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 11 months agocrypto was the previous shiny new toy until it dint work
The market cap of crypto is currently at all time highs.
Mika@sopuli.xyz 11 months ago
Knock_Knock_Lemmy_In@lemmy.world 11 months ago
From an end UI perspective, certainly.
But if SWIFT was suddenly replaced by a blockchain technology then the world wouldn’t even blink.
Mika@sopuli.xyz 11 months ago
You kidding? How many transactions per second bitcoin blockchain can do?
Knock_Knock_Lemmy_In@lemmy.world 11 months 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.
jaennaet@sopuli.xyz 11 months 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?
Knock_Knock_Lemmy_In@lemmy.world 11 months 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.
MadBigote@lemmy.world 11 months ago
Works, as in what exactly?
Knock_Knock_Lemmy_In@lemmy.world 11 months ago
Works as a publicly shared, immutable, secure database (and small calculation) engine.
merc@sh.itjust.works 11 months 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”?
Knock_Knock_Lemmy_In@lemmy.world 11 months 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.