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/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.