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A lot of people seem to have an outdated concept of what crypto is and what advantages it offers. For the record my stance is "some of this will probably stick
by Eji1700 4y ago
A lot of people seem to have an outdated concept of what crypto is and what advantages it offers.
For the record my stance is "some of this will probably stick around, but most of it is junk".
There's stuff like bitcoin, which is basically a digital asset.
There's stuff like monero, which is basically a digital asset that's very hard/impossible to track. So anything blackmarket/anti governmental.
There's stuff like USDC (stablecoins), which is literally supposed to be pegged to the US Dollar, and "supposedly" backed to some % (depends on the coin. Tether is an infamous nightmare waiting to happen to most people in and out of the scene). The main use being that it's VERY cheap and easy to move stable coins(not just for crypto trading but say if you want to send someone money), and you can get great interest rates on them by staking (6-8% compared to the average savings account of "fuck you for asking").
And then there's basically everything etherium spawned with smart contracts, which is just a token that can execute actions based on programmatic conditions.
None of that is "new" so to speak. Any code/database can already do something like that, but the quasi decentralized nature mixed with certain features does open some theoretically interesting opportunities.
It gets complicated from there and EVERYTHING above is filled with caveats and issues and other problems, but it certainly seems to have stuck around for quite some time, and had quite a lot of legit business use, for a "scam". There is 0 doubt that something like 90% of the coins out there are scams, and of the remaining 10% probably 99% of those will fail for some reason or the other, and of that remaining % a LOT of this will probably wind up abstracted waaaaaaaaay out like IP addresses are for the modern user, but yeah there's probably something there.