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Originally Posted by Slava
Well that's the thing; it was seriously a really routine transaction and I was just making a purchase! I was just playing around with crypto because I do have genuine interest and I think there will be some extremely useful applications eventually. It definitely makes no sense, but that's the issue with Ethereum in particular right now. The gas fees are horrendous, and I couldn't justify using it "just to say I used it", which is the only real advantage in that situation.
I do think that there are a lot of potential uses that he lists in that post. But I also think that sending money across borders is always going to be problem because governments want to make sure that they're getting their fair share. That might be easier in democratized nations, but to me there is almost no way that authoritarian regimes are going to be cool with DeFi, and specifically currencies that they don't explicitly control. China has already experimented with a digital Yuan, and I think that type of thing makes complete sense for governments.
I could see a digital CAD, and I do think that people would embrace that. Would it be as "free" as current crypto? I doubt it, but the central bank could actually do a lot of incredibly useful things with a digital currency in terms of effective monetary policy.
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IMO digital currency such as CAD run by central reserves would be the worst possible thing to happen.
We need decentralized currency, not something that the government has even more control over and can print like crazy to deflate in value over time.
Especially now that inflation is MUCH worse than wage increases.
There are dozens of Crypto projects that are solving exactly what you are talking about. The Lighting Network for BTC eliminates the high fees of transferring BTC and increases the speed of the transactions. The bigger problem is the volatility of BTC itself, but if you zoom out and look at the trends over 2 years, it is almost more stable now compared to say 3 years ago.