a thoughtful web.
Good ideas and conversation. No ads, no tracking.   Login or Take a Tour!
comment by ooli
ooli  ·  102 days ago  ·  link  ·    ·  parent  ·  post: The Crypto Movement Is Destroying Itself

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.