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merc@sh.itjust.works 1 week agoIt 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 1 week 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.
merc@sh.itjust.works 1 week ago
That doesn’t mean it isn’t a speculative bubble.
Or it doesn’t have mass adoption for the same reason that legacy systems don’t accept payment in tulip bulbs.
Knock_Knock_Lemmy_In@lemmy.world 1 week ago
If you are hung up on value, let’s just consider stablecoins.
The price of a particular token has nothing to with how blockchain works. It works.
merc@sh.itjust.works 1 week ago
Stablecoins? The best that you can hope for is that they keep their promise not to crash. And sometimes they do crash and people lose all their value. They’re like having cash, but much, much worse.
Blockchain is just an incredibly inefficient distributed database. Of course the price of a token has nothing to do with an incredibly inefficient distributed database. So what?