I would prefer for crypto to be gone. Based on my understanding of blockchain, I don’t see how it can be used as currency ever. Blockchains can be extremely useful, just not as currency.
The only thing you can really do about stolen tokens is have some authority de-list them and re-issue new token to the victim. That’s hardly a solution. It also extremely centralizes control, which runs antithetical to the purported benefits of crypto.
Crypto also doesn’t take power away from institutions. If institutions were to leverage their power in the space, they would become just as, if not more powerful than they are currently, assuming a mass-adoption scenario. The inflexibility of crypto always works to the advantage of those setting the rules.
Crypto is also incredibly power inefficient. Even with proof-of-stake instead of proof-of-work, it is still factors less efficient than normal FIAT transactions, and as of yet I see no solution to that. One may pop up in some hypothetical future, but I have no faith in that.
Additionally, crypto will also always reward those who engage with it disingenuously, as it is not linked to one’s real identity and, again, is inflexible and impossible to truly regulate. In a mass-adoption scenario, scammers would become enormously more successful.
Most importantly, crypto is a digital asset whose store of value is implicitly tied to the belief that it can be sold for FIAT. It is almost exclusively a speculative vehicle, and always had been since its inception. Actual crypto purchases are disincentivized by how slow, inefficient, unwieldy, and volatile it is. Not to mention high transaction fees for the most popular coins. It is also deflationary, meaning one is disincentivized from spending it, which is extremely bad for the economy in a mass-adoption scenario. Gentle inflation is one of the core principles underpinning our economy. Having currency also be an asset that appreciates in value is objectively a bad thing.
I feel like I could keep going for a while but hopefully you at least understand why I feel this way now lol.
I would prefer for crypto to be gone. Based on my understanding of blockchain, I don’t see how it can be used as currency ever. Blockchains can be extremely useful, just not as currency.
The only thing you can really do about stolen tokens is have some authority de-list them and re-issue new token to the victim. That’s hardly a solution. It also extremely centralizes control, which runs antithetical to the purported benefits of crypto.
Crypto also doesn’t take power away from institutions. If institutions were to leverage their power in the space, they would become just as, if not more powerful than they are currently, assuming a mass-adoption scenario. The inflexibility of crypto always works to the advantage of those setting the rules.
Crypto is also incredibly power inefficient. Even with proof-of-stake instead of proof-of-work, it is still factors less efficient than normal FIAT transactions, and as of yet I see no solution to that. One may pop up in some hypothetical future, but I have no faith in that.
Additionally, crypto will also always reward those who engage with it disingenuously, as it is not linked to one’s real identity and, again, is inflexible and impossible to truly regulate. In a mass-adoption scenario, scammers would become enormously more successful.
Most importantly, crypto is a digital asset whose store of value is implicitly tied to the belief that it can be sold for FIAT. It is almost exclusively a speculative vehicle, and always had been since its inception. Actual crypto purchases are disincentivized by how slow, inefficient, unwieldy, and volatile it is. Not to mention high transaction fees for the most popular coins. It is also deflationary, meaning one is disincentivized from spending it, which is extremely bad for the economy in a mass-adoption scenario. Gentle inflation is one of the core principles underpinning our economy. Having currency also be an asset that appreciates in value is objectively a bad thing.
I feel like I could keep going for a while but hopefully you at least understand why I feel this way now lol.