Re:What I'm Frustrated by in Crypto
by superchroma on Sunday July 31, 2022 @01:33PM
(#32297105)
There are some coins that are just unsexy currencies and nothing else, with clear goals to optimize speed and minimize intermediate costs, and I think that's precisely why they're unsexy now. It seems to me that this space has been a fractal of ponzi schemes designed to defraud small and poorly informed players and when something actually works, it's immediately cast aside and shunned because it had no use to the carnival energy that large players are trying to maintain.
And some with the clear goal of deterring speculation, by having a pure linear emission which keeps the yearly supply inflation rate high for many decades (taking a century to drop to 1%). Thus, no fear of missing out, early adopters are not favored, and later generations not handicapped.
Similar feelings here. When the project started to become more well-known I was paying attention - it seemed obvious that a digital currency would be useful for many things.
I didn't mine, I didn't buy, but I thought it was cool. Over time it started to become a big deal when more and more online services started accepting bitcoin, and it just seemed like it would become more and more useful.
Now? It's all HODL and online scams.
I think in the future we will have some digital currency, but it won't be bitcoin, or anything else we have at the moment. There are so many ways it could be used, from micropayments for news, to cross-border payments. But having seen all the fallout from current systems it will probably be a long time coming..
Re:What I'm Frustrated by in Crypto
by whatisweb3 on Monday August 01, 2022 @08:03AM
(#32304790)
It turns out the Bitcoin thesis was only half successful. It did not end up becoming peer-to-peer electronic cash, but it did succeed in creating a decentralized ledger that is tamper proof, resistant to double spend attacks, and can facilitate peer-to-peer transfers. This part of the technology can be used to operate other ideas, like stablecoins and decentralized identity systems.
When Bitcoin first came out, many years ago, it was sold as being a decentralized currency and that phrasing caught my attention. I'd follow it avidly and watch with interest as different shops and retails were starting to accept payments in Bitcoin. I'd make it a point to spend Bitcoin with those places to show my support.
But over time, as the currency experienced volatility, all of those places withdrew the option.
When I tell people about this and how much I've spent, their reaction is always that I could have been rich if I had held on to the coins, and to me that misses the point or the original intention. In fact I think very few people still subscribe to its original intention.
My point: it's always been speculation and gambling, right since the beginning. You will need to settle now, or plan your escape.