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> My point is (other than getting fined by the SEC for unlawfully promoting crypto scams) when will the crypto ecosystem deliver something of value/utility to t
by ephbit 4y ago
> My point is (other than getting fined by the SEC for unlawfully promoting crypto scams) when will the crypto ecosystem deliver something of value/utility to the masses - from Kim K to your grandmother?
> On the flip side, what benefits does crypto actually offer?
> For most of the benefits I hear of crypto (like what you've mentioned) my response is "No one cares about any of that". On the contrary ...
Right now admittedly, the benefits of Bitcoin are relatively hypothetical.
I think the chance that in a few decades (say 20-30 years) Bitcoin will have turned out to have been a system/technology that will have assisted the world's financial system with converging to principles that'll have brought with them significantly more stability in this financial system and following from this more stability of society .. this chance is greater than zero.
I'd argue that one key problem of the world's current financial system is its (in my opinion) inherent dependency on economic growth. As most people will agree, economic growth has been a good thing for centuries, but humanity has reached a level of (ab)use of natural resources that far outstrips the capacity of ecosystems to recover.
Many people would be content with less material goods but for the sake of economic "stability" (and also because voters like presents) governments decide to hop from one growth stimulus package to the next, subsidizing consumption and thus nudging people to buy new stuff instead of maintaining/repairing existing stuff and incentivizing companies to churn out one new variant of an existing product that's often only minimally better and sometimes even worse than the previous one after the other.
Jobs/unemployment is _the_ justification for the never ending growth/stimulus policy that almost no voter will argue against, which is why politics isn't really able to solve this.
From this follows the key solution: for the sake of our ecosphere, the (IMO) inherent dependency on economic growth has to be done away with. Fiat currencies (through the expansive monetary policies they enable) are the basis for the growth dynamic and Bitcoin is a system that enables opting out of it.
You might say: now that's one vague kind of benefit.
Agree, it's vague. But the possibility that Bitcoin can help solve one of humanity's fundamental and existential problems _because_ unlike politicians it cannot easily be corrupted by big money is IMO enough hypothetical benefit to justify its adoption and use.