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Originally Posted by indes
It's wild to see people still just referring to crypto as a singular asset with a singular use. The misnomer of "cryptocurrency" really underscores the utility of some of the projects.
The fact is that right now there are thousands of legitimate entities trying to solve real world problems. To say "we can solve all the problems with the tech we have now" is ridiculous. True, but ridiculous. I mean I could walk everywhere or buy an encyclopedia, heat my house with fire or heal my wounds with a poultice.
Barely any of finance is day to day payments, billions aren't being invested to speed up your purchase at a tim Hortons drive thru (which is already "instant"). For finance it's the behind the scenes settlement that some companies are trying to solve (XRP, XLM, R3, Strike) which can take 3-5 days for real value to move right now and cost a fortune.
Filecoin and others are working on decentralized storage solutions
Sologenic is working on the tokenization of stocks to cut out the middleman and exchanges
Vechain is working on supply chain information and tracking.
There are many more cryptos trying to solve different problems. I think the space is still very immature and will follow a similar path to the invention of the internet. How many people used the internet, or thought it would be useful in the 90s? It has a long way to go but I think once governments launch CBDCs we'll start seeing a massive migration to the crypto space for other areas than finance.
I don't want to sound like a cheerleader here, I do own a few crypto assets but not a significant amount. It just seems like there's a lot of disinformation in this thread in regards to what crypto assets even are.
Also I think Bitcoin is stupid and people's love for it is getting in the way of real crypto adoption.
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The thing I have never understood about all of this block chaining is why do you need millions of computers to achieve any of this though? couldn't and inevitable won't we end up with a few hundred computers scattered around the world, probably controlled by central banks or some supernational body that can provide all the same function at a vastly cheaper and more secure manner?