How is this any different from the "web tech" space at large? Where investors will push towards "data-hoarding", privacy-invasion, dark patterns and/or addictiveness or other psychological "abuse", more often than not?
I suggested everyone buy it when it was under $500, I said invest with caution up to $1000. Now I can't in good faith suggest to people that they buy it. And I am fortunate, everyone who did buy it on my suggestion made plenty of money.. probably because they had me in their ear saying "don't sell it" when they hit their first bitcoin drop. I get messages often thanking me for introducing them to cryptocurrency. However I and sure that there are many who didn't buy it and now regret it. Same as there are others who bought it, sold at a loss and regret it. It has been repeated as Infinitum, only invest what you can afford to lose and that is most definitely still the case. Bitcoin can still go to zero (or close enough not to matter) but It could also go to $100,000, and right now latter is more likely, but I feel as the price goes up so does the chance it goes to zero.
Buy/hodl has converted the concept for electronic currency, if there really ever was one, into a money making endeavor based on your current wealth and ability to risk a loss. That’s the antithesis of democratization, or 1 person 1 vote, but a I was here first so that makes me king now get on your knees and grovel at my supremacy.
The only real way to look at Bitcoin is as if there is an AI operating in the background with the sole intent of taking “investors” money through constant cycles of FOMO pump and dumps. It’s a stock without any assets or profits backing its value, at any point the shareholders could just start a new company and nothing would be lost by abandoning Bitcoin, because it’s just a shell company with nothing inside.
Not a crypto hater. I even invest for fun and because you cannot deny the opportunity to make money rn. But don't expect people to ride the train blindly. I do think that crypto isn't going anywhere. But the current valuation of these coins is just absurd rn.
What's utility to you? Is buying a in-game COD skin utility? Or how about roblox bucks? How about the trillion dollar derivatives market?
All those things easily disrupted by DeFi.
COD skins and Roblox bucks can only be produced and sold by one company, so I don't see why you would need a decentralized protocol for them. CS:GO doesn't use DeFi, and apparently the market was active enough to be used almost entirely for money laundering.
For other financial markets, I can definitely see more of a case to be made, but it remains to be seen whether that will actually take off. From what I've seen, the crypto markets right now are primarily dealing in crypto, as I said.
The use cases for CRYPTO and NFT are extremely small.
Its a solution that's been looking for a problem for over 10 years.
>Is buying a in-game COD skin utility? Or how about roblox bucks? How about the trillion dollar derivatives market?
No.
Maybe there are some forward thinking people there who want crypto to be the driving factor behind refactoring from COBOL, who knows.
I was excited then, when it was new to me, but then I learnt the truth about blockchain
Cryptocurrencies: Efforts to make useful tools are driven out, speculation and fraud are rife.
Cryptography: Used to secure billions of web transactions every day on the web with very little fraud.
I took web tech to mean the technology used to serve the web - the differences with cryptocurrencies are manifold, the principal one being that billions of people use the web every day to perform important functions, compared to cryptocurrencies where most users are simply speculating on prices.
1) You cannot have cryptocurrency without the web, so it is web tech.
2) Computational cryptography long predates the web. It would be more accurate to say "the web is cryptography tech", if anything.
2) Cryptographic libraries (many relatively recent, e.g. go or rust libraries) are definitely an important part of the web, they're integral to web tech if you define web tech as the tech that powers the web.