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I think ppl who dismiss crypto as having no social benefit don’t really get the decentralization benefit w.r.t. trust. Crypto is objectively inefficient and full of scam right now, but the fact that you can exchange value over the Internet, don’t have to trust any third-party and it’s really difficult for anyone to censor the exchange, is huge. If the inefficiencies are solved, then I don’t see how it is possible for fiat to keep up.

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Crypto has been scams for years, all the way back to Mt. Gox.

Social benefit comes from payment systems that provide safety and stability, not risk and volatility.

This is clearly a chicken and an egg problem. You can’t have stability until crypto is used in the mainstream and has a much greater mass overall, so that short-term speculations don’t result in massive volatility.

That's not true at all. Most currencies are controlled by central banks who actively maintain them to reduce volatility and risk. It's not because of mass or momentum or some other physics term.

Cryptocurrency by design doesn't have this and will always be open to speculators or other rational bad actors manipulating their asset markets.

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