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re: What was the most over-hyped software movement? VIEW POST

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Most people are saying "blockchain", but I would point specifically to "cryptocurrency". It is essentially a software movement. But bitcoin and its ilk has ZERO intrinsic value. And its monetary value is based on the whims of a market that buys and sells almost nothing except speculation on it's own currency. I realize there are a few "major retailers" that accept bitcoin now, but it's an afterthought in most cases.

 

Most 'real world' currency also has zero intrinsic value. Most major currencies throughout the world only have value because the governments responsible for them say they do and most of the world population for whom it matters either agrees or just blindly trusts them.

 

That's certainly true. But with cryptocurrency, you don't even have the advantage of physical currency.

I think it's fair to say that based on the amount of Bitcoin that's been stolen or extorted from individuals-- including by Bitcoin exchange operators your supposed to be able to trust-- only a fool puts any real confidence in cryptocurrencies.

So where does that put us? Only government-regulated cryptocurrency could be trusted in any realistic way. And that basically defeats one of the goals of cryptocurrency.

 

Sovereign currencies have value because issuing governments only accept tax payment with those currencies, and tax payment is required under penalty of prison. Iā€™m not sure I would call that agreement or blind trust.

It's the governments way of ensuring that currency has value.

 

Not to mention the gluttonous waste of energy it takes to "mine" cryptocurrency.

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