I don’t know if it’s deep enough. I think there is still room for improvement.
There are many different things in it, but in summary I read a skepticism because in your eyes it is hot air, which criminals take advantage of. I think that’s just a small part of the elephant. You know the image of the meme, where different people feel an elephant, and the person who pulls the trunk has a completely different image than the man by the tail? That is the phase in which crypto moves. Crypto is a technique, and that technique is brilliant.
These are not my words (Charles Hoskinson, founder of Cardano), but you might as well understand my torrent example better:
In the 1980s, the Internet was configured centrally, with servers and mainframes. with the property that the more people participate in the network, the more it loads, the slower it becomes. Computing power is centralized, so costs and administration are central.
In the 90’s, with the advent of napster and P2P, that computing logic was reversed for the first time, BitTorrent was born. With ownership, the more people join the network, the faster it works. Why was it abolished? Right, because “criminals” (read: brats like you and me, who occasionally put out an album or an Internet game) took advantage of it. The fact that illegal content crossed the line was not due to technology, but to people and organizations. In the end, as a society we said, cut it out, and the technology, which has proven to be very reliable and has matured ‘(in part) thanks to’ some of those criminals, is used more than ever.
Now there are almost no downloads, torrent sites have been banned by almost all providers, but the technology still exists. So in the 90s we knew how to encrypt files in a decentralized way and send them on a decentralized network. There was one big problem (besides the illegal content): there was no incentive to keep supplying computing power to the network. When he had his file, he closed torrent and only true enthusiasts shared his content.
With the advent of cryptocurrencies, P2P technology has entered its final phase. Not only can you now (still) download media, but for the first time (Bitcoin) it was outlined how you could use that technique to transfer value, without a central link. In short: brilliant.
The business case for bringing Equens between banks and processing transactions in real time instead of syncing every 24 hours has been made in a very short time.
Why should one party get money, when everything can be automated and you and I can get paid for the computing power we provide to the network through which all (global) transactions take place? Why not ?
Transactions are not free, but cheaper, and we get a % for what we deliver. It is the perfect way to generate interest on your savings. It is not hot air:
Pietje pays Henk 10 euros for the flowers. 0.01 cents will be processed as payment, 0.1 will go to you because you provided the computing power to process it.
You may be an exception, but many Dutch people order products from China. I have a shop myself and I also import things from outside Europe. so I make those expenses with some regularity. if you also have the inconvenience of banks’ opening hours – 5 days and sometimes longer processing time – on the other hand, on the other hand, sometimes you also have to visit a bank with a personal appointment, then you quickly notice how old-fashioned that system is.
Paying with Tikkie within the Netherlands is done in no time. but if you know what solution is needed to make tikkie work well, you also think: there is room for improvement.
There is still a lot to be gained here, and speculation aside, cryptocurrency will sooner or later play a role here to a greater or lesser extent. Anyway,
Another good example is stock trading. The market is usually open from Monday to Friday from 9 to 5, but for a select group of people you can trade half an hour earlier and half an hour later. Why ? Isn’t that super unfair to the consumer? Why do I have to wait until 9 am on Monday if a CEO dies on Saturday night?
Here you will also see that this will have an impact on the very entrenched and corrupt financial system.
Shiba Inu only exists because they think people are crazy enough to believe that they can become a millionaire with 50 euros. Whoever believes that does not understand. Yes it is possible, but you can also do it if you buy a 50 euro bill. Or the casino with a bit of luck. In fact, it’s a piece of human, which I also scratch behind the ears. but they should know for themselves. He who makes sense does not throw his money into a bottomless pit. If he doesn’t have that, he can just try to explain and show what works.
It is also a way for some companies to get financing, as some companies do when they go public. So you have to dive into the team behind a coin; if it’s anonymous, I’m guaranteed to get through. There is no shiba for me.
There is nothing wrong with a market from an economic point of view, but a market must be fair and transparent. This is only possible with regulation. It is necessary, and it is still in its infancy. Just like BitTorrent, in the 90s. Thank God they haven’t banned the technology, but they have looked at what can be done. Now we’re happy to use what’s left.
[Reactie gewijzigd door dwarfangel op 25 december 2021 02:07]