Comment on Please bro

• jaennaet@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

  Riiight, and how much of that is due to things being in actual “real-world” use, and how much of that is due to speculation?

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  • Knock_Knock_Lemmy_In@lemmy.world ⁨1⁩ ⁨year⁩ ago

    Oh yes. A huge amount of speculation. Just like NVDA.

    My point is that you can say a lot of negative things about crypto, but you can’t say it doesn’t work. It definitely works.

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    • MadBigote@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Works, as in what exactly?

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      • Knock_Knock_Lemmy_In@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Works as a publicly shared, immutable, secure database (and small calculation) engine.

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    • merc@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

      It doesn’t work as a currency. It “works” as a speculative investment in that the bubble hasn’t yet popped.

      But, what if the bubble doesn’t actually pop, and the prices remain at the current levels, more or less, for another couple of decades. If that happens, will cryptocurrencies be seen to “work”?

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      • Knock_Knock_Lemmy_In@lemmy.world ⁨1⁩ ⁨year⁩ ago

        I think i made a mistake by using the market cap as evidence that it works, because this just shows people believe it is valuable. Not that it works.

        What I mean is that the technology is mature and adopted by a large number of independent users. However, it doesn’t yet have mass adoption because the user experience is not yet seamlessly integrated into legacy systems.

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• Mika@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

  I own crypto because I believe in idea of decentralised money, but I acknowledge that current solutions are just all bad in one way or another. If fiat disappeared tomorrow and everyone would be forced to use crypto daily, it would be a shitshow.

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  • Knock_Knock_Lemmy_In@lemmy.world ⁨1⁩ ⁨year⁩ ago

    From an end UI perspective, certainly.

    But if SWIFT was suddenly replaced by a blockchain technology then the world wouldn’t even blink.

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    • Mika@sopuli.xyz ⁨1⁩ ⁨year⁩ ago

      You kidding? How many transactions per second bitcoin blockchain can do?

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      • Knock_Knock_Lemmy_In@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Lightning can, in theory, do one million transactions per second. But Bitcoin networks aren’t really a drop in replacement for Swift.

        Banks like J.P. Morgan prefer chains like Canton that are privacy enabled and have no upper limit on transaction.

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