If those are the only options, I am choosing juggalo
If those are the only options, I am choosing juggalo
Chatgpt… please summarize the Gartner hype cycle for a 5 year old
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When you have commodity money, the value of the money is derived from the value of the commodity. You don’t get to assign arbitrarily higher values to the money because the market determines the value. But yes, all speculative assets typically have a higher extrinsic value compared with their intrinsic value but I don’t believe that has anything to do with it being a medium of exchange or not. That is just supply and demand.
Gold is a commodity and you can create a currency that is backed by a commodity so you aren’t actually trading the commodity itself.
That is not true, for the vast majority of the history of money it was based on a commodity that was valuable in its own sense. It is only in the last century that we have begun experimenting with currencies that are not pegged to the value of a commodity.
Cryptocurrencies derived their value from being a network of users (metcalfe’s law) so they are more like a commodity money. Thing about something like Meta, which has a valuation in the trillions despite its physical assets not be worth nearly that and its functionality as a website being easily replicated on an alternative platform. The users are what is valuable.
Hmmm anyone remember when Andrew Yang was running for president and said that data was the new oil and that people should own the content they put on social media?
And let’s be honest, for mainstream consumers, the Linux desktop and the Fediverse are failures.
My point is that just because something doesn’t achieve widespread adoption immediately does not mean it is a failure. I use both Linux desktop and the Fediverse and the fact that they are not in widespread use doesn’t rob them of virtue for the people that use them. Technology adoption is a complex thing and its incredibly reductionist to just say "crypto has been around for a decade and a half and you still can’t use it for anything therefore its a failure. Our legacy financial system is very entrenched and its not to going to unseated overnight. These things take time.
Ultimately I think it should come down to consumer choice, those that prefer centralized finance should use that and those that are OK with the added overheard of decentralized finance should be able to have that choice. That is why I make the analogy to these other systems. Linux desktop for a long time was harder to use but it was worth it for people whose values aligned with open source software. Crypto has a similar trajectory and faces similar uphill battles including negative attitudes from those using competing systems. But for those who value what it provides, it is worth it.
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What you are saying is inaccurate…
BTC has a performant layer 2 called lightning. And if layer 2s are not your jam, there are plenty of L1s that can handle 1000s of transactions per second
Crypto solves the problem of having a central bank control the money supply. Also having private organizations controlling digital payment rails. Provides options or underbanked people in countries with unstable financial systems. I could go on…
Blockchains do not use an enormous amount of energy. You are thinking of the consensus mechanism used by proof of work cryptocurrencies. There are alternative consensus mechanisms that use much less energy
Also the adoption rates are not a measure of utility. The Linux desktop has been around 30 years and has an adoption rate under 5 percent. Mastodon has not grown as fast as twitter did. Democracy is not used by the majority of governments and where it is, voter turnout is low.
Is it also your opinion that these things are bad products?
Decentralized systems just take longer to mature. It’s crazy to me that fediverse users don’t understand this.
I recently left a WFH only company. The environment was toxic and there was definitely some insecurity on the part of management regarding worker productivity. There was a much larger emphasis on constantly showing to management what you were working on and proving you were using your work day productively.
It was a culture shift I didn’t adapt well to and left.
Genetic diversity protects a species against epidemic disease
I’m curious