this post was submitted on 02 Sep 2024
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Can you see how “there’s not a better solution” isn’t addressing the problem that crypto is fundamentally a scam?
Also, you can’t pay your rent with crypto either….
EDIT: if you want crypto to pass my sniff test, you have to explain where value comes from.
Fiat currency is valuable because I can pay my taxes with it. (This is really the only reason it has value).
So what underpins crypto value beyond “it’s the future”
I mean, I don’t need to do anything. As you implied, it’s similar to any currency. If no one holds it or accepts it, it doesn’t have value. The only reason the US dollar has any value is the military force behind it.
Thankfully, crypto is able to offer something back in exchange for leveraging the greater fool fallacy as a system of security. It actually DOES something that will be valuable to society someday (and let’s be real that day is not today since not one DApp has really gone mainstream..but when they do, you might not even know it).
It serves as a world computer that cannot be censored, stopped, or bent to the will of any one nation or world power and all people need to do is buy into that greater fool fallacy to sustain that illusion. It’s strange and I get your point. But luckily I don’t need to convince you. There are already enough fools greater than I to sustain this thing ad infinitum.
For example, how long do you think people are going to keep paying Fanduel and Draftkings their undeserving cut when a crypto-based alternative that is equal or even superior in every way pops up? It’s only a matter of time. In that particular case: The only technology preventing it right now is an oracle that feeds the data from sports to a smart contract. This technology is in its infancy.
You have, perhaps, developed too strong an opinion too soon and will need time when it does pop up in mainstream use around you.