[eric_cc]

so you see no value to:

- DeFi

- decentralized data storage.

- a decentralized & censorship resistant video streaming platform.

- Artists getting compensated fairly via NFT's.

- Banking the bankless

- DAO's (btw, how can DAO's work better without being decentralized? hahaha)

- A decentralized and censorship resistant social network

- Sythentics. What is a better solution to tokenizing assets in your opinion?

and on and on..

[shkkmo]

I see plenty of value in many of those issues. Some appear to be just jargon or beg the question. I see zero evidence that cryptocurrency is necessary or even beneficial in solving any of those problems.

[doggosphere]

That's because you think your currency is secure forever.

Ask Argentinians, Turks, Venezuelans, Zimbabweans, etc. what they think about their central banks.

[shkkmo]

I don't think my, or any, national currency is secure forever, but neither is any cryptocurrency. Currently national currencies are, on average, far more stable and secure places to hold assets than any cryptocurrency.

If your national isn't as stable as you like, you can more easily use a different national currency. If your country has capital controls that prohibit this, then you are using cryptocurrency to break the law.

My contention is that so far the only use cases cryptocurrency has been successful in are illegal. If the legal restrictions in those areas were removed, cryptocurrency would no longer be useful there.

[doggosphere]

Currently national currencies are, on average, far more stable and secure places to hold assets than any cryptocurrency.

https://fred.stlouisfed.org/series/M2SL

Did you expect 20% of all US dollars would have been created in 2020? 4x in the last 20 years. That doesn't sound stable to me. When your currency can be debased by 20% in a year, with no democratic process or recourse; 6 board members appointed by Presidents, serving 14 year terms, decide what the price of money is, and how much of it exists. Alternatively Bitcoin's supply schedule is transparent, auditable, open source, mathematically provable.

If your national isn't as stable as you like, you can more easily use a different national currency. If your country has capital controls that prohibit this, then you are using cryptocurrency to break the law.

And what happens when the ultimate reserve currency (USD) is broken? People flee to gold. Well, Bitcoin is digital gold; its more secure, cheaper to carry, has better supply stability. Your solution to escaping a sinking ship is essentially jumping into a more slowly sinking ship.

My contention is that so far the only use cases cryptocurrency has been successful in are illegal. If the legal restrictions in those areas were removed, cryptocurrency would no longer be useful there.

The use case for cryptocurrency is escaping government monopoly of money, returning a savings rate to individuals and institutions.

[shkkmo]

Yes, the current use case of cryptocurrency is breaking or avoiding the law, it has yet to find a use case outside that.

People who dump money into gold are idiots or speculators (or hedging larger positions.) I have lived with the ups and downs of the gold industry and it is very much not stable.

The US dollar has far more infrastructure and institutional support preventing it's collapse than bitcoin. Currently the collapse of the dollar would destroy the world economy to such an extent that I highly doubt the bitcoin network would survive intact.

[doggosphere]

Yes, the current use case of cryptocurrency is breaking or avoiding the law, it has yet to find a use case outside that.

If the law is your baseline standard for what is moral, then you should probably try a little harder and put some thought into whether or not cryptocurrencies deserve to actually be illegal. For the most part, it is not illegal to own or trade in cryptocurrencies in the developed world.

The US dollar has far more infrastructure and institutional support preventing it's collapse than bitcoin.

We've seen this attitude before. Too big to fail, FDIC insured, Fannie Mae/Freddie Mac, auto industry bailouts, airline industry bailouts, investment bank bailouts. Debt increases perpetually. Money creation increase perpetually. Mortgage rates going to 0. Treasury yields going negative.

All this is completely normal.

[eric_cc]

you don’t believe a protocol like ethereum is beneficial to the above problems? How would you solve it without ethereum (or similar) protocol?

[shkkmo]

How is ethereum necessary or beneficial in solving any of them?

[eric_cc]

Not sure if you’re joking or not. If not, at least start with the wiki page to begin learning about it https://en.m.wikipedia.org/wiki/Ethereum

[shkkmo]

You should not assume ignorance like that, it does not contribute to the conversation. You don't seem willing to make any actual arguments. You just post lists and links and demand payment when people ask you to explain what you are trying to say.