5 quotable moments in our technological and financial history

Our technological and financial history has come a long way from even just 10 years ago, let alone the past 100 years. The development of new technology can significantly impact our financial systems, and these changes are not always welcome. In fact, the propaganda against new technology is well-documented and even has a name: the Privacy-Panic Cycle.

Take a look at these five moments from history when people expressed concerns over technology that has now become part of our everyday lives.

1. Telephones

“The idea is as idiotic on the face of it. Furthermore, why would any person want to use this ungainly and impractical device when he can send a messenger to the telegraph office and have a clear written message sent to any large city in the United States?”

• Western Union president William Orton in 1876 on telephones

Telephones became a crucial part of everyday life, with payphones installed in public areas and landlines in peoples’ homes. Today, smartphones have become more popular than landlines, though telephones as a whole continue to play a vital role in society.

2. Television

“Television won’t be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night.”

• 20th Century Fox studio head Daryl Zanuck in 1946 on television

Today, televisions are an essential household furniture item, as common as a couch or table. Watching television has become an everyday activity, and television screens can be found everywhere, from hotel rooms to restaurants.

3. Computers

“There is no reason for any individual to have a computer in their home.”

• President of Digital Equipment Corporation Ken Olson in 1977 on computers 

Today, personal computers have become an essential part of our lives – from a tool for children to do homework to a way for people to work remotely. While there have been concerns about Big Tech and Big Data infringing on privacy, this hasn’t stopped people from using computers or the Internet.

4. Cell phones

“In addition to leading to a development of cancer and tumors, there could be a whole host of other effects like cognitive memory function, since the memory temporal lobes are where we hold our cell phones.”

•  Chairman of Neurology at Cedars-Sinai Medical Center Dr. Keith Black in 2011 on cell phones

Today, many studies have shown that the evidence connecting cell phones and cancer is lacking. Cell phones, particularly smartphones, have become such a pervasive part of society, with even children learning how to use them at a young age.

Source: Photo by Jessica Lewis on Unsplash 

5. Virtual reality

“If you are in a virtual world and you have a model of your office and you pick up a virtual shotgun and blow your boss away because it might be amusing, then does that blur the line between activities you do in fantasy and the activities you do in real life?”

• author Howard Rheingold in 1992 on virtual reality

Today, the virtual reality industry has grown into a billion-dollar industry, with companies competing to create their own headsets and VR gear. The latest buzzword surrounding virtual reality is the “metaverse,” which people can join through virtual reality technology. Retail companies are jumping to be part of the metaverse, and some people are even paying millions for virtual real estate.

Evolution of our technological and financial history

Crypto is merely the latest evolution of society’s technological development. Crypto skeptics will say that it will never catch on because of its volatility, lack of regulation, and lack of uses in everyday life. However, given that the crypto industry passed $3 trillion in value in 2021, it’s clear that the industry is here to stay and will become part of our financial history.