4 ms·
You will not get a satisfactory answer. Cryptocurrencies will only make sense in cataclysmic scenarios or for very niche use cases. Trust systems (of which mon
by arcturus17 6y ago
You will not get a satisfactory answer.
Cryptocurrencies will only make sense in cataclysmic scenarios or for very niche use cases. Trust systems (of which money is one) work well (some times very well) 99.99% of the time.
It’s certainly been useful to some people for gambling - but that use case could’ve been satisfied with a video game, or a physical casino.
- earthtolazlo 6y agoI guess it depends on what you mean by cataclysmic scenarios. I can’t imagine many cataclysmic scenarios with working electricity and internet, to say nothing of mass-produced phones/personal computers.
- arcturus17 6y agoI was thinking more in terms of a political or economic event where trust systems collapse but technology remains working.
- odopodo 6y agoOnly in cataclysmic scenarios? I'm sorry to inform you, but in such scenarios most probably cryptos won't work either, as they all depend on proper working of the internet. It doesn't even need to be a Madmax situation: just imagine a war between the US and China, with one of the involved causing an prolonged interruption in the communications between the two countries, as they have significant numbers of nodes/miners in most blockchains. I'm afraid blockchains actually depend on the normal functioning of society with all its governmental structures in more ways than most crypto enthusiasts are ready to admit.
- Sargos 6y agoThe US and Canada could block each other and it wouldn't affect Ethereum at all. Everyone in the world including those two countries could still use it.
- arcturus17 6y agoYea my wording might not have been on point. I was thinking of an economic or political collapse where technology otherwise remains more or less intact. Anyway, we agree that it’s a niche scenario.