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That’s not a problem, that’s a solution to a proposed problem that might not even be a problem.

gunapologist99 4y ago
Obviously a sufficiently large number of people do view currencies that are controlled by a single centralized entity as a problem; whether current cryptocurrencies are a solution to that problem is a different debate.
- unsupp0rted 4y ago
  > Obviously a sufficiently large number of people do view currencies that are controlled by a single centralized entity as a problem Do they? If there were no magic 10x, 100x, and 1000x returns in crypto and it only solved the centralization problem, would even 1 out of 100 current crypto proponents still care about it?
  - Kinrany 4y ago
    1 out of 100 is a lot of people.
    - sumeno 4y ago
      And likely way more than would be involved in cryptocurrency if it wasn't a speculative asset
  - LanternLight83 4y ago
    If those lower returns were coupled with lower volatility, I think we'd see more people utilizing crypto, for specific use cases: a. Instant, negligible-fee ledgers within social cohorts (eg. Algo, Nano, vs Paypal, Zello [a bit of that "anti-corporation" philosophy doesn't hurt here]). b. Privacy-coins, which also happen to have low fees but are too slow or haven't developed the UX to play that quick social role, so they attract an alternative audience through privacy ideals (eg. Monero). c. For donations, with the same trade-off between ease of use and privacy depending on the involved parties' preferences. I'd argue it's the risk of volatility which both drives high returns and suppresses these uses, so a stabilization of market prices would eventually see growth in these use-cases as their potential audience puts proportionally less weight on the risk-factor. One might not see 1 out of 100 current investors remain, but do think that these audiences could grow to equal or surpass such a small segment of the current interest.
  - olalonde 4y ago
    They used to be close to 100% of the Bitcoin community. It's probably a lower percentage today as it has gained more mainstream adoption. But why does the exact number matter?
    - Mertax 4y ago
      Probably because it matters what the majority of adopters believe the purpose is. Right now the belief of most bitcoin/crypto adopters is that it’s a way to get rich quick Like most macroeconomic forces, it matters more what the majority believe to be true than what the vision is for something, whether it’s true or not.
  - mercenario 4y ago
    How can you ask that when we are seeing record inflation around the world? Are you really asking if people would prefer a currency that doesn't lose 90+% of its purchasing power over the years?

Obviously a sufficiently large number of people do view currencies that are controlled by a single centralized entity as a problem; whether current cryptocurrencies are a solution to that problem is a different debate.

unsupp0rted 4y ago
> Obviously a sufficiently large number of people do view currencies that are controlled by a single centralized entity as a problem Do they? If there were no magic 10x, 100x, and 1000x returns in crypto and it only solved the centralization problem, would even 1 out of 100 current crypto proponents still care about it?
- Kinrany 4y ago
  1 out of 100 is a lot of people.
  - sumeno 4y ago
    And likely way more than would be involved in cryptocurrency if it wasn't a speculative asset
- LanternLight83 4y ago
  If those lower returns were coupled with lower volatility, I think we'd see more people utilizing crypto, for specific use cases: a. Instant, negligible-fee ledgers within social cohorts (eg. Algo, Nano, vs Paypal, Zello [a bit of that "anti-corporation" philosophy doesn't hurt here]). b. Privacy-coins, which also happen to have low fees but are too slow or haven't developed the UX to play that quick social role, so they attract an alternative audience through privacy ideals (eg. Monero). c. For donations, with the same trade-off between ease of use and privacy depending on the involved parties' preferences. I'd argue it's the risk of volatility which both drives high returns and suppresses these uses, so a stabilization of market prices would eventually see growth in these use-cases as their potential audience puts proportionally less weight on the risk-factor. One might not see 1 out of 100 current investors remain, but do think that these audiences could grow to equal or surpass such a small segment of the current interest.
- olalonde 4y ago
  They used to be close to 100% of the Bitcoin community. It's probably a lower percentage today as it has gained more mainstream adoption. But why does the exact number matter?
  - Mertax 4y ago
    Probably because it matters what the majority of adopters believe the purpose is. Right now the belief of most bitcoin/crypto adopters is that it’s a way to get rich quick Like most macroeconomic forces, it matters more what the majority believe to be true than what the vision is for something, whether it’s true or not.
- mercenario 4y ago
  How can you ask that when we are seeing record inflation around the world? Are you really asking if people would prefer a currency that doesn't lose 90+% of its purchasing power over the years?