4 ms·
Overwrought marketing language and idealism are definitely problems, but there's something significant to there now being a chance to create a new financial sys
by tern 4y ago
Overwrought marketing language and idealism are definitely problems, but there's something significant to there now being a chance to create a new financial system, or meaningfully impact the current one.
Specifically, there is energy and capital available, whereas previously it would have been impossible to work on this seriously absent a collapse or crisis in the current system.
As for whether the technological changes imply net neutral outcomes, that seems hard to qualify.
- only_human 4y agoBitcoins and blockchains aren't giving anyone a chance to create a new financial system. It's the same system. Ever notice how the goal of every prominent crypto company is to just accumulate real hard dollars, not crypto? You still can't meaningfully buy anything legal with crypto without exchanging it for dollars first. There's no reason for this ever to change either. Bitcoin was never even intended to be anything beyond a payment system, that idea that it was going to be "a new form of money" was pushed later by people who didn't understand the system but were attracted to it for ideological reasons. It was pretty obvious by the early 2010s that it was going to fail as a payment system, so a host of new narratives were created and people just ran with it despite none of them making any sense.