> Will the energy remain in the crypto space if the crypto markets fall victim to the very thing they were created to prevent?
Yes, because the energy in the cryptocurrency space is based not on rational analysis but religious fervor. The inconvenient objective facts will be explained away rather than addressed.
There are some philosophical question. Even trust need trustlessness at first. Things don't couple blindly. But ultimately I believe a good system is where trust is high.
Re:Web3 Is Not Decentralization
by cblconfederate on Thursday December 09, 2021 @12:41PM
(#29500456)
> that we trust each other enough to have a shared understanding of what value is
No, hence why we need the state to print the money, regulate the markets, and put the bad guys in jail.
Isn’t the whole point of a market that we trust each other enough to have a shared understanding of what value is? How can a market function when you trust no one else in it? Cash is a perfect example of this: it’s only worth something because we all agree that it’s worth something, we can’t eat it or do anything else with it other than to exchange it for goods. Crypto isn’t any different.
It will be interesting how this holds up if Tether is actually just “printing” money as they go. If the rumors are true and they go bust or are shut down, one could easily see that event catalyzing a crypto market meltdown similar to what we saw in 2008 where speculation was out of control. Will the energy remain in the crypto space if the crypto markets fall victim to the very thing they were created to prevent?