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If the value of a cryptocurrency is dependent on the community of the faithful, it's possible to "start the engines of faith", and keep it going for a long time
by pradn 6y ago
If the value of a cryptocurrency is dependent on the community of the faithful, it's possible to "start the engines of faith", and keep it going for a long time. Fine art has been a large component of generational wealth in the West for the past six centuries. Of course, art has value as aesthetic objects; the same can be said for the potential use of cryptocurrency, however nebulous it may be. Religions, too, demand faith and, once they get started, often have staying power on the order of centuries.
- chki 6y agoThat's a good point, also described in the book Sapiens by Harari: In a way Religion, currency and contract law (and many other things) are all "made up". They have institutions (priests, central banks, lawyers) with magic words (amen, price stability, due diligence) and a certain combination of magic words creates a new reality out of thin air. Think about how weird it is to "sign" an important contract and thereby changing you own future or the future of your company irrevocably. While I'm definitely not a fan of crypto currency and wouldn't seriously consider investing a single Euro into this mess, it's certainly misguided to simply laugh at it being "not real", because a lot of important things are. Obviously the gp makes some other important points.
- staplers 6y agoYou've made the first step towards the deep dive of realizing cryptocurrency is a world changer. Good luck!