Someone made a comment that people with alot of "crypto tokens" could outvote you and ruin the system. Here was my response:
That already happens without blockchain. The fundamental principle of blockchain is the ability to digitally store and transfer value. If you don't understand that principle first, you'll never understand the crypto space.
Some people don't understand the true purpose of money. Money is a way for us to store value. It is a way for human beings to account for work and store that value, and trade it for other things of value.
You can skip blockchain altogether, and just create a ledger on a shared excel sheet or napkin or a mental "IOU". The problem with that is faith or trust in that particular system of accounting. Whatever accounting system you use for whatever accounting you need, whether it's emails, owned video games, money, real estate. People accumulate and trade. Take whatever example you want, there is a degree of friction with being able to trade value for value.
There are two ways to look at money. People chase money because they find it valuable so they do things to accumulate money. People create value and use money to store value.
However the future of blockchain evolves is irrelevant to the fact that there are people who will use blockchain as a way to store and trade value.
Crypto market is no different to any market. It is inefficient and illiquid in comparison to fiat currency. Inefficiency creates arbitrage opportunity, which attracts people to reduce the inefficiency.
I understand the hate on crypto because of inefficiencies, but don't be the person to hate on crypto when you see someone generate value on "fake money". Generate value and store it in whatever medium you choose. Anybody can create their own cryptocurrency. But not everybody understands the fundamental principles of money.
Top comments (0)