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> But the math and incentives are there. Cui bono as they say. Crypto won't fail because of the group that is driving most of the demand. It's a small group of
by mempko 5y ago
> But the math and incentives are there.
Cui bono as they say. Crypto won't fail because of the group that is driving most of the demand. It's a small group of people with lots of money. If it was a big group of people with little money, you could make the case that cryptocurrencies will fail. It's success has little to do with the math and quality of the technology.
- paulgb 5y agoYou could have said the same thing about the ~2017 ICO bubble, which had a bunch of smart money VC involvement. As far as I can tell, the big VCs did just fine, because they liquidated enough of their tokens on the little guy before the market crashed.
- mempko 5y agoExactly. Unfortunately the little guys don't decide the winners and losers so they suffer as they must. You saw it in the end of the 90s with the tech bubble, and in the 1980s with personal computing. I doubt anyone would agree the best technology won during any of those periods. I mean, would anyone consider Windows, for example, the pinnacle of OS tech? Or even today, bitcoin and ethereum the pinnacle of blockchain tech? When a small group drives most of the investment and decision making, you end up with a lot of collateral damage. It's actually sad since there are likely really technically great blockchain systems out there that will just die in the wind, and it will have nothing to do with the system's quality.
- lottin 5y agoIt doesn't matter, it revolves around a bizarre ideology that doesn't and can't work in theory or in practice. I suggest everybody look up the story about the cruise ship Satoshi to get a glimpse of how deluded these people are.
- mempko 5y agoOh my! https://www.theguardian.com/news/2021/sep/07/disastrous-voyage-satoshi-cryptocurrency-cruise-ship-seassteading https://www.theguardian.com/news/2021/sep/07/disastrous-voya...