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In my view, cryptocurrency is the only real use case for blockchain tech. It's an incredibly important use case though. It's a great store of value. Because of
by cryptica 6y ago
In my view, cryptocurrency is the only real use case for blockchain tech. It's an incredibly important use case though. It's a great store of value.
Because of its scarcity, a cryptocurrency soaks up surplus currency created by banks and prevents it from being wasted on creating less-than-useless startups and jobs which harm society. It also stops surplus currency from being soaked up by corporate monopolies that are eroding our personal freedoms and society.
Also, PoS and DPoS cryptocurrencies consume very little electricity and don't require specialized hardware so they store value very efficiently.
- Proven 6y ago> Because of its scarcity, a cryptocurrency soaks up surplus currency created by banks and prevents it from being wasted on creating less-than-useless startups and jobs which harm society. Cryptocurency and blockchain have soaked up and wasted billions of dollars without harming the society - only some investors were harmed. Very effective harm reduction! > Also, PoS and DPoS cryptocurrencies consume very little electricity and don't require specialized hardware so they store value very efficiently. People don't keep their savings in fiat because it's efficient, but because they more or less have to.
- smt88 6y ago> Because of its scarcity, a cryptocurrency soaks up surplus currency created by banks and prevents it from being wasted on creating less-than-useless startups and jobs which harm society. It also stops surplus currency from being soaked up by corporate monopolies that are eroding our personal freedoms and society. I've read this several times and can't make sense of it. Can you explain what "surplus currency" means and what "soaks up" means in economic terms?
- whytaka 6y agoMy read is that it's a critique against low interest rates and quantitive easing making cheap (thus unvalued/excessive - a surplus) money abundantly available to corporations and people already with money, but mostly out of hands of every day people. If everyday people however had faith in a cryptocurrency, they could ride up the asset inflation bubble with the moneyed class - thus negating the effects of wealth destruction present in this implied case of class warfare (waged by the moneyed class).
- anm89 6y agoExcess liquidity from lets say excessive monetary policy is going to makes its way into other asset classes.