Why Twitter Is No “Catalyst For A New Technology Investment Mania”
When I saw the headline that Twitter was sparking a new “catalyst for a new technology investment mania”, I spit my tea all over Apple laptop. Thanks Financial Times.
As Financial Times writes, because of Twitter, “a new era has officially begun.”
I think they’ve missed the point.
It is laughable that, at a time when the most disruptive technology on the planet, Bitcoin, is proving to be a success not just technologically but financially as well, the press is focused on Twitter. Don’t get me wrong, I have nothing against Twitter. I think it is a cool technology. But, Bitcoin has taken a backseat, although it has been covered in increasing amounts.
It should be the other way around.
Some Bitcoin related company should be debuting on a US stock exchange. Being hailed as a “catalyst for a new technology investment mania,” the US could stand out among nations as a continuing innovator for real change.
Bitcoin just rewrote the banking system. Bitcoin has created $4.5 billion in global wealth since 2009. But, that’s just not as important as Twitter, which, granted, has caused apparently a few “Twitter Revolutions”, but just simply isn’t the revolution that Bitcoin is.
Still, people are celebrating Twitter as what will save financial markets from a disastrous Facebook IPO. The social media company saw its shares jump by 73 per cent on their first day of trading.
And Twitter brings to the world, not a payment system, not a technology which will force prices down, but an instant communication platform. And not telecommunication like was Skype when it disrupted that industry, but one in which you choose 140 characters to convey a text message, and tweet it off into what, at first, seems like a black hole.
This is what has got Silicon Valley so excited, according to the Financial Times. If so, then this is exactly the problem with modern America.
The line of thinking goes that since Facebook’s IPO no company’s have wanted to go after Facebook, but that Twitter’s showings have changed this.
Kevin Landis, an investment manager at Firsthand Funds who picked up a stake in Twitter at the now-bargain price of $17 a share after the Facebook debacle, says things are about to change.
“What I’m afraid I’m about to experience is the mirror image of that [earlier mood],” he said. Instead of being weighed down by Facebook fatigue, tech investors are set to experience a rush of blood to the head caused by Twitter-phoria.
As Jeff Berwick of the Dollar Vigilante writes of Twitter:
For me personally, Twitter doesn’t make sense. It’s risky, yet not risky enough. We live in the most dangerous time for human capital in history. So, I’d rather put the pedal to the metal and take some serious risk.
That’s where Bitcoin comes in. Whereas Twitter needs quantitative easing so people can continue investing counterfeit Federal Reserve notes into the stock market, Bitcoin simply needs people who love liberty and freedom. Oh, and sky high technology, too.
Some Bitcoin related company should be debuting on a US stock exchange. Being hailed as a “catalyst for a new technology investment mania,” the US could stand out among nations as a continuing innovator for real change by embracing virtual currencies, like some of its partners.
For more on what Bitcoin is, be sure to read the first version of Bitcoinomics, which will soon be released as a p2p edited version of itself, then released as a textbook available for colleges and in bookstores.