[SilasX]

I see a lot of people making this exact mistake regarding blockchain:

>So how come my local mall does more business in an afternoon than the entire Internet handles in a month?

IOW, “It hasn’t displaced some other market already, so it never will.” It’s only a few steps away from “it has the volatility associated with being a small market, so it’s inherently flawed”.

With that said, I’m skeptical about whether it will find any large scale use myself, but it’s unfair to criticize it for the above reason.

[eksemplar]

Isn’t most of the critique of crypto currencies that better systems already exist? I have an app that lets me send cash instantly and free to anyone else with the same app. It’s operated by our largest bank, but it works for anyone in my country regardless of what bank they have.

I can also shop instantly all over the world, I do pay a tax to the bank for this, but it’s currently a lot cheaper than paying for most crypto transactions.

I guess with crypto, I would be free of the banking tyranny, but I actually rather like the security that comes with centralized banking.

The internet on the other hand changed the world. It made it possible for me to browse your product catalog, buy and pay for your products, almost instantly, even though you live in another part of the world.

Crypto never really had that, it wanted to uproot existing systems for political reasons, but the technology by itself, has frankly always been somewhat obsolete.

The internet was hard to predict because it was new, a currency isn’t exactly a new thing. Hell, blockchain isn’t even the first attempt at a decentralized currency.

[SilasX]

>Isn’t most of the critique of crypto currencies that better systems already exist?

Of course there are other arguments. I even suggested I agreed with that one. I was just pointing out one kind of fallacy, of using current low adoption as evidence of a fundamental flaw.

[TazeTSchnitzel]

Well, a bigger problem in terms of transaction count is that proof-of-work systems are designed in such a way as to put a hard limit on the number of processable transactions that's nowhere near the world's needs, and moreover, they expend multiple orders of magnitude more energy to do it.