and kind of kill the original use case, which was to just make financial services accessible to everyone,"
What does that even mean? Anyone above the age of 18 has access to financial services. I had a bank account before that age because I was working.
Here's a question. If someone doesn't have access to financial services, how are they supposed to buy/use a crypto currency? Last I checked, you can't scan a dollar bill and tell someone, "Yup, here's the dollar. Now give me that fraction of a bitcoin."
Here's a question. If someone doesn't have access to financial services, how are they supposed to buy/use a crypto currency?
They're envisioning a potential future where people get paid in crypto, and hold it in their crypto wallet until they need to spend it (everyone accepts being paid in crypto in this fantasy, just go with it), and by some fucking miracle (probably elven magic, or aliens), the buying power of that crypto hasn't changed much in the interim. This takes too much suspension of disbelief for my tastes.
Here's a question. If someone doesn't have access to financial services, how are they supposed to buy/use a crypto currency?
They're envisioning a potential future where people get paid in crypto, and hold it in their crypto wallet until they need to spend it (everyone accepts being paid in crypto in this fantasy, just go with it), and by some fucking miracle (probably elven magic, or aliens), the buying power of that crypto hasn't changed much in the interim. This takes too much suspension of disbelief for my tastes.
The funny part is when you ask the Crypto nerds for a counter-argument to this and there simply isn't one. Seriously, I'm willing to be wrong here, but how can Bitcoin (not Blockchain) be anything but a failure long term?
Buffett said he wouldn't invest in it because he didn't understand it. I understand the concepts, but still don't see how anything makes it a rational unit for representing and exchanging value.
And cryptocurrency changes that how? By giving them a virtual wallet to store virtual cash instead of using an actual wallet with actual cash? What's the difference? Is there a real bank that magically appears for them, or does it simply make tangible assets intangible? How are they digitizing their cash to buy crypto if not through a bank? A brick-and-mortar broker who takes a big chunk?
When a (shall we say) modern cryptocurrency is used with smart-contract technology it's possible to supplant traditional banking services, which include deposits and loans. If unbanked people 'bank' using cryptocurrency then they can participate directly in investment (to loan seekers). Finance is becoming democratized.
There is no likelihood man can ever tap the power of the atom.
-- Robert Millikan, Nobel Prize in Physics, 1923
Say what? (Score:2, Insightful)
and kind of kill the original use case, which was to just make financial services accessible to everyone,"
What does that even mean? Anyone above the age of 18 has access to financial services. I had a bank account before that age because I was working.
Here's a question. If someone doesn't have access to financial services, how are they supposed to buy/use a crypto currency? Last I checked, you can't scan a dollar bill and tell someone, "Yup, here's the dollar. Now give me that fraction of a bitcoin."
Re: (Score:1)
Here's a question. If someone doesn't have access to financial services, how are they supposed to buy/use a crypto currency?
They're envisioning a potential future where people get paid in crypto, and hold it in their crypto wallet until they need to spend it (everyone accepts being paid in crypto in this fantasy, just go with it), and by some fucking miracle (probably elven magic, or aliens), the buying power of that crypto hasn't changed much in the interim. This takes too much suspension of disbelief for my tastes.
Re: (Score:1)
Here's a question. If someone doesn't have access to financial services, how are they supposed to buy/use a crypto currency?
They're envisioning a potential future where people get paid in crypto, and hold it in their crypto wallet until they need to spend it (everyone accepts being paid in crypto in this fantasy, just go with it), and by some fucking miracle (probably elven magic, or aliens), the buying power of that crypto hasn't changed much in the interim. This takes too much suspension of disbelief for my tastes.
The funny part is when you ask the Crypto nerds for a counter-argument to this and there simply isn't one. Seriously, I'm willing to be wrong here, but how can Bitcoin (not Blockchain) be anything but a failure long term?
Re: (Score:2)
Re: (Score:1)
Re: (Score:2)
Re: (Score:1)