01-09-2018, 01:03 PM
Nowwe are starting to ask the important questions: "What is money?"
Is it a store of value? Is it a store of labor? (i.e., is it proof-of-state or proof-of-work) Or is it a medium of trust (in the government)? Note that I am using money and currency interchangably here -- as any strong gold bulls will acknowledge that only gold is money and all the rest of the fiat world is just currency, a big difference. Or is "money" just a story that we tell ourselves?
To the questions posed earlier in the thread -- whats the point of these cryptos if you cant pay for a coffee or a mortgage -- its just a matter of time before the technology improves. Same questions were asked about email and exchange of information a couple of decades ago, horses-vs-cars about a century ago. Doesnt mean that technological improvement will not be able to overcome such problems. Technology improves at an exponential pace. Humans have always been terrible at guesstimating exponential growth due to evolutionary reasons.
The bottom is this: blockchains are an ability to exchange value just as the internet is an ability to exchange information. That should tell you everything there is to know about this technology and extrapolate as to how you envision the future.
Is it a store of value? Is it a store of labor? (i.e., is it proof-of-state or proof-of-work) Or is it a medium of trust (in the government)? Note that I am using money and currency interchangably here -- as any strong gold bulls will acknowledge that only gold is money and all the rest of the fiat world is just currency, a big difference. Or is "money" just a story that we tell ourselves?
To the questions posed earlier in the thread -- whats the point of these cryptos if you cant pay for a coffee or a mortgage -- its just a matter of time before the technology improves. Same questions were asked about email and exchange of information a couple of decades ago, horses-vs-cars about a century ago. Doesnt mean that technological improvement will not be able to overcome such problems. Technology improves at an exponential pace. Humans have always been terrible at guesstimating exponential growth due to evolutionary reasons.
The bottom is this: blockchains are an ability to exchange value just as the internet is an ability to exchange information. That should tell you everything there is to know about this technology and extrapolate as to how you envision the future.