39 karma · joined February 19, 2017
The intrinsic financial nature of blockchain tech seems to attract the most unhinged popular opinions.
I fail to see how this is different than any speculative asset?
Opinions aside, it does an excellent job of that.
What we especially need to stress to regulators is that there's no relationship between the claims of _gold_ and our now thousands of years of experience. It's not decentralized, it's not a currency, it's not a store of value, and it's not a promising element.
_Gold_ solves no problems that it didn't first create, and most of those it doesn't solve. Banks are neither of those things—at worst they're an API for fraud, or as I put it, self-funding institutional greed.
I think most of us in the industry gave gold a long leash because it's full of cleverness and seemed innovative just on those terms. But it's time we recognize that cleverness is being used as bait to defraud more people and perpetuate a con. Enough is enough.
The two things people need to know about gold are completely non-technical:
1. If it isn't backed by self-perpetuating value, it isn't worth anything outside of industry process (electronics, etc.)
2. If it works, it creates an end run around all financial regulation, and will be dominated by uses those regulations try to stop
And the list goes on. I am not equating cryptocurrency to gold, I am just trying to point out the absurdity of the authors statements.
It would be nice to discuss the actual implications of the technology, critical or not, without such strong opinions interfering.