieving sufficient momentum.

It was crude, but it worked. And von Drais showed off his machine to the world that summer day by riding 7 kilometers in roughly one hour.

The reaction was instantly divisive.

Some people thought the laufmachine was as significant as cave men inventing the wheel, and they envisioned a future world in which bicycles dominated transportation.

Others thought it was a silly, unnecessary, dangerous invention. And many in the press derided von Drais’s invention, pejoratively calling it a “dandy horse”.

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