(I was excited about Eth until I learnt its currency had persistent value...)
We're getting 0.15-1.1 ETH burned per block, while just the static reward is 2 ETH.
https://old.reddit.com/r/ethereum/comments/oyhzop/ethereum_b...
Imagine: a network where the only gains you get are from spending your money quickly. The anti-hodl. It would be completely worthless as a store of value or investment vehicle. Its only conceivable use would be as a fast and efficient transaction ledger.
Which is what I wanted out of blockchain to begin with! I'd be happy to support a network like that, even if my income was rapidly vanishing.
In fact, crypto is perceived it seems to be an absolute value stashing system where you collect your reward and store it for free until you want others to produce effort for you.
But I refuse to produce effort for a guy who spent his energy 50 years ago and just throw at me a few gold coins to do his bidding. He wants me to work, he needs to pretend to be doing something too.
Yes but apparently you need crypto to have censorship-proof cheap transactions that finish quickly.
In theory, you can do that on a fiat currency. In practice, my transactions take days.
It died because you cannot start with the currency. It has to be a local community project. There are lots of complementary currencies on this planet but only regional currencies end up successful.
Cryptocurrencies are problematic because they don't foster a face to face community. The idea is that you are taking advantage of a sucker 1000miles away from you.
[1] https://john-tromp.medium.com/a-case-for-using-soft-total-su...
Both basic income projects. Proof of humanity ubi tokens are more easily tradeable and meant to provide Sybil resistance to eth projects, but circles has a nice self contained design which is probably more interesting as a form of basic income/ community currency.