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> I think the fundamental and radical idea of cryptocurrency is that this is not true. Not to sound nitpicky but an idea cant dis-/proof anything. Trust is th
by throwawayqqq11 3y ago
> I think the fundamental and radical idea of cryptocurrency is that this is not true.
Not to sound nitpicky but an idea cant dis-/proof anything.
Trust is the only foundation of cryptocurrencies, and your argument is a good example of biased reasoning to coat it with such (i guess you still hodl). The volatility of cryptocurrencies will be their downfall aka. loss of trust in the long term because people already have the expectation of rising value, whereas a stable currency would require a roughly 1:1 exchange, which would make it hot garbage for pretty much all the hypsters. They value hodling and not circulation, which is the primary use case of a currency.
My argument is a systemic one. I am not pointing to graphs or big players.
- idiotsecant 3y agoThere is quite a lot of crypto that holds a very consistent value in a trustless, permission-less way and that people (including myself) use as a stable store of value. I suppose you might not be aware of them but it doesn't mean they don't exist. I'm not sure that volatility in layer 1 is a bad thing. You don't buy, for example, Ethereum expecting that it will be worth that same number of us dollars today that it is tomorrow. You buy it to use as computing resource on the ethereum network. If you want something that is stable against the US dollar (which itself pretty wildly volotile lately, thanks to the many Cheeto fingerprints of central bank currency manipulation) you might onstead buy DAI which you can be confident will be worth the number of US dollars you paid for it tomorrow. The ecosystem is maturing and there are valid, elegantly engineered solutions in the crypto space. Don't let the scams and speculation make you ignorant to the real work talented people are doing.