I was reading through some comments on this post: https://communities.win/c/GreatAwakening/p/12jd0GCP85/cashless-bitcoin-and-the-devil-w/c/
And realized, I have shrugged off crypto because I simply don't understand it. For someone like me who is now realizing it's a good idea to get involved, how do I do it? It's very overwhelming, but I'm committed to learning. Let's talk!
Utterly retarded take. Just off the top of my head, what is the value of crypto? 1 alternate governance. By eliminating the central bank, you eliminate the cabal. 2 eliminate counterparty risk. By settling via math and consensus algorithms, your transactions cannot be censored. 4 immutability. Transactions cannot be reversed. Ledger values can be seen but not attacked. 5 cost. By offering low or nearly even zero transaction fees, you eliminate the invisible walls inherent in the traditional banking sector. This extends banking services to the unbanked, allowing them access to value creation, storage, and freedom of opportunity.
We have to make sure that crypto develops the right way to facilitate these advantages.
I think the poster was referring to the fact that there is ZERO backing to crypto-currency; it's all just electrons. The rise in "value" of say, bitcoin, is similar to the famous Dutch tulip bulb investment bubble of 1800's (or was it in 1700's?). All these things favor those who get in early, and get out before it's too late.
It's not just math, it's basic math.
And reality.
SHA-256 is basic math?
The concept of a zero-sum game is basic math.
The concept of worthless being worthless being worthless no matter how many factors you want to multiply it by... is basic math.
Encryption, hey that's great. Blockchain, very cool. Many potential applications. Hurray!
But these "cryptocurrencies" themselves, I'm sorry, they are intrinsically worthless, and for every winner, there will be a corresponding loser. And that selection ain't gonna be random.
"Utterly retarded take"?
This, from the clown who just called for hangings for the first people in the media to publicly, painfully admit they were mistaken. The hell?! Be better.
But back to cryptocurrencies, no amount of "irreversible transactions" and "reduced inherent walls" or "low transaction fees" can wave away the mathematical fact that cryptocurrencies are nothing but zero/negative-sum games, based on intrinsically worthless tokens. As early entrants pull their money out, they are all destined to be laughable GTZ propositions.
Again, waiting for your explanation here, because saying it doesn't make it so:
Again, if you can't see the value in the features I outlined, then, there's not much to discuss.
Huh? It's quite clear what I've said is so, and it's about as uncomplicated as it gets.
Meanwhile, you're doing so toe-tapping routine while repeating the word "knowingly", and then declaring victory or something. It's frankly bizarre.
But aaaanyways, features, I'll bit. So what do "features" matter when the intrinsic worth is nothing.
That's like saying the shipping and handling fees were surprisingly low, and the customer service was helpful and polite, on the $800 you dropped for those super rare, highly collective beanie babies on QVC. I guarantee any "features" won't matter when the intrinsic worth(lessness) of what was bought is finally realized.
Because when the ledger value in question is legally recognized as representing the transfer of ownership of a house (or a 787 or an oil tanker), that token has value.
Not once have I argued that it has intrinsic value. But your argument failed to explain why it must have intrinsic value in the first place. There are thousands of chains with useless tokens. Why can't I get free Bitcoin?
You said it yourself. We could use shells, or anything we want, whatever people recognize. Now, let's see, which has better features... An immutable token everyone on the planet can see, or your bag of seashells?