Strong investment convictions = the keys to generational wealth

And the best convictions are based on facts & analogies.

Here is an analysis of a powerful analogy that can shape your investment strategy.

INTRO

This article provides you with:

• the industry challenges comparison between the music industry & blockchain

• statistical data

• industry representatives’ quotes

PARALLELS BETWEEN MUSIC INDUSTRY & FINANCIAL SECTOR

There are striking parallels between:

• the music industry & Internet in the 90s/00s, and

• the financial industry & blockchain now

Both industries faced disruptive technologies that challenged their traditional models.

In both instances, the representative of the old system claimed to protect something objectively good.

• For the music industry it was revenue for artists.

• For the financial sector it is investor & customer protection.

In both instances, traditional business models were stiff and often very corrupt.

In the music industry before the Internet revolution:

• The record label made most of the money from musicians' work, as well as most of the decisions.

In the financial sector now:

• Financial institutions make massive profits from commissions for storing and transferring their customers' money.

THE MUSIC INDUSTRY VS INTERNET

The music industry resisted adopting the Internet.

They hoped for regulators to stop the Internet.

They didn’t succeed.

Ultimately they lost revenue and failed to reach the same level of success.

• Look at the chart below:

According to the Recording Industry Association of America (RIAA), between 1999 and 2009, music industry revenues plummeted from $14.6 billion to $6.3 billion.

In fact, because of the internet music industry has changed forever.

But the only thing the internet was destroying was the record labels.

Not musicians.

FINANCIAL SECTOR VS DECENTRALIZED BLOCKCHAIN

The same is with blockchain and the financial system.

Decentralization through blockchain is not destroying retail investors and customers.

But the corrupt and ineffective old financial system

Thanks to the Internet music distribution system has changed and new business models emerged.

New income streams were created for artists.

The Internet helped artists to be independent of big record labels.

The new reality required musicians to produce high-quality music to get a bigger following.

If their quality of music was less than other artists, they would not gain new fans

The same is with blockchain.

Decentralized blockchain makes transactions trustless, fast, and cheaper than in a traditional financial system.

Thanks to eth, btc, sol you can internationally transfer value worth tens of millions of dollars for a few dollars and within minutes.

In the traditional banking system, you would wait days and pay high administration fees.

THE MUSIC INDUSTRY REPRESENTATIVES’ QUOTES

NOW. Hear me out.

In the early days of the Internet, prominent figures in the music industry failed to recognize its potential.

Read these quotes to understand the narrative in the late 90 & early 2000’

Compare it with the current narrative about blockchain.

How it ended:

Later, after years, the music representatives will say:

And in 2009 Joshua Friedlander, the VP at RIAA, will say:

CONCLUSIONS

Fast-forward to the present day, and we see a similar pattern emerging in the financial industry and blockchain technology.

Just as the music industry witnessed an outflow of money, the financial industry sees decentralized sectors, based on smart contracts, gaining ground.

This shift demands a reevaluation of traditional financial models.

Bad actors exist in any technological revolution.

It's clear that the benefits of blockchain outweigh the drawbacks.

Most people in the industry have good intentions.

To ensure a successful transition, the financial industry must adopt blockchain through regulations tailored to this revolutionary technology.

This approach will allow for innovation while mitigating risks associated with scams and illicit activities.

LET’s CONNECT

I'm Jack.

I am an ex-lawyer, and now I'm the founder of a web3 project.

I spent thousands of hours analyzing web3 projects, in particular in the #NFT space and building my own venture.

Now I am sharing my knowledge with the audience on LinkedIn and via my newsletter.

With over 80 articles already written on web3, #blockchain, #NFTs, and more, I'm excited to share my expertise with you every week.

Every Tuesday, I publish an article focusing on #web3 strategies to help you thrive in this ecosystem.

Additionally, every Thursday I share my personal opinions on important web3 issues.

I would be thrilled if you subscribed to stay updated.

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