The Case Against Crypto.
By Stephen Diehl
https://www.stephendiehl.com/blog/against-crypto.html
I will argue that the case against crypto is strong. The problem is bitcoin is not crypto. Bitcoin was designed to solve a particular problem and it can solve it today. The purpose of bitcoin when I launched it was to enable micro payments and the recording of information at a level that could not be achieved in the past.
When used as a commodity asset to underlie all sorts of other exchanges including central-bank digital currencies, bitcoin is no longer a speculative gambling asset but has a purpose. That is how it able to be called innovative. Importantly, bitcoin is not a Cryptocurrency. It isn’t a currency. I stated this many times. It is digital cash, and it is a secure ledger system that allows for very low transaction cost in a very secure and incredibly safe methodology.
The can’t be hundreds of Cryptocurrencies just like they can’t be hundreds of Internets. Equally, the entire NFT market is really about bypassing controls just like the ICO scams were about raising money without doing anything. NFT’s should be about low-cost tokens for exchange of tickets and even embedded digital rights management that is not outside of government.
Not all crypto assets are unregistered securities. The majority when used correctly would be commodities but the truth of the matter is very few are used correctly. Many aspects of the article are completely right when taken against BTC and other such assets. The difficulty in this is that bitcoin isn’t like BTC and it doesn’t form the system that people are trying to turn it into.
When a government creates a central bank digital currency and runs it over bitcoin (BSV) we are talking about a data commodity running a real currency. And, this is the point, it is a real currency when it is current money and can be exchanged for goods and services and as legal tender. Right now, even in countries such as El Salvador there is no true legal tender and the legislation is really about a mandated wallet system that has nothing to do with bitcoin Evan.
When this is implemented as real US dollars produced by the US Fed or real British pounds produced by the British government, this will be a different system and the volatility won’t be there. Nobody is going to trade and gamble on the value of pounds if these are denominated as a pound.
CSW
Jan 9, 2022
https://metanet-icu.slack.com/archives/C5131HKFX/p1641750989029400?thread_ts=1641750989.029400&cid=C5131HKFX
https://t.me/CSW_Slack/3660
By Stephen Diehl
https://www.stephendiehl.com/blog/against-crypto.html
I will argue that the case against crypto is strong. The problem is bitcoin is not crypto. Bitcoin was designed to solve a particular problem and it can solve it today. The purpose of bitcoin when I launched it was to enable micro payments and the recording of information at a level that could not be achieved in the past.
When used as a commodity asset to underlie all sorts of other exchanges including central-bank digital currencies, bitcoin is no longer a speculative gambling asset but has a purpose. That is how it able to be called innovative. Importantly, bitcoin is not a Cryptocurrency. It isn’t a currency. I stated this many times. It is digital cash, and it is a secure ledger system that allows for very low transaction cost in a very secure and incredibly safe methodology.
The can’t be hundreds of Cryptocurrencies just like they can’t be hundreds of Internets. Equally, the entire NFT market is really about bypassing controls just like the ICO scams were about raising money without doing anything. NFT’s should be about low-cost tokens for exchange of tickets and even embedded digital rights management that is not outside of government.
Not all crypto assets are unregistered securities. The majority when used correctly would be commodities but the truth of the matter is very few are used correctly. Many aspects of the article are completely right when taken against BTC and other such assets. The difficulty in this is that bitcoin isn’t like BTC and it doesn’t form the system that people are trying to turn it into.
When a government creates a central bank digital currency and runs it over bitcoin (BSV) we are talking about a data commodity running a real currency. And, this is the point, it is a real currency when it is current money and can be exchanged for goods and services and as legal tender. Right now, even in countries such as El Salvador there is no true legal tender and the legislation is really about a mandated wallet system that has nothing to do with bitcoin Evan.
When this is implemented as real US dollars produced by the US Fed or real British pounds produced by the British government, this will be a different system and the volatility won’t be there. Nobody is going to trade and gamble on the value of pounds if these are denominated as a pound.
CSW
Jan 9, 2022
https://metanet-icu.slack.com/archives/C5131HKFX/p1641750989029400?thread_ts=1641750989.029400&cid=C5131HKFX
https://t.me/CSW_Slack/3660
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