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I don't think it was visionary. Ever since, blockchain has struggled to find a real-world use case. We know how blockchain works, the concept is thousands of ye
by martamorena943 6y ago
I don't think it was visionary. Ever since, blockchain has struggled to find a real-world use case. We know how blockchain works, the concept is thousands of years old. This problem existed in the past (coordinating in an environment where no one trusts anyone). However if this was a real problem in the real world, companies would have built blockchains long ago.
This is rather survivor bias. Apparently blockchain found some straws to hold on to. It could have been one of those millions go-nowhere projects just as likely.
I think there are legit use cases for it, but ultimately, we are still far from mass adoption and without the crazy monetary gains, I don't even believe anyone would talk about blockchain these days. Technology wise, it's not a strong value proposition. We can do pretty much everything without blockchain. Yeah there are some cases where trustlessness helps, but once this problem would become serious enough, it's not hard to build blockchain technology. It basically follows directly from basic principles defined by the problem. And the fact that everyone "thinks blockchain is new", already proves that the problem actually doesn't really exist.
- herbst 6y agoI hold, transfer and pay with crypto a lot. To save a lot of fees, have additional security and because it is simply comfortable and fast. Smart contracts allow that i can swap any currency to any other withoit kyc or even registering. I can move USD from ETH to Tron and so on within seconds for a low fee. Cashing out to IRL money is simpler and faster than even paypal or paysafe for example. Even if the crypto market is unstable, the last years it generally went up while holding USD or EUR basically was a loss game valued against ex. CHF. I personally cant imagine a world without blockchains anymore.
- fock 6y agodo you mind telling me, how you cash out USD without giving anyone your name :)?
- willis936 6y agoIRS has entered the chat. Also, transaction fees seem pretty high. Maybe I’ve just been spoiled by cheap insecure transactions.
- herbst 6y agoTransaction fees for sums above lets say $500 are way cheaper than most banking fees especially assuming different currencies. Even more when we compare to western union or even paypal Let me give you a real world example. You buy something for $10. Then ethereums $5 fee sounds crazy compared to 3% or so for creditcard or paypal. However transfer $1000 and those 5$ suddenly sound a lot better than the 30$ the creditcard or paypal charges.
- deleted 6y ago[deleted]
- herbst 6y agoAhh what i ment is using tether or usdb instead of usd. Which is instant and decentralized and widely accepted crypto bound to the usd value. It just saves you from up and downs, its still crypto
- fock 6y agoWell, so you are still trading with people believing in the value of these systems (which are <95% of businesses), which is a very specific distinction to cashing out money with which you can pay e.g. your taxes.
- herbst 6y agoCashing out is no issue either, just not without a name. However even that exists trough localbitcoins.