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What is crypto replacing really? I’ve yet to read even a fair explanation without mental gymnastics. And I’ve been waiting to the last ten years.
"By solving the dishonesty and fungibility problems, bitcoin has radically dialed up the contagion factor for chain letter technology to a degree never experienced before. Bitcoin has become the first chain letter to go mainstream. It is the first chain letter to go global."
What is crypto replacing really? I’ve yet to read even a fair explanation without mental gymnastics. And I’ve been waiting to the last ten years.
You can now transfer value simply by having a public/private key pair. No need for banks and their multi-day wire transfers. No need for KYC. You can borrow and lend on a decentralized network within minutes. Invest in markets, make purchases. All without relying on a centralized entity, and without being bound by your government.
Crypto really is something beautiful to the cypherpunk in me.
Earlier quoted context omitted.
If I am not mistaken, Wikipedia says that more than half of current supply of ETH was distributed among initial investors. That’s also another part of supply formula to consider.
Worth pointing out “initial investors” is anyone who sent 1 btc to the crowdfund back in 2014. It wasnt some closed off thing for vcs, anyone could participate. People just bought their tokens before the network started.
the best part, Vitalik freely admits this himself.
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All those things will never break among the common folk. The common folk wants ease of use above anything else. It has to be as easy as sending money via paypal. No doubt ETH can be the base of that technically, but the model which has ETH holders make money off the appreciation of the ETH token in the process is flawed. Fortune500 and even startups who'd use the open source ETH blockchain technology to bring many se…
A regular centralized company wouldn't want to necessarily use the ETH blockchain. They would use a private blockchain for internal auditing or supply chain partnerships, and would probably build it on something like HyperLedger https://www.hyperledger.org/use/fabric (What?! The Linux Foundation??). Binance did fork ETH and has built out the Binance Smart Chain. Problem is that is still centralized. The unresolved de…
Private blockchain has never made any sense: you just give all your employees private keys and move on with your life.
EDIT: Which is to say, I'm sure a lot of people are saying they're doing it, and it is yet to be for anything more then to say "we're doing blockchain" to investors and the public.
EDIT 2: Reading through the Hyperledger case studies seems to bare this out as well - the implementations are comparatively small, and keep desperately asking the question "was blockchain vital to any of this, or was the actual innovation you just finally automated something into a database?"
What is crypto replacing really? I’ve yet to read even a fair explanation without mental gymnastics. And I’ve been waiting to the last ten years.
Bitcoin is replacing central banks.
Personally, I've moved all of my funds from other currencies into Ethereum. Not that I think it will make lots of money, but because Ethereum actually could have utility, and has a solution to the climate change impacts of Bitcoin. So really, if I'm going to hold any cryptocurrencies, that's where I want them
It is simply plutocracy, but with cute emojis.
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>they are determined by supply and demand You are correct, but only in theory: this requires the precondition that people are rational economic actors. In practice, people are weird, and the scarcity of supply creates a demand. There is therefore a weird feedback loop between the supply and the demand, and scarcity alone is enough to create "value". Examples: - Beanie babies - Magic the gathering cards - Pokemon card…
Scarcity alone is definitely not enough to create value. The one piece of artwork I've made in my life is a scarce resource, but that doesn't mean I have people buying it up like its an NFT.
Ethereum doesn’t know what it is. The rules are always changing, running a full node is practically impossible, and issuance is always changing. It’s not even clear that the features claimed in this paper will be true one year from now.
Multiple consensus failures (most recently this last month) and constant design changes do not provide a secure foundation for sound money.