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> But there is also a chance that we genuinely are at the beginning of the transition from Fiat currencies to crypto (beginning of the S-curve mass adoption) I
by rifung 9y ago
> But there is also a chance that we genuinely are at the beginning of the transition from Fiat currencies to crypto (beginning of the S-curve mass adoption)
I can only speak for myself but I see this chance as practically being 0.
As far as I can tell the only people who would need something like Bitcoin are those who participate in illegal/immoral activity. Seeing as there is no regulation, I don't think it's far fetched to believe those who have a large amount of Bitcoin, such as hackers who were paid ransoms in it, would have motivation to try to increase the perceived value of it.
Personally I believe that people, especially those who already participate in illegal activity, trying to profit is easy for my mind to grasp and believe than for some technological revolution. I suppose the bias from my personal experiences shows as well given that I haven't met a single person who has purchased Bitcoin for its utility but many who have bought it because "it's going to go UP!!!!!!!!!".
I suppose personally I don't want to see people throw their money away, especially because in this case I believe it will benefit scammers, and that's why I have a negative attitude towards it.
- MadSudaca 9y agoThe total market cap of all cryptocurrencies is .6 trillion USD. There's dozens of coins with teams and communities trying to make them succeed and provide value. There's a lot of work and creativity involved in providing new technological solutions to overcome the limitations of older cryptocurrencies. I think you should give the cryptoscene another chance and do some research on what's going on. Saying that all this work, money and effort is something that will only benefits scammers is a bit unfair.
- spookthesunset 9y ago> Saying that all this work, money and effort is something that will only benefits scammers is a bit unfair It's entirely fair. Bitcoin is a solution in search of a problem. The only "solution" it's solved so far is lining the pockets of the folks at the top of its pyramid. Bitcoin has been around for, what, 9 years now? If it was going to see mainstream adoption, it would have happened a long time ago.
- tlrobinson 9y ago9 years is a very short time for a foundational technology to go mainstream. The internet took ~25 years.
- bennytjia 9y agoWhich is a good thing. A "foundational technology" is foundational because it lets the new one builds on top of it faster. It reduces marginal time for new ones to become mainstream.
- Anderkent 9y agoMarket cap is irrelevant when significant percentage of the coins aren't being exchanged or used for anything, and are just sitting in cold wallets.
- rifung 9y agoFirst of all I didn't mean to put down anyone's work. I am sure the technology is fascinating. Someone asked about the reason for negativity and I gave them my reasons. > I think you should give the cryptoscene another chance and do some research on what's going on. Saying that all this work, money and effort is something that will only benefits scammers is a bit unfair. I suppose the issue is that I don't really see anything wrong with our existing currencies but there are hurdles and issues to using cryptocurrencies (I can't actually use it to buy many things and its value fluctuates too much for my stomach to handle).