Quote:
Originally Posted by Leondros
This is exactly the issue though. This illustrates how uneducated people are on the whole crypto currency and blockchain buzz. All you can talk about at a high level why you think it will fail because you think its just designed to replace fiat currency. Its not, and that's not where its value lies.
If you want to dig deeper into it there are a number of decent books out there like 'Blockchain Revolution' and 'Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond'. The value doesn't lie with cryptocurrency as a stash of value in my opinion. We can argue all day about that and clearly its been discussed at length and has gotten nowhere. The value in my opinion is in the alternative coins and not as an investment but as a proof of concept. VeChain was mentioned here and everyone knows about Ethereum and its smart contract capability.
VeChain is super exciting and is getting a lot of traction through its partnerships with the likes of PwC, Grant Thornton, BMW, and Walmart to name a few. They are exploring ways on the blockchain to solve problems with supply chain logistics and tracking data. Cyprus has already been utilizing this particular crypto asset to track vaccination records. If you could get systems self validating vaccination records and tracking it across borders think of the power in that.
This is just one example of the thousands that are currently in their infancy. I do not necessarily believe that crypto currency is going to replace gold or fiat currency but I have seen first hand people making a lot of money off of it because they believe in the technology. If that's the biproduct of that so be it. I think there are some decent cases as to why Bitcoin is attractive and do own some, but what excites me more is the technology and innovation the blockchain technology is pushing forward.
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well if we were talking about how blockchain might revolutionise the shipping industry I would agree, but we aren't, we are talking about how much money you can make off Bitcoin, that's this whole conversation, and again I will repeat myself, there is no connection between the value of Bitcoin and the potential efficacy of blockchain anymore than there is no connection between the value of Studebaker or Ford as a car compony and how useful cars are and no one in their right mind is buying Bitcoin in order to support blockchain technology, they are buying it as an investment.
I would also ask you something that has bugged me some, does every application of blockchain require vast numbers of computers to function?