I paid off all my student loan debt and bought a house last summer because I got scammed into buying ETH about 2 years ago. Thanks for your insight though.
As a thought experiment, replace crypto in this situation for beanie babies. You managed to buy a bunch of beanie babies before a beanie baby craze started, and sold them at exorbitant prices to other people coming in that were convinced that beanie baby prices would only keep skyrocketing. You took their money, and now I guess as long as they're the bag holders still holding beanie babies when it all falls apart and they become worthless, and not you, it's all good. As long as you managed to make a profit and get out in time it wasn't a scam.
1 is questionably valuable and arguably harmful, 2 is increasingly untrue, 3 and 6 aren't inherent benefits of Ethereum, 4 and 5 aren't true, and 7 is speculative and begs the question.
> 1 is questionably valuable and arguably harmful
If it’s mutable, it’s centralized, so you’re wrong.
>2 is increasingly untrue
That’s also incorrect, Ethereum has become more decentralized every year
> 3 and 6 aren't inherent benefits of Ethereum and 5 aren't true
Yes they are. Ethereum is deflationary and will became three times more inflationary later this year.
It’s about 1.1TB for full sync geth nodes, and growing. Ethereum researchers are looking into statelessness and state expiry which aim to make it even easier to run nodes with little need for space.
People will continue to run nodes regardless of the price of ETH, just like Bitcoin.
ENS is a smart contract protocol, so I don’t see how it’s related.
1. Maybe. It's not so great if you publish something confidential.
2. No one is responsible for anything, you'll never get any support, and one day the decentralized consensus might be to abandon the whole system.
3. It takes 16 seconds for a transaction to post and the average transaction fee [a] is over $2. Cross-country money transfers (assuming you mean international) benefit money launderers and criminals a lot more than me.
4. I never understand this sentiment. Thousands of tokens have been invented to create hundreds of billions of dollars. If the federal reserve told everyone they could print their own fiat and have it accepted at the bank, what do you think would happen? Inflation, right? Think of it another way. If the liquidity for the market is fixed in the sense of the amount of fiat people are willing to bring in, then every token mined or minted is diluting the value of anything you're holding.
5. This is at the risk of losing your keys and your life savings. No thanks. Also, banks act as a backstop for a lot of things people don't even think about. They won't let you wire your life savings to Nigeria without trying to make sure you won't get scammed. The indemnify you from the risk of fraud if you're using a credit card. Money you give them is backed by FDIC (or similar) insurance, so if the bank fails your money is still there.
6. Like?
7. Yeah. I'm sure the super elite that control almost all of the money and assets on the planet are going to sit by and watch as the crypto community anoints themselves as the new rulers of the wealth.
And what happens in this utopia where everything can be anonymous and governments have lost control of the money supply? Does everyone stop paying taxes? Who funds the schools, hospitals, and all other infrastructure? Do you think the rich are going to suddenly become charitable and start funding everything? They already contribute as little as possible, so it's difficult to imagine a world where they'd contribute $1 if they aren't forced to do it?
> The fact that people still don’t get that in 2022 is astonishing.
We don't get it because it doesn't make sense. It might make perfect sense for those of you that mined millions of (on paper) dollars of crypto currency, but it's not a good deal for anyone else. It's objectively worse in terms of stability and predictability and the best outcome for us is to get a different set of wealthy elite that control everything.
Your arguments are mostly usability. However, there are already many services that gives you additional utility such as insurance, backups etc.
Crypto already has replaced money in several countries, especially third world countries where it has replaced money for 30% of the population that have protected their funds against inflation thanks to the inherent scarcity of respective cryptos.
That just means that you were part of the scam. Hell; somebody approvingly reading this comment might be the bagholder of the future, shooting himself after all of his savings have evaporated into some ETH tycoon's pocket who dumped before the market locked up.
Now that the bag holders include major investment houses... Well, if it's possible for a scam to have a successful "exit," that's what happened. They used their funny money to tap in to the real funny money. If all cryptocurrencies went to 0 tomorrow I wouldn't be surprised at all if some part of the "real" financial infrastructure got caught and there had to be bailouts, which we've learned is what happens when the wrong people lose a bet.
There's too much money in the system now for it to all be from mom-and-pop marks. That's just not a viable explanation at these market capitalizations. That's not to say that average people aren't going to find out that they're long crypto - but it'd be in the way they found out they were long real estate.
Could you please stop posting unsubstantive and/or flamebait comments to HN? It's not what this site is for, and it destroys what it is for.
In case it helps: the first two comments you posted with this account (a couple weeks ago) were much more substantive and much more along the lines of what we're looking for.