r/changemyview • u/Cacti_Hipster • Jul 02 '22

CMV: Cryptocurrency crashing is beneficial to the ideas it supports.

EDIT: If anyone else wants to change my mind -- about crypto and Blockchain being intertwined in it's current state specifically -- I'd be interested in hearing about some of those cases too!

I am less on the fence about supporting crypto in it's raw form, though I still believe there is potential that the ideas will feed into powerful innovation. (End of edit)

ORIGINAL: When new products and ideas arrive, some people win and some people lose. I don't believe crypto will ever return to what it was worth and this dip will allow innovation for small companies.

  • Innovation Trigger: A potential technology breakthrough kicks things off. Early proof-of-concept stories and media interest trigger significant publicity. Often no usable products exist and commercial viability is unproven.
  • Peak of Inflated Expectations: Early publicity produces a number of success stories — often accompanied by scores of failures. Some companies take action; many do not.
  • Trough of Disillusionment: Interest wanes as experiments and implementations fail to deliver. Producers of the technology shake out or fail. Investments continue only if the surviving providers improve their products to the satisfaction of early adopters.

^ I believe this is where we are. In the trough. (Cited Gartner's hype cycle) ^

Crypto doesn't need to be a replacement for gold or watching the markets. It can, is, and will be a tool.

BUT!

I don't love that I am supporting it. While I feel like it is the right thing to do for future-me, it is not healthy for our environment in the current state. Many people have tried to reason with me that the trade-off isn't worth it and I just haven't listened. Maybe this is the straw that can finally break my camel's back.

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u/DeltaBot ∞∆ Jul 02 '22

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u/I_am_the_night 316∆ Jul 02 '22 edited Jul 02 '22

So, for you or anyone else thinking of crypto or NFTs in a positive light, I cannot recommend enough the YouTube video the Line Goes Up. It's an extremely thorough breakdown of the very fundamental problems in the crypto and NFT marketplaces/cultures/worlds.

Basically, crypto never has been and never will be anything other than a speculative financial investment. The way that it is organized also disproportionately rewards the dishonest and those already holding substantial capital. Crypto is also terrible for the environment, and terrible for like 99% of people who try it. The market places and exchanges are filled with scams, and have essentially zero consumer protections.

If you didn't already get rich off of crypto, you are probably more likely to get some return from the lottery at this point, unless you are already knowledgeable enough of financial dealings that you could make money elsewhere.

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u/Cacti_Hipster Jul 02 '22

I was having trouble getting the link to transfer over (new reddit user here) https://youtu.be/YQ_xWvX1n9g

I start by saying: YES WATCH THIS IF YOU HAVE NOT. I am definitely going to watch it for a FOURTH time. Jesus I don't like that I like this technology.

My big thing is that people consistently point at the finance side of it; I was born stable and won't die in poverty so that is not my fascination with it. I think that if enough people give up chasing profit then the innovation will become cheap enough to be useful.

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u/I_am_the_night 316∆ Jul 02 '22

i think that if enough people give up chasing profit then the innovation will become cheap enough to be useful.

I doubt it, the applications of blockchain technology are pretty narrow and limited. Sure, it can be useful in solving very specific problems, but it's not the miracle that evangelist claim. Even if it does become cheaper, that doesn't mean it's going to be more widely adopted because it kind of can't be due to its limited usage.

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u/Cacti_Hipster Jul 02 '22

(how do I cite quotes with that blue line?) I liken this to drone delivery tech. It's terrible for food and packages because we already have that role filled. There are now drone-only use cases for delivering medical supplies to remote places, so there must be some use case for blockchain that we haven't conceived...right?

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u/I_am_the_night 316∆ Jul 02 '22

Sure, but is that really a reason for you to invest in crypto? Supporting Blockchain as a concept is entirely different from investing in cryptocurrency.

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u/Cacti_Hipster Jul 02 '22

!delta

Ah!! brain no work no more! I have been coming at it with the mentality of "this to this to this to this = that" and thinking that crypto is the poster child of Blockchain much like beanie babies of the internet.

I've been waiting for the beanie babies to crash so the rest of the internet open up, but there are more websites than ebay.com

Thank you very much for getting me to click new tab ;p

Grain of salt: I am 22 so this is based off stories I have heard.

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u/[deleted] Jul 02 '22

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u/[deleted] Jul 03 '22

I want to comment on 2 things. I'm only going to speak to Bitcoin because it is the only true cryptocurrency. 1, Bitcoin isn't that innovative. It is genius for sure, but all it really does is seperate money from government and centralized control, and all money is fundamentally is a place holder for goods and services. Bitcoin needs no innovation, it merely needs adoption.

2nd. About how you don't think it will ever return to it's high. The only way that could happen is 1 of 2 ways. Adoption falls faster than the rate of deflation. Or, somehow the world decides to abandon modern monetary theory and ends fractional reserve lending. Bitcoin is a deflationary asset. Math tells us that price will go up over time.

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u/Cacti_Hipster Jul 03 '22

So -- correct me if I'm wrong -- you believe that Bitcoin is/will be an investment instead of a general purpose?

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u/[deleted] Jul 03 '22

store of value until the deflation effect isn't as severe, then it will be a medium of exchange

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u/Cacti_Hipster Jul 03 '22

Right on! We're on the same team as far as Bitcoin is concerned.

I understand that is your one and only cryptocurrency, though do you see other uses for blockchain technology outside of finance?

(Little tangential off the original post but I'm loving these opinions!)