[seibelj]

You could be right that Ethereum will (at best) be a niche in the banking space. However my experience shows that open protocols tend to become entrenched and eventually overwhelm the proprietary solutions.

If you look at all the payment networks you mentioned, all of them are regional and not peer-to-peer. Ethereum is wide open and can be used peer to peer. Every country, institution, business, and individual doesn't need to trust each other - they just trust the network. And adding new applications to this open network, which is wide open and permissionless, can be done by ramen-powered startups on shoe string budgets. This is why I am so bullish on Ethereum.

It's open source finance vs. closed source. As you observe regulatory entities, even the USA, bend in various ways to crypto, you can see the foothold it has. And I believe it will continue to grow because novel solutions will sprout up from brand new companies accomplishing things no one thought possible.

[toomuchtodo]

At my day gig, I am required to interface with and report to financial regulators in the US. I don’t share your optimize based on my experience doing so. Financial regulatory frameworks and “they just trust the network” are incongruent. My personal opinion is a desire for more open financial systems to drive towards utility costs (central bank digital currencies held at central banks, for example), but I don’t see crypto as the mechanism by which to arrive at that (as long as the law and legal frameworks supersede technologies).

Just sharing my ground truth. I could be wrong long term. The longer your timeline, the more difficult predictions are.

[seibelj]

You are more likely right than not, and this is coming from someone who has devoted the majority of his professional career to crypto / blockchain and whose license plate is 'BCOINS'. So I have fully drank the kool aid!

However you must admit despite your (justified) cynicism that this is very intriguing technology, and no one expected it to grow as much as it did as quickly as it did, and get official regulatory approval in so many ways. I am very optimistic in its future its potential for brand new businesses and ideas to be created and flourish in ways that no one expected.

[toomuchtodo]

I agree wholeheartedly that Ethereum is novel, but it’s still looking for a fit for its capabilities. I’m pragmatic, but not entirely without wonder and curiosity.

Words and thoughts are my own in the entire thread.

[seibelj]

This was undoubtedly the nicest conversation regarding crypto / blockchain I have had on HN in years! Thanks for restoring my faith in civility.

[toomuchtodo]

I appreciate the kind words, and very much enjoyed the conversation. Thanks for taking the time to help me see another perspective with your comments throughout the thread.