Hello
Well not to sound harsh but ..
Yeah I think it's obvious by now what the world of crypto is coming at.
It's not going to help third world country to fight corruption in the financial world, or help micro economy. It's just another toy millionere use to grab more millions from more people with gray area financial tactic in this unregulated world.
Crypto today are probably the most corrupt financial network. It's all about who you know rather than what you know. All about loyalty, not integrity.
If you know anything about real economics, you can say today 90% of it's value is a speculative bubble.
Can always pretend there is an hidden hand following market logic, but it's not the case, neither it's about investment in innovation, or for structueal development, it's all about clique making shady move for their own personal profits.
You can always try to understand the stake holders and mining farms and shakers and movers to put your stash on the right coin at the right moment, but it looks like italian football bet, french underground boxing bet.
All rigged up and you cant win big if you dont know who has stash involved. And it's not about knowing sport performance anymore. No more than it's about if coin is better than another.
For most people bitcoin is just a "get richer quick on the internet" scheme.
No need to beat around the bush for ever.
And im not even saying this to imply then what you do about it other than being angry about it on the Internet, or Go make your own
But need to face what crypto are today. It's not about technical innivation , or fixing financial world, developping micro economy, or any of this.
when printed in black and white this outlook is really sad
and it is looking more and more like this to me
so much for an alternative to the FIAT system which we are all still tied to
nope it seems just as corrupt
"1.Introduction
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model.
Completely non-reversible transactions are not really possible, since financial institutions cannot
avoid mediating disputes. The cost of mediation increases transaction costs, limiting the
minimum practical transaction size and cutting off the possibility for small casual transactions,
and there is a broader cost in the loss of ability to make non-reversible payments for non-
reversible services. With the possibility of reversal, the need for trust spreads. Merchants must
be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties
can be avoided in person by using physical currency, but no mechanism exists to make payments
over a communications channel without a trusted party.
What is needed is an electronic payment system based on cryptographic proof instead of trust,
allowing any two willing parties to transact directly with each other without the need for a trusted
third party. Transactions that are computationally impractical to reverse would protect sellers
from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In
this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed
timestamp server to generate computational proof of the chronological order of transactions. The
system is secure as long as honest nodes collectively control more CPU power than any
cooperating group of attacker nodes."
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