Some cryptocurrencies and blockchain projects come and go. Let’s wait 8 years then.
SEC Doesn’t See Cryptocurrencies Lasting Long
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Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#12The finance equivalent of our system is unhackable. Might take a couple of years but this will age like milk
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#13Obviously they could be wrong, but this prediction feels very reasonable to me.
I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all.
After more than ten years, I still don't see a use case for Bitcoin (perhaps El Salvador will surprise me, but I doubt it!). There is nothing I'm aware of that I need to do financially which I can do with Bitcoin (or the like) which I'm not better able to do with the regular banking system. (I don't have much need for contracts in my life, smart or otherwise, but I would vastly prefer to deal with a real lawyer and the actual legal system, expense included, than rely on a smart contract.)
It could be that that amazing use for cryptocurrencies is right around the corner, but after a decade I don't expect to ever see one. Certainly it's not NFTs!
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#14Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…
you dont live in a failing economy or one where the govt intervention prevents the free flow of money.
1)chinese were able to smuggle money out of china
2)venezuelans are using it in lieu of their failed currency
3) criminals are using it to launder money and buy/sell illegal products
4) people are using it to send money across national borders without paying fees/tariffs (e.g. to mexico)
I remember not that long ago when the money supply was about 6T. Now with 30T in debt that automatically becomes the defacto money supply. Crypto can act as a stable store of value because all fiat is inflationary, though it is incredibly volatile now.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#15Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…
you dont live in a failing economy or one where the govt intervention prevents the free flow of money. 1)chinese were able to smuggle money out of china 2)venezuelans are using it in lieu of their failed currency 3) criminals are using it to launder money and buy/sell illegal products 4) people are using it to send money across national borders without paying fees/tariffs (e.g. to mexico) I remember not that long ago…
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Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#16Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…
> There is nothing I'm aware of that I need to do financially which I can do with Bitcoin (or the like) which I'm not better able to do with the regular banking system.
I would suggest that your life experience may not be the best yardstick for every other human.
I will provide an example of a recent situation in which I would have loved to be able to use e.g. Bitcoin. I (US based] did some consulting work for a company in France and they owed me something like $6k. Arranging an incoming international bank wire was a huge pain (if you don’t do this regularly, you’ll have to navigate multiple layers at your bank to find someone who can provide the actual wire details to provide to the counterparty), it took many days to finalize, AND I was charged $25 by my bank for the privilege.
In contrast, I should have been able to provide the French company a BTC address, have had them transmit for pennies or a few dollars at most, and have payment secured and confirmed within the hour.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#17Then ignore them? The beauty of voluntary systems is that they can thrive or fail and the only people impacted are those that choose to use them.
The SEC picks and chooses which rules to enforce and which parties to police, monetary policy is decided by authorities with no input from or regard for 99.9% of the population.
It's not surprising that people would opt-in to building alternatives with transparent and programmatic rules. It's also not surprising that these alternative systems will be fiercely fought after being ignored and laughed at, and it won't be surprising when they win.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#18Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…
> There is nothing I'm aware of that I need to do financially which I can do with Bitcoin (or the like) which I'm not better able to do with the regular banking system. I would suggest that your life experience may not be the best yardstick for every other human. I will provide an example of a recent situation in which I would have loved to be able to use e.g. Bitcoin. I (US based] did some consulting work for a comp…
Maybe a different bank would have a better experience for international wires? My experience is that this takes less time than you have relayed.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#19> “I don’t think there’s long-term viability for five or six thousand private forms of money,” Mr. Gensler said in a virtual event hosted by the Washington Post. That's going to age like milk.
Isn't the title another click bait?
He said he doesn't see viability for 5000 cryptocurrencies and not cryptocurrency in general.
Of course no one thinks every dust coins have a future.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#20Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…
The blanket proposition that cryptocurrencies in general are going to fail is very different from your proposition, that most cryptocurrencies are going to fail. Look at social media: not too long ago, everybody and their cat was attempting to create the next big social media platform, and people were warning that it was all just a fad. And they were right, but people didn't stop using social media, quite the opposite. Social media is now more used and more important than ever, it's just that everthing clustered around a few winners.
That would be my prediction for cryptos: most of them aren't special enough to be useful, a lot are just pyramids schemes where the creators premined a big chunk and hope it will be worth something once they find users, but there's certainly some that are here to stay. I don't see the original Bitcoin disappearing, Ethereum is having a bit of a rough patch right now but has the potential to become a proper computing platform and I think privacy features like those Monero is offering are always going to be in demand. But we shall see.