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by desumeku
470 days ago
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Hi, crypto steelman here. I have two answers: The first is the reality answer: the CEOs of all these companies (SOL, XRP, and ADA specifically) are directly involved and meeting with Trump officials and senators in order draft upcoming crypto legislation as, as told by ADA's creator[1]. BTC and ETH aren't included here, but they are the two largest and most impactful, recognizable cryptocurrencies already, kind of would be foolish to exclude them. Secondly, the reason I don't think this is just "pumping insider's bags": from the perspective of a crypto-optimist, these are paradigm shifting technologies that have the potential to revolutionize global financial systems (at minimum). The "strategy" is coming from betting on this being true, and thus these assets will have high(er) value, use, and importance, in the near future.
I also don't think the reserve is going to be as large as people might get the impression. Anything in bllions sounds extremely unrealistic. [1]: https://m.youtube.com/watch?v=xgGTW_GK9vM
I highly suggest watching this video. He gives a quite sobering and optimistic take of the situation. |
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If I'm looking for the promise of "virtually instant, virtually free transfer of value", SEPA and FedNow are delivering it at vast scale without the blockchain woo-woo. Adoption could be broader, but you can hardly say Bitcoin is universal either.
Whether intentionally, or by accident, the crypto space has created assets, rather than functional currencies, and the problems we want to solve with the financial system are usually currency shaped (broad acceptance, stable value, limited number of systems to choose from).
Now, there may be some interesting aspect of creating a new asset class-- it's uniquely "bottled scarcity" without beauty or utility like most other assets have-- but I think we need to get over the "revolutionizing finance" story until it revolutionizes something other than "I need something new to gamble on."