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Originally Posted by jmg
I specifically quoted your sections and addressed those points. I specifically addressed your blockchain argument and agreed that there is intrinsic value, so how exactly is that a misinterpretation if I agree with you on that specific component of crypto?
If that is not clear than I will clarify: blockchain is a technology, crypto is one function of that technology. Product traceability/proof of product/supply-chain management is another function of blockchain technology. Unlike crypto, these things have functional value, and so far, crypto is mostly speculation. Please note that I don't agree that there is ZERO value outside of speculation, just that the volatility negates practical uses as an actual currency for the general public.
Additionally, just because you disagree with my opinion doesn't mean I didn't do research. I've done the research, and that's those are the conclusions I came up with. If you disagree, I am open to discussion, that's the purpose of a forum after all. Accusing me of not doing the research when it is apparently clear that I have, does not foster discussion. This isn't an echo chamber, we're mostly educated rational people here.
Again, I don't see how anyone cannot see how crypto is market driven after these past few weeks. This is textbook pump and dump.
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You need the coins/tokens to run these blockchains( most, not all). Most blockchains have a crypto because it is a core function/part of the blockchain, which enables blockchains to do what they do. Without them you wouldn't be able to transact on the ledgers/blockchain, or validate that block/transaction/etc, vote on network/ledger/blockchain changes and more..
I get/understand that crypto isn't being used for currency, that's actually what I stated in my first post, and it makes no sense to try to use most as a currency.
For the cross border remittances, bank to bank settlements,etc, it is actually LESS risky as has been proven using XRP and Ripples infrastructure. Payments/remittances using XRP/Ripple products are settled in SECONDS. You know most real time payments done right now for banking and financial transactions are NOT in real time, they are basically IOU's, takes days to a week to actually settle, and ties up A LOT of the banks money in NOSTRO VOSTRO accounts. Digital Ledgers/blockchain allows banks to not have to have huge cash reserves for their every day banking practices.
And also, yes the markets are speculative right now, we are still in the infancy stage. There are only a handful of projects that even have a real world use case that is being used/explored right now(and MOST of these coins/tokens will not last) so of course its mostly going to be speculative and pump and dumps are and will happen. But that is not to say that the crypto market/industry/technology will not amount to anything in the future.