Why chartcrime has destroyed the blockchain

Poor blockchainers. Most of them just want to raise a couple-hundred mil so they can empower the poor or save journalism or cure cancer. Yes, they might get a bit cross when people don't understand that blockchain is going to be bigger than the internet, but they don't want to take things too far — they want to be taken seriously and really don't appreciate hype, hyperbole or hocus-pocus.

This above chart, then, must be frustrating. It's from ARK Invest, an ETF provider that “focuses solely on disruptive innovation", in an article penned last month by ARK CEO Cathie Wood on the “Big Ideas" for 2019. We included it in a piece on Elon Musk yesterday but we felt it was so innovative that it deserved a second showing.

In case you can't read what is written underneath, it says:

Source: ARK Investment Management LLC, 2018 | Forecasts are inherently limited and cannot be relied upon.

(“Cathie, we're going to need a source for this graph; that data are pretty disruptive of historical paradigms and narratives. And are we sure about those future returns?" “I'll sort it.")

The x-axis shows the course of history since the late 18th century. The y-axis? Why, the inherently quantifiable estimated impact of innovation platforms on economic activity, of course. The steam engine, automobiles, the railway, electricity — all these “platforms" came and went.

Blockchain, in green, seems to have had a negative impact on economic activity around 2012, but it now appears to be going vertically to the moon, alongside, and at the same time as, genome sequencing, robotics, energy storage and artificial intelligence.

Wood writes that “each of these innovation platforms" will create “multiple trillions in market capitalisation". Better buy the ETF, folks.

We “reached out" to Cathie Woods to explain how it all worked but she passed, this time.

Good luck fighting the chartcriminals, chainers. The decentralised future is in your hands.

Related links:
Chart crime as a measure of crypto-desperation - FT Alphaville
The crypto periodic table (sigh) - FT Alphaville
Stuff Elon says, (inevitable) bitcoin edition - FT Alphaville
The tech sector is over - FT Alphaville
The entire economy is Fyre Festival - FT Alphaville
Why wordcrime has destroyed the economy - FT Alphaville

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