The problem with crypto is that all that it is is speculative financial hype. The entire worth of crypto is a bet on its future utility.
The difference between the dot com bubble and web3 is that there is no web3 craigslist or geocities or usenet or altavista or webmd or ebay or amazon or anything of utility or value other than as an investment asset.
And good worthwhile things are being created in the cryptocurrency/blockchain space now. Likewise, there was a lot of useless bullshit on the Web in the 90's, and a lot of useless bullshit in the blockchain space today. And likewise, there were a lot of pre-Web "experts" making the Web out to be some passing fad due to all the bullshit, and there are a lot of pre-blockchain "experts" making blockchains/cryptocurrency out to be some passing fad due to all the bullshit - in both cases ignoring the potential, only to find themselves and their opinions irrelevant.
I don't know whether blockchains are going to end up being as fundamental to the world economy in the coming decades as the World Wide Web is today, but I do know that history repeats itself, and I ain't arrogant enough to assume this to be some exception.
like what?
Cryptocurrency ain't perfect, but people are using it for its intended purpose, and it ain't going away anytime soon.
Where oh where is this happening?
The El Salvador experiment failed: https://restofworld.org/2022/el-salvador-bitcoin/
And I hope you don't mean millionnaires of the developing world because they're people who've escaped the rigours of being in a developing world.
broadly gestures at Africa, Asia, Latin America, and Eastern Europe
not-so-broadly gestures at Ukraine
> The El Salvador experiment failed
A few growing pains != "failed"
And from that same site:
https://restofworld.org/2022/ukraines-tech-community-rallies... <---- Bitcoin donations serving as a critical part of the initial lifeline for Ukraine's self-defense.
https://restofworld.org/2022/were-still-very-afraid-of-failu... <---- It ain't just me saying that cryptocurrency is a solid bet to unshackling the Global South from the Global North's financial hegemony.
https://restofworld.org/2021/stablecoins-find-a-use-case-in-... <---- People in Nigeria using stablecoins in the midst of local currency inflation and restrictions on accessing foreign currency.
When we threw the bathwater out after the bubble crash, there were a few babies left.
13 years into the cryptocurrency bubble and I still don't see any productive use. Unless you're in the ransomware industry, or trying to evade sanctions.
Now They expect 1BLN+ to be onboarded to crypto with internet access.
More growth potential takes more time to play out.
Most people were ignoring crypto in 2017 like internet was ignored in 1993 by most people.
Period of 2009-2016 is like 1980-1992 for the internet. Almost no one was using it beside geeks and tech passionate youngsters.
Institutions are getting interested only from 2021 in a serious manner like in 1998-2001 for the internet period.
I don't know, but the way it is. People in crypto are used to 90% off within few weeks, where people in the other world probably won't experience it in a lifetime with their "traditional" investments. This is why it's so hard to explain..
It's much harder to onboard into a new currency, than to onboard to new social media platform.
It's like learning to fly an airplane VS learning to drive a car.
People treat their financial stuff with more caution than opening an account on TikTok.
It's already crashed a couple times now. Each time it did, it came back a couple years later stronger than ever.
History rhymes. Everything takes long time to play out. Internet took 40 - 50 years, crypto is just 10 years old and they say it has to bust, soon.