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Except bitcoin had no practical value. I think only the most jaded think AI has no practical value. Most lucid observers recognize there’s immediate value and t
by fnordpiglet 2y ago
Except bitcoin had no practical value. I think only the most jaded think AI has no practical value. Most lucid observers recognize there’s immediate value and the future is either “a lot of value” or “mind boggling amounts of value,” or some middle ground. Most lucid observers of crypto realize its primary value is in sanctions evasion, money laundering, and other illegal transactions. Not saying no one finds practical value in that but it’s not broadly useful to society.
- EGreg 2y agoA trillion dollars of market participants disagree with you, now including institutions and banks I happen to agree that Bitcoin has very dubious utility, but I suppose it has nailed the "store of value" use case, whereby you can send it anywhere without any friction, and also if you need to, say, escape the country during war or a natural disaster, it's much easier to remember 12 words than try to sneak gold through customs, while the cash you store in your house might be underwater. Bitcoin for many institutions is a digital commodity to diversify for tail risk etc.
- HWR_14 2y agoFinancial institutions will make money by intermediating anything that has a market. Meanwhile, escaping with assets during a war and evading customs is a an example of "sanctions evasion, money laundering, and other illegal transactions"
- bitfilped 2y agoAI has a similar amount of value as bitcoin in its current form too. Guess I'm just jaded, but AI is broadly an arms race to nowhere and unlike bitcoin there is no value provided from past energy expenditure, the older models become useless after newer ones are published. This cycle will continue until money stops pouring into the market sector, we won't reach a true AGI in this cycle like some suggest, this is all purely fueled by hype.