It’s all hype cycle bullshit. The Tech bubble was bursting so they hyped AI well past it’s true capacity. Investors threw money at it to hype it so others would buy in. The stock market is all hype. It just hypes anything it can to keep the growth artificially going. AI has real uses, but that wasn’t sexy enough for Wall Street. Then the bubble pops and the billionaire swoop in and steal more from everyone else.
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”?
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.
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.
That sucks. I work for an American company and I have to have mandatory pension contribution. I only put in 3% of my salary to it and stated I want them invested into medium risk funds.
I don’t trust company pensions to be my sole source of retirement funds, and so I started my own investment portfolio. Even though I know US companies are more profitable, but with the way things are going, I limited my investments to select few US companies and I plan to invest more on Asian and European stocks.
It’s all hype cycle bullshit. The Tech bubble was bursting so they hyped AI well past it’s true capacity. Investors threw money at it to hype it so others would buy in. The stock market is all hype. It just hypes anything it can to keep the growth artificially going. AI has real uses, but that wasn’t sexy enough for Wall Street. Then the bubble pops and the billionaire swoop in and steal more from everyone else.
crypto was the previous shiny new toy until it dint work, now AI will go through the same fate.
Everybody knows market cap is directly proportional to real world value and usefulness.
There is always someone who reckons they can get something from nothing. Also long as they exist the bubbles will continue
The market cap of crypto is currently at all time highs.
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?
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.
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”?
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.
Works, as in what exactly?
Works as a publicly shared, immutable, secure database (and small calculation) engine.
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.
From an end UI perspective, certainly.
But if SWIFT was suddenly replaced by a blockchain technology then the world wouldn’t even blink.
You kidding? How many transactions per second bitcoin blockchain can do?
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.
First time hearing about Canton. Is it properly decentralised?
You’ve not heard of it because it is banking focused. It’s the newer option made to compete with Quorum and Corda.
It is decentralized, but it is not open write access. It a public permissioned network of private ledgers.
You and I could validate that the network is cryptographicly consistent, but we don’t have decentralized permission to interact.
I’m so glad my 401k is going to vaporize because it’s mostly tech companies.
As an ignorant non-American who doesn’t know how 401k works, could you not redirect where your investment/retirement goes?
Only slightly, unfortunately it’s not as flexible as a normal investment account. I’ve done a good bit of trying to lessen the damage though.
That sucks. I work for an American company and I have to have mandatory pension contribution. I only put in 3% of my salary to it and stated I want them invested into medium risk funds.
I don’t trust company pensions to be my sole source of retirement funds, and so I started my own investment portfolio. Even though I know US companies are more profitable, but with the way things are going, I limited my investments to select few US companies and I plan to invest more on Asian and European stocks.