Sure. That doesn't mean that EVERY peripherial product has intrinsic value or not tremendously overvalued. When I was a kid, there were ponzis, but people had to send 5 postcards to every person on a certain list under their names. Even worse, money ponzis had to be done in person, the horror!!! Now we have the internet, so you just have to buy into my crypto ponzi, everything is much easier. For the young crowd: https://www.cs.rutgers.edu/~watrous/chain-letters.html Why do people think chain letters could work? The reason people are even tempted by these schemes is that the human mind does not have an intuitive view of geometrical progressions. Suppose we presume the chain letter to have a list of five people. You are asked to send one postcard to the person on top of the list, and remail the letter to five friends. You are promised thousands of postcards from all over the world if everyone participates. Your cost: a postcard, five photocopies and envelopes, and six stamps. Not much to risk to see what comes back...
The phone was revolutionary. Social media just enabled people to say shit and let idiots listen, nobody listened to those clowns before. That is not revolutionary.
I think even the crypto bulls probably know that its a shit coin. But if they stand by crypto, it must hurt because in many ways because its ruining their brand. If BTC is so superior because of 21 million limit, then why is ETH doing so well? If ETH is doing so well because of lighting fast network and ability to layer stuff on top of it, then why is dogecoin doing so well? So many people like to attribute reasons to why stuff happens (just like when CNBC attributes market moves to some piece of news), but in the end, its all just the mood of the people. So if the current coin in fashion is dependent solely on the whim of the people, then that is not a very strong case for the inherent value. But I'm sure its still going up before a major flush. So trade on!
Ether at least has an underlying economic use/value proposition insofar as it's the platform and settlement currency for NFTs, DeFi and so forth. These are basically just toys at the moment, but DeFi has the potential to amount to a niche area of finance (similar to p2p lending though likely much smaller) and NFTs also seem likely to stick around as a niche part of the art market. BTC on the other hand has no underlying use case, except as a reserve asset.
NFTs in my opinion is useless garbage. But the DeFi is interesting. I imagine if the governments totally lose control over monetary policy then I can see how DeFi would be a hit. But can I really see it replacing the banking sector? Do I really see banks sitting by watching 50% of their business disappear while they work along side this technology? The entire political base would be shot because they would have failed the banking execs who clearly are paying the politicians. So I think this technology will improve transactions, but behind it all will still be some bank and it won't be decentralized.
It’s an immutable truth ledger. After the ‘big lie’ and it’s continued expression, truth comes with a premium.
It reduces the cantillon effect, takes out the bloat within the financial sector from the dissolution of ‘necessary middlemen’