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Gaming does something i.e. entertain. Crypto does nothing. Or you could argue, it 'entertains'. But in a way that is unnecessary (it's a distraction, not enter
by jollybean 4y ago
Gaming does something i.e. entertain.
Crypto does nothing. Or you could argue, it 'entertains'. But in a way that is unnecessary (it's a distraction, not entertainment), and in a manner that creates unnecessary energy costs (PoW vs PoS).
- seydor 4y agopeople pay for nothing?
- polygamous_bat 4y agoYes, although more concretely put, people pay for nothing of value. See [1] [2] for some more historical occurrences. [1] https://en.m.wikipedia.org/wiki/Tulip_mania https://en.m.wikipedia.org/wiki/Tulip_mania [2] https://en.m.wikipedia.org/wiki/Beanie_Babies https://en.m.wikipedia.org/wiki/Beanie_Babies Before you get all worked up about "crypto is better than tulips!", I'm primarily responding to your question by saying that _just because_ people are willing to pay (sometimes exorbitant amounts) for something doesn't imply it has that value.
- CTDOCodebases 4y agoPeople will pay for something that they value but others do not. I prefer to think of value as a function of rarity and utility. I'll skip over rarity but utility can include the possibility of selling something for more than it was purchased at some time in the future. If someone pays an exorbitant amount for something it has that value to them at the time of purchasing. Whether that value is reflected in the market price or persists over time is something else though. Value is not static. Value is dynamic. You can observe this both personally and in the markets.
- dreen 4y agoNah, it's just gambling but with a veneer of investing.
- santiagobasulto 4y agoYou definitively live in the first world. As a person that lived in a third-world, dictator infested country for 3 decades, I can tell you, OWNING your own money is LIFE CHANGING. I prefer not to have games, or netflix, or anything, but have financial certainty. For you guys money is a done deal. For a HUGE part of the world, something as basic as money (or even water) is not. Try to be a little bit more empathic.
- jollybean 4y agoCrypto is the 'least good' solution for people in regimes with crap currency. There are at least a dozen 'very solid' currencies that people anywhere should be able to transact in, notably the USD. All of which you 'own'. If there are helpful things they can do, 'digital' currencies, especially USD, (one that is not mess) would be imminently useful. If you thought the 'petro dollar' was a big thing wait until the 'digital dollar' and entire economies de facto switch to USD.
- nix23 4y agoIn Zimbabwe it's illegal to use US-dollars, and some others maybe too.
- santiagobasulto 4y agoMy friend, you keep showing your “ignorance” and lack of empathy. Or course that I’d prefer to use USD. But we CAN NOT! It’s literally ilegal. Your comment is like telling someone poor “just go to work”, or telling people dying of hunger: “you don’t need to die of hunger, you can eat!”.
- CTDOCodebases 4y agoThe people in Lebanon, Turkey, Venezuela holding USDT on Tron would hard disagree with your statement. There are capital controls in place in these countries that make holding foreign currency simultaneously difficult and illegal. This is why I believe a US CBDC and CBDC wars are highly likely. A CBDC allows nations to control those nations that use their currency and the increasing it’s use allows the issuing nation to debase the currency to their advantage. The only problem is distribution of technology but this is only a matter of time.
- killerstorm 4y agoIt's unnecessary to you - a person living in a developed country with democracy and stable banks. It might work as a backup option to people who are less lucky. That's the majority of the world. Whether it's a good option depends on a situation. In any case, it's not for you to judge if it's necessary or not.
- everfree 4y agoPlease don't try to tell me what's entertaining to me and what isn't.