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Bitcoin is going to be 15 years old soon and aside from this original usage, no real usage has really taken off for "blockchain" technologies (and no, I am not
by maeln 3y ago
Bitcoin is going to be 15 years old soon and aside from this original usage, no real usage has really taken off for "blockchain" technologies (and no, I am not counting the occasional pump and dump / virtual scarcity scheme as a real usage of the tech). We really have to stop asking this question. And I say this having had some involvement with some web3 projects/company.
Even if it is theoretically possible, it create a huge barrier for entry, a lot of user friction, issue with governance and distribution of power, exploit, etc. And it is extremely hard to put in place for something that can be replaced by a generic phpBB forum in an afternoon. It is like trying to make a ICBM to kill a fly.
- latchkey 3y ago> no real usage has really taken off for "blockchain" technologies (and no, I am not counting the occasional pump and dump / virtual scarcity scheme as a real usage of the tech) In the Bitcoin world, Ordinals have started to make waves as they are a creative use of unintended consequences. This will likely spur other innovations. In the EVM world, DeFi is still used all the time. It lost a lot of steam from the last bull run, but trading, be your own bank, interest arbitrage, options, perps, all of that is still going on quite a bit. New sites are popping up all the time. LybraFinance LUSD/eUSD is one of the more recent ones.
- gobip 3y agoWow. DeFi? Be your own bank? Ordinals? No dear, we are here to hate and give our opinion on something we don't understand!
- whimsicalism 3y agoThere are plenty of real uses for cryptocurrency that exist in the real world, but most of it is boring stuff: people holding their assets in stablecoins in countries that have capital controls.
- Valgrim 3y agoThis is an example of a real, yet illegal use of cryptocurrency (in the sense that it is used to circumvent the local laws). Also said cryptocurrency has to remain hidden like a treasure in a chest inside a secret cave, or it can be seized, and if the owner does not comply with the seizure, he can be jailed.
- whimsicalism 3y agoYes, illegal with respect to the laws of the country, but there are many countries where most economic activity is underground/casual, not tracked by the state/outside of capital controls, and crypto is absolutely muscling into those spaces because it allows for complex financial infrastructure & also much better security compared to holding it.
- palata 3y agoCryptocurrency is the only actual use-case for blockchain, all the rest can be done better with other technology. And cryptocurrency is usually used for illegal stuff, so it is not necessarily desirable.
- latchkey 3y ago> Cryptocurrency is the only actual use-case for blockchain, all the rest can be done better with other technology. How I can take out a collateralized loan, anywhere in the world, without having to ask for approval?
- lottin 3y agoWhat is a use-case for a "collateralized loan"? Can you finance anything with it?
- whimsicalism 3y agoOn the 'person supplying crypto for stablecoin' side, my opinion is it is not very useful. It allows you to keep crypto exposure while taking your cash out so you can make leveraged bets on crypto going up. On the person 'supplying trust & owned property and getting a stablecoin loan', the other side of some Dai loans, there is real value being created there as they can use cheaper credit to invest in their business. Most of the value goes to people in places like Argentina & Nigeria facing massive inflation who are now able to hold an asset that is backed to the dollar and overcollaterized by crypto, western bonds, & real properties held in the West, which is a better option than pretty much anything they can get in their home country.