As a non-expert in the field, I just cannot see any actual value in Bitcoin. Speculation is rife, but it's essentially useless as a functional currency and there's no capital backing it up. Aside from some vague use as a means of evading the law, what could it possibly provide?
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I've been ranting against cryptocurrency for quite a while, and I fully agree with every word he says.
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TL/DR: blockchain is a database that can store any data. Nothing more. But it's distributed between many parties, who you can't trust. So unlike a normal database, you have to go to extreme lengths to try to prove that they're not lying to / cheating on you.
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The most persuasive argument for crypto is when Wells Fargo used to carry cash and coins from Kansas City to San Fran the transaction fee was 3%. That hasn’t changed since…
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While you can’t see that fee the merchants and provides that sell you goods and services have that backed into accepting credit cards. So up to 3% of all our work goes to just moving money around on the internet. There is a better cheaper more efficient way.
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I think a lot of what he says is correct, but he's missing that the markets for crypto are what fund some truly brilliant people to further develop the technology/concept. We're possibly in the very early stages. Crypto might function a lot differently in 10 years.
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I don't think he's looking hard enough if he can't name positive uses for crypto. Sex workers can benefit by being paid without banks closing their accounts. XLM and NANO can send remittance payments across the world nearly free and instantaneously. Some coins function as UBI.
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Eh, it's a bit off. Fiat currencies always only have the value imparted on them by the market - none have specific intrinsic value. I agree that the current iterations of crypto are not likely to be the ones that eventually dominate currency markets.
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There are factors that define Ponzi schemes that aren't present in (most) crypto, in that they don't have a single entity running the "scam". In the sense that early speculators take money from late adopters, it has similarity - but this applies to ~all markets
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The transitory phase is super speculative and frothy, and 99.x% of projects will eventually fizzle out, but trustless ownership of assets (NFTs) in a world inhabitanted by ever more "digital natives" is pretty much inevitable. It's IMO here to stay, likely on Ethereum.
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