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> "the crypto ecosystem looks more like 2000 than the current software market because most of the software companies today worth billions generate hundreds of m
by astoor 5y ago
> "the crypto ecosystem looks more like 2000 than the current software market because most of the software companies today worth billions generate hundreds of millions of revenue"
The big difference between the dot-com bubble and the current cryptocurrency bubble is that there were lots of useful dot-coms which didn't make a profit while there are lots of profitable cryptocurrencies which aren't useful. That's because dot-coms put the use case first while cryptocurrency puts the monetisation first, leading to the monetisation of nothing and removing the incentive to actually build anything (whether useful or not). It remains to be seen whether any useful legitimate practical uses will come out of the cryptocurrency space, but it isn't looking promising after 13 years, while after that length of time the dot-com bubble had been and gone and recovered and led to mass adoption of lots of useful things we all use on a daily basis.
- dave_sullivan 5y agoOn the point of "useful legitimate practical use", I can send or receive money cheaply and easily anywhere in the world without any type of account or identity verification. That's pretty cool. Agree on the rest. It's overinvested.
- dghlsakjg 5y agoIn all seriousness: I looked into moving money from Canada to the US. It seemed like between gas fees and exchange buy/sell spreads that I was looking at an effective cost of 5-10% at a minimum, higher if I wanted to avoid KYC rules by transacting off the exchanges. And that is ignoring any volatility. That’s about double or triple what I would pay using a traditional bank. Can anyone point to a practical way of moving money?
- dave_sullivan 5y agoHave you heard of Transferwise? Would solve your issue. Separately, if I send you some Bitcoin right now, the fees will be tiny, not sure how you're getting to 5-10%. Volatility is a real concern and you can easily move 5-10% because of that. ETH is a different story.
- birdyrooster 5y agoPayPal? It’s free and instant and has been for decades.
- dghlsakjg 5y agoHaha. I meant in the context of international transfers between countries with different currencies which is one of the cited "success stories" for crypto. My research is that it is actually a pretty bad way for me to spend my money across boarders. I haven't seen a practical, affordable, way to transfer money via crypto that is better in any way than retail banking. I suspect that outside of Iran and Venezuela, crypto is pretty useless as an international commerce device.