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> It still seems entirely possible that in a few decades crypto as a whole will be more respectable than the US dollar. The US have been a reliable custodian on
by boppo1 4y ago
> It still seems entirely possible that in a few decades crypto as a whole will be more respectable than the US dollar. The US have been a reliable custodian only by comparison to other governments and there are obvious advantages to crypto vs currency backed by guns and printing presses.
Can you elaborate? I'm mostly pro-crypto, but it feels like it's really begun to stagnate since early '21.
Also, How will proof of stake not lead to big incumbent actors that control everything, like the US bulge bracket?
- roenxi 4y ago> Can you elaborate? I'm mostly pro-crypto, but it feels like it's really begun to stagnate since early '21. My guess is the whole thing is going to collapse in a flaming implosion, leaving broken and dismembered financial entities in its wake. Then it'll rebuild. The cycle will happen 2-3x more times, building up some evidence for what value propositions crypto has and then the show can go properly mainstream. Something like the early internet. People got very overexcited, things fell apart, then a bit later the likes of Amazon turn up and start using it for serious projects. > Also, How will proof of stake not lead to big incumbent actors that control everything, like the US bulge bracket? No idea. Nor much care. If it is worst than the US fiat system then nobody will use it, if better then good.
- chrischen 4y agoIn proof of stake even if it’s a lop sided power distribution they have an incentive to govern the crypto in a way that maintains its value. And that’s really the goal of any decentralization rather than some form of communism or egalitarian distribution of wealth/power. Crypto cannot solve the inherent income inequality in society—it’ll just mirror it eventually.