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by casralad
1529 days ago
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It's not usable as a currency except in the most dire circumstances and no one is working to fix this. Transactional currency has been abandoned as a goal by every major crypto project, and it doesn't make a sensible replacement for currencies in functioning economies. If the only use case is as a currency alternative for people in a failed state, it's not a compelling technology, and it's not even doing that right now. Dotcom companies were offering services that hundreds of millions of people could use around the world. There was a bubble and many tech valuations were stupid, but people used Webvan to solve a problem. No one is using crypto for anything other than speculation on the price of crypto. |
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I've pushed two different crypto companies I've worked for to focus more on African payment systems, supporting one of the top 10 chains to look at light wallets for just this reason and another to support PoS validators in African countries because it's a very high income for them. I also do some work with philantrophic organisations looking at using crypto. There are several billion dollar organisations involved in this space.
> If the only use case is as a currency alternative for people in a failed state
1) A currency alternative is massive! That's such an insanely awesome use case that if it's "just a small thing" to you then I'd love to know what you're working on!
2) Failing states? What a pessimistic approach. I prefer to see people getting access to financial tools that they'd otherwise not, giving people the opportunity to get out of poverty. Gates Foundation did some research on M-Pesa and access to simple financial systems had huge benefits for people.
> No one is using crypto for anything other than speculation on the price of crypto.
Maybe that's the common view but again it's not the case. If all you see is NFT shit online I get it, but you're wrong.
> Dotcom...
Yes there was a bubble but some stuff survived and look where we are now. There's no reason that this can't be similar. It's been going for a decade.