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«Once the cryptocurrency price bubble pops and takes all the hype with it, will the community be able to recover the energy it needs to build real, innovative t
by mrb 9y ago
«Once the cryptocurrency price bubble pops and takes all the hype with it, will the community be able to recover the energy it needs to build real, innovative technology once again?»
Of course it will recover. Blockchain technologies are so transformational that you need a lot more than a simple price crash to kill cryptocurrencies. Of all persons, the creator of a cryptocurrency (even a joke one) should understand this. In fact, people always seem to forget that Bitcoin (actually the crypto market at large) has already experienced 4-5 major crashes in the last 8 years where prices lost between 50% or 95%(!), sometimes remaining depressed for months, but the market has always recovered.
- AlexandrB 9y ago> Of course it will recover. Blockchain technologies are so transformational that you need a lot more than a simple price crash to kill cryptocurrencies. Are they transformation? I have yet to see a blockchain application that's not done more cheaply with a traditional database. Most of the practical uses of blockchain are as effectively centralized "distributed" databases (e.g. corporate blockchains), while the rest are cryptocurrencies and other distributed ledgers that are, at the moment, extremely volatile.
- mrb 9y agoA blockchain-based cryptocurrency has 3 central qualities: decentralized, permissionless, irreversible transfers. That's what makes it transformational. No other currency or system can provide these 3 properties (except physically exchanging a commodity, eg. exchanging gold in the real world.) You claim most cryptocurrencies are "effectively centralized", but that is false. For example if I make a Bitcoin transfer by broadcasting it to the P2P network (ie. assuming it reaches most miners), no single entity can block the transaction, thanks do decentralization (ie. many disparate miners around the world attempting to include the txn in their block.)
- deleted 9y ago[deleted]