As we experience the shitdoings of the deepstate in office, more people have waken up from using their fiat system that enslaves us with debt. Whether or not u use cryptocurrency, do you think crypto bear markets are less significant (shorter time frame or less deep dips) as more people switch over to blockchain led decentralized finance and use it more?
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Seems like you've swallowed to much media propaganda then. It was the first blockchain based digital currency ever created, designed after the situation back in 2008.
A different time if you don't remember, where desktop home PC's where still the most popular choice for computer, smart phones was just released and hard drives was the main type of storage, which followed mores law.
Since the invention of SSD's and centralized cloud storage due to the popularity of smart phones, plus that dedicated chips where designed to calculate SHA256 a million times faster than a regular home PC of course many parts of the original Bitcoin design doesn't make sense.
That's literally the reason why there are forks at all and lot's of discussions on how to design blockchains for scalability, privacy and lower amounts of local storage.
Besides, today far more coins are paired with fiat so just because Bitcoin initially was the "base" coin for exchange to fiat, it's not the only one today. And why would that matter anyway the day fiat collapses?
Exchange pairs only means you can trade it. Take houses, cars and gold coins for instance. One house is worth 4 cars... does that make sense to you? does all trading has to be like that, just because houses was the "base" currency before gold was found? of course not. Just use gold and say x coins for a particular house, and y coins for a particular car. Suddenly things will make sense again.
I've seen a shit load of people say that bitcoin seems sketchy as hell. All the coins seems like mini get rich quick scams and you don't want to be the one holding on to them in the end. Money is pointless anyways IMHO. It's the root of all evil. Causes greed.
Mostly paid shills, if you wanted to run a get rich quick scheme you wouldn't spend over a year developing brand new technology that's useful in so many areas outside of the currency aspect. You wouldn't solve complex mathematical problems nobody solved before, and wouldn't spend years learning about cryptography in order to develop the system.
It's as simple as anything that's easily available to trade, with a low trading volume and low supply will appear volatile in comparison to fiat currency which they brainwashed people into thinking it's stable, while in fact fiat is sinking like a rock. This gives an illusion of "get rich quick" just because profits can be high if you buy an sell at the right time.
You can say the same thing about a Volvo 740 in Sweden, buy one for $400 during summer and sell it for $2000 in the winter. That's 500% profit, why? because kids like to slide around with them on ice. Are these cars a ponzi scheme or a scam? of course not, it's just RWD cars built to be reliable and long lasting in combination with demand spikes.
How many of these coins are backed by physical? Just doesn't seem like anything gives these coins worth except the inflation of the USD.
Depends how you define "backed by physical". Is it enough with a fat guy in smoking, big noose and cigar who says "dude trust me" (Just like the original gold backed dollar). Or are we talking backup in case of power, network failure or a hardware crash?
In the latter case, it's more physical than any physical asset as you can make infinite physical copies of the private key, and use it to restore/access your wallet at any time, from any of the 11 000+ nodes spread across the world, or you could have a bunch of secured nodes on your own. It's all up to you as you're in control always.
As for value beyond exchange rate, just consider the industrial use. Blockchain is the main competitor to big data, and because of decentralization you need the cryptocurrency for billing. Any third party payment solution or bank would introduce a central point of failure to the system.
You think Twatter censor you because Dorksly is a cuck? maybe a bit for that reason, but bear in mind that Twatter is also hosted at AWS and has to follow AWS terms of service. Now imagine if Twatter instead ran on a blockchain. Then there would be no censorship from above and it would all be up to Dorksly himself. And if Dorksly still censor like he does today, then fuck Twatter, fork the whole thing and you'll be up an running in no time, the same platform, the same data, but this time no censorship. That's extremely valuable if you value free speech, and transparency.