CaPiTanAK wrote:dougthonus wrote:CaPiTanAK wrote:You have shown no counterarguments, shown no understanding of the product, haven't even given a description as to why you think it is valuable.
Your opinion on the topic has absolutely no merit whatsoever so far based on what you have stated to date, which is absolutely nothing of substance.
Maybe I am wrong about blockchain and it will be a killer tech, but I have at least shown reasons that demonstrate I actually know what a blockchain is, how it works, what problem it is meant to solve, the implementation costs, and operating costs in comparison to viable alternatives. I can do so, because I worked on a project considering whether my firm should implement blockchain.
So far, my speculative guess is you know absolutely nothing whatsoever about blockchain, because that is what you have demonstrated thus far in your posts.
Ignoring whether blockchain is good/bad useful technology, you also haven't given any evidence as to why you think cryptocurrency built on block chain is going to derive benefit from it? Do you think it will ultimately offer cost savings? It's literally orders of magnitude slower and more expensive today than other alternatives. Why do you think that will change? Do you understand that distributing a ledger is inherently more expensive for transactions than having a centralized ledger because it by necessity requires considerably more updates / communication to be made?
Not sure if you fail to comprehend what I wrote or are just deliberately side stepping it.
A product is not more valuable because the components the product is built on have value in other ways. The product is valuable for the product itself. There is no value to bitcoin being on blockchain fundamentally vs any other platform that ensured the ledger was trusted.
It's more valuable bc it's a decentralized medium of exchange in which trust has been lost in traditional finance and in our society. It's true that the traditional ways of doing things are better in term of speed and cost at the moment. Given your argument, should we have ignored the Internet in the 90s? Cryptos aren't being valued for current productions, but rather the potential for the technology. Some better futures that I can think of for blockchain include:
1. A decentralized application for exchange that's better than traditional exchanges like Robinhood, which disguises itself as a medium to screw the mass and enrich the mass. Uniswap will eventually replace traditional exchange.
2. Decentralized DeFi which allows people to get 8-16% return on their savings rather the silent thief with .2% CD rate with true inflation running at 4-6% while the CPI is rigged to underestimate the true #s
3. Like all technologies, it will follow an exponential tech development phase in which all current things that you see as roadblocks like now will eventually resolve, like cost of trx, scaling, and speed
4. Our next phase of growth will be a global economy in which consumer and producer are directly connected to each other. That step is impossible with existing institutions, policies, and deeply entrenched tech firms seeking to only profit the rich and steal from the poor. Look for further than our supposedly own unbiased Fed Reserve rigging the game from Day 1 to make bankers and people with connections richer, and worsening the economic gap over time. Thanks to the Internet, the mask has been unveiled and more and more people are seeing the value is a decentralized system without bias, even if its performance is worse than traditional system's at current time.
5. Once the infrastructure has been built to resolve the current problems that you have outlined, I see the global economy to be more connected in the future with ensured trust and exponential growth. Some of the possibilities after this will be like:
a. Producers like musicians and artists will have a mean to distribute their products directly to the consumer instead of relying on traditional institutions taking a majority of the cut without producing anyway
b. All means of investment will be tokenized, allowing the mass to put money into deals that only existed to the rich and partake in the growth and profit
c. Product requests are posted on a decentralized exchanges, allowing the best work at the best price from a contractor to be done with public evidence
d. Exchanges are governed by smart contract with low fees, with the cheaters being penalized or kicked out of the system. This can go into all means of doing business to even own delivery system, in which frauds and losses are annually claimed resulting in millions of loss to Amazon.
Right now, the war is being waged on the go to infrastructure for blockchain apps and developers. The winner of this will be the future world currency. Investing in one of these tokens is like investing in a real estate piece of the future digital world economy. Once the infrastructure is built (my estimation in 2-3 years), new ways of doing business will come out of it. For example, I already see the followings:
1. Videos made by producers can now be monetized with 95% of revenue returned back to the content producer, instead of Youtube taking a 60-70% and leaving about 20% cut back the the producer. Same thought process for audio industry.
2. Internet users can now monetize their data in term of web browsing habit, instead of companies like FB, Google, and Apple tracking your activities and selling them off for their own profit
These are just some thoughts, and I haven't done a deep dive into these areas. But, I personally believe that the future companies worth multi-trillions (>10 trillions) will come out of blockchain. For me, the most obvious one right now is TSLA with its autonomous driving tech and its adoption of BTC as a payment system.
I feel like the trend the past 20 years has been for visionary ideas to come out and go on side-tangents into ... life-changing technologies, that ultimately leave a bad taste in everyone's mouth, even though they did for the most part make life better, depending on your definition of 'better.' I.E. eBay, Amazon, Google, Apple, Facebook, Twitter. Uber and AirBnB were supposed to put power in people's hands. It was pretty exciting being able to earn good cash any time you felt like it, with an exciting community of users. And then it became more regulated, and then too many people started relying on it, and now are they really any different than cabs and hotels? I've actually moved back towards the latter to save money and spare logistical headaches - like a traditional bank, traditional hotels are much easier to resolve disputes, deal with fraud or unexpected problems. Basically, there is a hierarchy of human accountability - whereas tech-based services, you are expected to resolve your word against their word, and your dispute is basically evaluated by a bot.
But even further, I just don't see why they decentralized exchanges will (A) remain decentralized in the IMF world and (B) won't raise transaction and trading fees. I except them to drastically go up; or if they don't, they'll hit you some other way other the years, just like every other tech. Funny that 15 years later, YouTube is now the Producer's enemy, despite basically launching every successful teenage artist the past 12 years.
I have no idea what will happen, but I just know that whatever does happen, we are entering some interesting times where there is a whole futures market for decentralized crypto. Global gambling basically. If that's what brings the citizens of Russia, Turkey, China, the US and EU together, so be it. I'm a little shocked that gambling was basically fully legalized before marijuana, but it seems like fully legalizing drugs everywhere would be the simplest way of taking the cartel/mafia money out of crypto. My point is, I'm personally all for deregulations in some sectors, but I don't see the US standing by. I just honestly don't think the current and prior administrations bothered thinking about it.
I'm unsure where autonomous driving goes. I was very high on the idea but when you consider adoption on the mass American market, I just think of 50% of the population being paranoid of 5G antennas and a vaccine produced in labs in Massachusetts and Germany. And to be fair, the margin of error is going to have to be preposterously low on Tesla's end to legally get away with selling fully autonomous cars with no recall blowback. And I just wonder how it would do in areas with higher traffic, worse drivers and worse weather (cough, Chicago). Of course if we're looking at a 2035-40 window, then fair enough.