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What's comical is when people assume that upending established financial systems, such as centuries-old fiat currencies and banks, should be a walk in the park.
by olalonde 3y ago
What's comical is when people assume that upending established financial systems, such as centuries-old fiat currencies and banks, should be a walk in the park. Such transformation doesn't merely involve introducing a disruptive technology, but necessitates overcoming many legal and societal challenges.
If you'd have told anyone in 2009 that an open source decentralized currency would eventually become a trillion dollar market, or that it would be recognized as legal tender in some countries, no one would have believed you. Yet here we are with people complaining about how it hasn't yet obsoleted the US dollar.
- graypegg 3y agoTotally fair, it’s obviously a bit of a “no true scotsman” argument for me to move the goals posts to “crypto is only a success if it replaces X”. However if im making bets for my own projects, with my own money, I’m not seeing the incentives for the sort of massive change to actually happen. Love it or hate it, you can’t just burn down the world and start over, so something has to be aligned with the gate keepers to make this work. I don’t think it is. Without adoption it’s ceases to be valuable to those outside the magic circle, which means it’s not worth adopting.