Is Crypto Dead?
(www.spectator.co.uk)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (27)
sorted by:
Read my comment. I addressed quite a few points from the article.
I also presented a solution to the problems addressed in the article.
It is entirely possible for the article to be correct on some assertions, and wrong on others. They are correct that the pyramid schemes of cryptocurrency are coming to an end. They are wrong on the assertion that cryptocurrency as a whole is going to vanish off the face of the Earth.
Anyone who believes that there is no future for cryptocurrency is both incredibly naïve and extremely uninformed on the real world use cases of cryptocurrency, and why they are needed so direly in our world.
Cryptocurrency will, I contend, ultimately replace our corrupt stock market. When the Gamestop bubble comes crashing down, I believe it will bring with it a number of corrupt banking institutions, and ultimately lead to a great disengagement and distrust of the current market dynamics and status quo that will lead to a future where stocks are tokenized on the block chain, and all transactions are transparent for all to see the legitimacy of the market and to enshrine trust once more in our economy.
In essence, every single person can create their own currency when we take into account your time, your skills, the quality of your work, etc. Technically, that is the really easy part.
Crypto is perfect for replacing the physical letter stating your credit line. Except, most people are bad at banking. The more complex a society, and the proliferation of assets, the moment of reckoning will come.
I my view, current crypto is not the end stage, but a primal iteration on the road to full emancipation. Till then, and in the current climate, I see no advantage in crypto, but rather I see it as a trap, that locks-in what you have, especially with the push to digitization of your person. Meaning, as a human, you have to either conform to the access rules, or you won' t be able to play int he sandbox.
I will simply ride out this storm with what has shown to be storm resistant: Gold, Silver, food, land, water, brass, and off-grid-electricity-generation.
some people see it your way, others as the future. I've had changing opinions and atm I'm kind of one foot in each camp. It is the future, and yet there will be a point when the digital society is going to make it really hard to live life relatively freely.
privacy coins are a good solution to that, but as max igan suspects, up to a certain time, possibly 2025 our relationship with the internet might change so much to internet access, and therefore even privacy coins might be difficult to use.
but the 1 certain thing is that there until then there is going to be a several massive surges of money flowing into crypto, which if positioned early, will profit us bigly. and then we can take that wealth into gold, silver, off-grid living
Intresting take. And indeed the views differ from person to person. It probably also depends on what type of coin it is.
USDT was meant to be a full reserve currency but turned out not to be.
Other coins allow staking in order to foster mining.
Then there are NFT-like-coins, based on factual assets. The latter is something I like, as they actually make the asset portable, though it is based on a peg. It is interesting to note Russia, China and other countries are working on a coin based on a basket of assets, not currencies, as these are floating and have no value in and of itself, in order to facilitate trans-border-exchanges on a state level, saving a lot of difficulty in terms of mutual currency swaps. Based on the performance it is anticipated that the participating currencies themselves will fluctuate in relation to the new crypto currency.
It is a return to sounder money than fiat.
On a personal level, an asset based currency that would be anonymous would mean a return to the days of the gold and the silver standard, where a coin represents a certain weight. The problem with this at current is the gay party of price suppression. And since we are in price-la-la-land, and the price discovery mechanism does no longer function, it does not ring good.
The deep state with its price manipulations have basically rendered all currencies inept. Think the price suppression going on with current cryptos in light of the interest of the politicians and CBs to introduce their own version.
That said, I see an anonymous crypto based on assets as the way to go and it should be not in the hands of government. If Government teaches any lesson than it is this: they are the biggest counterfeiter crooks around and have always fucked us with money. Take away the honor of living up to your word, take away the accountability, and what do you get? the world of today. Trust is an interpersonal quality way undervalued.
I had a lot I wanted to reply to you with, but I got cut short for time.
Agree on NFT. But this is still early days, looks like the current form of NFTs is just to warm people to the idea of digital property ownership. True, practical use-case NFTs I see coming down the line.
Agree on gold/silver/asset-backed crypto. Though I don't think backing a coin with gold/silver is the best solution in the present age: still risk of centralisation & manipulation. Would like to see a novel answer to that problem (a different kind of asset backing).
Still believe in privacy coins. Was naive to it in the beginning (around 2016, which I now see as the death of bitcoin and corruption coming into the space), but learning and re-learning and making it to here, I see its value. Still its success hinges on how the internet situation plays out, so we'll see. If anything it'll be a short-medium term window of opportunity to make some big bucks and go fully offline like I said earlier.
Price discovery will happen. I see it when there is absolutely no confidence left in the us dollar. Which they've somehow amazingly have been keeping alive with all of these "events". but clearly its nearing the breaking point. unless something completely out of left field emerges to prolong the dollar a little bit more.