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comment by kleinbl00
kleinbl00  ·  103 days ago  ·  link  ·    ·  parent  ·  post: The Crypto Movement Is Destroying Itself

I mean, if by "crypto" you mean "bitcoin" then yeah, it's running out of gas. But that's like saying "the Internet is destroying itself" because AOL Instant Messenger use is down.

Two thirds of this piece is a rant against Stewart Hoegner and Brock Pierce, two names I have no interest in looking up.

ooli  ·  102 days ago  ·  link  ·  

So you agree it need to be one Crypto to top them all, for crypto to become kind of a thing?


kleinbl00  ·  102 days ago  ·  link  ·  

What a disingenuous and deliberately antagonistic misread of my argument. You're better than that. What's more, I deserve better than that.

No. I do not agree that "it need to be one Crypto to top them all." I agree, and said as much, that Bitcoin is looking pretty tapped out. It's not extensible, it has low utility and it requires a preposterous squandering of energy in order to transfer value. This is why I made the AIM quip - there was a time when it was the messenger client everyone used (except me). That time has passed.

On the other hand, crypto is very much "kind of a thing" already. For the investment class, crypto is a hedge - last year, Bitcoin was a hedge and the year before that, bitcoin was moon money and everything else was kryptonite. And I mean... NBA top shot has a million users and over $700m a year in revenue. Yeah - that's half what Beanie Babies made at their peak but people still pay $500m a year for Beanie Babies so they're still "kind of a thing."

As of this writing there's $641b in Bitcoin out there. That will likely go down, and it will likely go up. Just for comparison, there were $28b in confederate currency issued (in 2021 dollars). AOL-Time Warner destroyed $99b in value (2001 dollars). At a certain point, things really do get too big to fail. So while I own rounding errors amount of BTC, I don't see it ever going to zero.

I certainly don't see "the Crypto Movement", whatever that is, "destroying itself." What I see is programmers putting time, money and energy into a modernization of economics and I see every player that matters watching with interest at the very least.