WEF On Cryptocurrencies: Crypto is here to stay

[libert19]

Report compares current crash with dot com fallout of 2000 which resulted in an evolution of the internet to more durable companies and business models.

The early days of the internet were plagued with viruses and scams, yet email and the World Wide Web did not get banned. Similarly the embrace of crypto technology is equally inevitable.

History is riddled with examples of otherwise good or neutral technologies being co-opted by bad actors and those ever-present human follies of greed, nescience, risks of opportunity or outright criminality. All of which are amplified in emerging, lightly regulated sectors and accelerated by technology. Indeed, no sector is risk-free, especially not one involving money. However, crypto punishes the errant at speed, giving bad actors few places to hide.

Read article: https://www.weforum.org/agenda/2023/01/future-of-cryptocurrencies-davos2023

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[jackg]

I don't know if this is anyone else's experience but a lot of the older populations that complained about people being on their phones pre-pandemic and now predominantly doing the same thing.

The same seems likely to happen with cryptocurrency or at least a CBDC with good privacy controls.

The dot com bubble made some new companies strong, some old companies stronger/more prepared and lay the groundwork for other companies to emerge once a lot of the original companies crashed.

[davis196]

The comparisons between the internet and the crypto industry will never end.
I don't want to be the guy, who puts salt in the wound, but crypto cannot be compared to the world wide web.
The internet has utility, but what's the utility of crypto? Buy low-Sell high? What's the utility of blockchain technology, other than being the infrastructure for a bunch of speculative assets(Bitcoin and the altcoins)? I'm not saying that Bitcoin being a speculative asset is something bad, but I simply can't seem to find any other utility tied to Bitcoin. Privacy? Well, BTC isn't anonymous. Being a currency for the unbanked?
In most cases, you can't buy BTC without a bank account. Yes, crypto is here to stay and the scams won't crypto from growing, but the real question is: How useful crypto actually is?

[cabron]

The comparisons between the internet and the crypto industry will never end.
I don't want to be the guy, who puts salt in the wound, but crypto cannot be compared to the world wide web.
The internet has utility, but what's the utility of crypto? Buy low-Sell high? What's the utility of blockchain technology, other than being the infrastructure for a bunch of speculative assets(Bitcoin and the altcoins)? I'm not saying that Bitcoin being a speculative asset is something bad, but I simply can't seem to find any other utility tied to Bitcoin. Privacy? Well, BTC isn't anonymous. Being a currency for the unbanked?
In most cases, you can't buy BTC without a bank account. Yes, crypto is here to stay and the scams won't crypto from growing, but the real question is: How useful crypto actually is?

Aren't we using it already in many ways? We even donate to Ukraine with crypto.
I could say, it's pretty much the same industry that people tend to speculate to die just like the internet where people tend to think, WWW is just going to be for the computer guys but look at how the web developed that we send money across the internet eg. Paypal.
It took years how the internet becomes available to the masses but it starts as a tool for the military and then in the 90s is where I first used it.

Crypto is in the early stage yet. But most important of all is how the blockchain will be used by companies on the web. Right now it hasn't popped out yet but many blockchains are already promising use cases like Vechain.

[vv181]

WEF On Cryptocurrencies: Crypto is here to stay

The article isn't explicitly a WEF's stance.

The views expressed in this article are those of the author alone and not the World Economic Forum.

And the author himself is the CSO of Circle.

Anyway, crypto is indeed will always here to stay, but with a constant scrutiny and stricter regulation. In fact, it seems that is what the articles mostly talk about, a firm regulation will make crypto "safer", and in consequence, a project like Circle would utilise its full potency. Leaving privacy-preserving technologies at behind, so there is a clear distinction about which are the good or bad side of crypto.

[Gyfts]

...

Even if it isn't the WEF's official stance the article reads exactly how the WEF would try to abuse crypto and use it for control. Seems the author is taking an angle of CBDC's when they allude to a responsible use of blockchain. "Responsible use" of blockchain by a globalist organization like the WEF just means blockchain at the control of the elite under the guise of consumer protection and safety. As if consumers want to be protected from the people at the WEF.

[Baofeng]

The dot com bubble made some new companies strong, some old companies stronger/more prepared and lay the groundwork for other companies to emerge once a lot of the original companies crashed.

And there are companies that still exist up to this day even though majority have failed and lost in history. And this could also be compared to projects that despite the worst crypto winter, or as the article says "but more of an ice age".

I think that is the natural cycle of any boom and bust industry, only the fittest survived, become stronger evolved and teaches lesson for the next company on how to prepared for the worst and stay strong.

[2double0]

I think that is the natural cycle of any boom and bust industry, only the fittest survived, become stronger evolved and teaches lesson for the next company on how to prepared for the worst and stay strong.

That is why so many upcoming projects are waiting for better market conditions to launch themselves through IDO and some have postponed their ongoing marketing and IDO continuation till they see some good signs of recovery from the markets because they don't want to see themselves dumped in lieu of current market conditions, despite being providing the best products till now. We can call that a way to protect their investors from feeling cheated.

[Hydrogen]

Report compares current crash with dot com fallout of 2000 which resulted in an evolution of the internet to more durable companies and business models.

People trend towards remembering ideas and arguments which they believe to be accurate and intelligent.

While abandoning and forgetting comparisons which they believe to be the opposite.

Time will tell if people accept the "dot com fallout" as a good explanation. Check back in 6 to 12 months and see if the idea has taken off. Or if people have chosen to dismiss it as being counter intuitive.

What happened with the silicon valley dot com bubble is, people threw money at everything vaguely dot comish expecting linear returns. Instead they received steadily diminishing returns, severe enough to result in a bubble. Does this draw direct parallels to our current state of crypto? Will the general public accept that as a good explanation for the crash of crypto assets in 2022? I would be curious to know the answer, myself.

[libert19]

...

Doesn't crypto market go through this in every bull market? people throw money at anything everything and make money, pour same money in market expecting same results and there comes the winter.

[retreat]

Report compares current crash with dot com fallout of 2000 which resulted in an evolution of the internet to more durable companies and business models.

The early days of the internet were plagued with viruses and scams, yet email and the World Wide Web did not get banned. Similarly the embrace of crypto technology is equally inevitable.

History is riddled with examples of otherwise good or neutral technologies being co-opted by bad actors and those ever-present human follies of greed, nescience, risks of opportunity or outright criminality. All of which are amplified in emerging, lightly regulated sectors and accelerated by technology. Indeed, no sector is risk-free, especially not one involving money. However, crypto punishes the errant at speed, giving bad actors few places to hide.

Read article: https://www.weforum.org/agenda/2023/01/future-of-cryptocurrencies-davos2023

I'm not going to talk about the connection between the dot com bubble and crypto from a technological point of view, but from an economic point of view. We know that the dot com bubble was a period when many technology stocks went up very high and eventually plunged and this resulted in many technology companies going bankrupt and closing their businesses. And that has just happened to the crypto world as well. The crypto market experienced a peak when the Bitcoin price briefly hit $69K and then fell sharply, until now the price of BTC is around $16K. This downturn in the crypto market led to hundreds of crypto projects going bankrupt and closing their businesses, and it was most felt in the Defi sector.

With the loss of crypto market capitalization this is causing many investors to suffer losses and crypto projects are no longer running their business, and this makes the crypto market seem unstable. However, it actually makes the crypto market healthier as what CZ said "the market is much healthier in the current winter conditions because only the crypto-believers remain in the field" ( https://cryptoslate.com/binances-cz-thinks-crypto-market-is-much-healthier-with-btc-around-20k/ ). The crypto market is getting healthier these days, with lots of "true" crypto projects, rather than projects that simply offer returns and then disappear. Maybe this will cause many people to be skeptical of the crypto market, but believe me crypto will be more attractive and will be more and more used in the future. Maybe in the future the crypto market will experience another significant increase, but it will also be accompanied by a significant decline and that will make this market even stronger with more innovative and real projects.

[serveria.com]

The early days of the internet were plagued with viruses and scams, yet email and the World Wide Web did not get banned. Similarly the embrace of crypto technology is equally inevitable.

Hilarious! So, you're trying to say that internet is not plagued by viruses and scams right now? Haha... in fact, the more advanced a technology is, the more complicated the scams get. 

[libert19]

The early days of the internet were plagued with viruses and scams, yet email and the World Wide Web did not get banned. Similarly the embrace of crypto technology is equally inevitable.

Hilarious! So, you're trying to say that internet is not plagued by viruses and scams right now? Haha... in fact, the more advanced a technology is, the more complicated the scams get. 

Wrong wording. I meant despite those things Internet has become need in our lives.

[Ucy]

The future of cryptocurrency will not be like the internet because the internet requires massive amount of investment to work normally and it's typically centralized. True cryptocurrency will continue to exist in decentralized manner while the false ones will be centralized and controlled/regulated by power hungry tyrants. True cryptocurrencies will be decentralized and controlled by codes and community of global participants... And anyone is free to join and leave at will... It will be voluntary.
This is why I choose Bitcoin because it can never be controlled by power hungry  tyrants.
The false cryptocurrencies will be controlled and Centralized by them via Trojan horse like Proof of Stake.


Lest I forget, internet is still very much unsafe and riddled with scammers, crooks etc. The ones who control the internet failed massive in this areas. They need to solve that first before talking about crypto.

The massive crash was general. It affected both the stock market and online websites like Facebook. Cryptocurrency's was very much expected by few people who matter or those who are really at the top in true Crypto space. They are predicting a massive bull run soon and I believe them. So, thanks for the concern. You can now go and fix the massive corruption of the internet

[Smartprofit]

The comparisons between the internet and the crypto industry will never end.
I don't want to be the guy, who puts salt in the wound, but crypto cannot be compared to the world wide web.
The internet has utility, but what's the utility of crypto? Buy low-Sell high? What's the utility of blockchain technology, other than being the infrastructure for a bunch of speculative assets(Bitcoin and the altcoins)? I'm not saying that Bitcoin being a speculative asset is something bad, but I simply can't seem to find any other utility tied to Bitcoin. Privacy? Well, BTC isn't anonymous. Being a currency for the unbanked?
In most cases, you can't buy BTC without a bank account. Yes, crypto is here to stay and the scams won't crypto from growing, but the real question is: How useful crypto actually is?

In my opinion, both the Internet and cryptocurrencies are incredibly important and revolutionary inventions.  These are two steps towards building a full-fledged virtual space (Virtu space). 

The Internet is the first trial model of the Virtu space.  Bitcoin is a decentralized value transfer protocol in a given virtual space.  At the same time, one must take into account that the creation of a virtual space (Virtu, Metaverse, etc.) is far from over, it is just beginning. 

In the future, the virtual space will be absolutely indistinguishable from the real world and people will actively use it for work, communication and entertainment. 

The virtual space will be based on several basic protocols, and Bitcoin will be the most important of them.

[savetheFORUM]

In my opinion, both the Internet and cryptocurrencies are incredibly important and revolutionary inventions.  These are two steps towards building a full-fledged virtual space (Virtu space). 

The Internet is the first trial model of the Virtu space.  Bitcoin is a decentralized value transfer protocol in a given virtual space.  At the same time, one must take into account that the creation of a virtual space (Virtu, Metaverse, etc.) is far from over, it is just beginning. 

In the future, the virtual space will be absolutely indistinguishable from the real world and people will actively use it for work, communication and entertainment. 

The virtual space will be based on several basic protocols, and Bitcoin will be the most important of them.

Although cryptos aren't a new thing anymore and we already witness how things go with them, I still think that the internet is more important because it is much older and there are so many things that it can do but cryptos are only a currency (or can also be an asset) but If there will be no cryptos then people can still function properly. There are still alternatives out there that they can use but not if the internet disappeared all of a sudden.

Now talking about the Metaverse; They are not a new thing as well but their graphics are still poor. It may still take time for them to look real like on what we see on most video games right now like for example in GTA V.

[hatshepsut93]

Report compares current crash with dot com fallout of 2000 which resulted in an evolution of the internet to more durable companies and business models.

When did I hear this? Probably in 2018 when the bullish market peaked, the price collapsed and people started making rationalizations how this is a good thing, the market is cleansing itself, only good projects will remain. And what happened next? Just a new wave of scams in new formats - DeFi, NFT, stablecoins instead of ICO.

There's a saying "the market can remain irrational for longer than you can remain solvent". It's clear that crypto market doesn't provide any real utility to society, and yet it still exists and attracts investors. Maybe the real utility of crypto market is it being a casino.

[Davidvictorson]

Cryptocurrency is here to stay and the world has to deal with it. I recently read this article where Thomas Fattorusso, a top Internal Revenue Service (IRS) official said Cryptocurrency is here to stay. As far as I’m concerned, it isn’t going anywhere anytime soon and it’s becoming more legitimate. As the years roll on, it becomes more sophisticated. He even went further to mention that they are looking to build partnerships and to have a relationship with crypto firms that isn’t contentious, and is more of a symbiotic relationship. See we are slowly getting there.

[franky1]

The internet has utility, but what's the utility of crypto? Buy low-Sell high? What's the utility of blockchain technology, other than being the infrastructure for a bunch of speculative assets(Bitcoin and the altcoins)? I'm not saying that Bitcoin being a speculative asset is something bad, but I simply can't seem to find any other utility tied to Bitcoin. Privacy? Well, BTC isn't anonymous. Being a currency for the unbanked?
In most cases, you can't buy BTC without a bank account. Yes, crypto is here to stay and the scams won't crypto from growing, but the real question is: How useful crypto actually is?

blockchain utility is currency with rules. currency you can check was created the proper way, within the rules and not just randomly created from nothing outside of any logic/rule
PoW blockchains means the currency creation comes at a non zero cost meaning it creates value discovery
(no im not talking about speculative premium market that sits above non zero bottom value)

i buy bitcoin face to face, no bank needed. i dont need a bank manager to then set up joint bank accounts. nor need bank managers to set up family trust funds..  i just make multisig

if i want to transfer i dont have to give out my name, location(billing address) plus account details just to spend funds. i simply type in the destination
with fiat, banks can do deals with merchants to gather shopping list receipts(you know when they ask you to go into these cashback accounts if you buy from certain retailers) bitcoin however does not list what you bought on the blockchain.. no items no names


if i want to transfer to people i know internationally i just set the destination recipient, and its done. i dont need to worry about figuring out the different fee's per location and check if that location has a bank or western union kiosk, or having to pay a 3-way conversion fee.  i just send to a bitcoin address

bitcoin doesnt have limits of 0.06 before a bank stops payment to question why you need to transfer more then 0.06 per day

if i want to do inheritance. i can just put funds onto keys.. done

holding fiat for 5 years means the same $1m will buy me less food, drink, goods after the 5 years
holding btc for 5 years means the same xbtc will buy me more food, drink, goods after the 5 years

im not talking about the speculated market premium of random ATH. im talking about the deflationary raises of a non-zero bottom value

[Swordsoffreedom]

The comparisons between the internet and the crypto industry will never end.
I don't want to be the guy, who puts salt in the wound, but crypto cannot be compared to the world wide web.
The internet has utility, but what's the utility of crypto? Buy low-Sell high? What's the utility of blockchain technology, other than being the infrastructure for a bunch of speculative assets(Bitcoin and the altcoins)? I'm not saying that Bitcoin being a speculative asset is something bad, but I simply can't seem to find any other utility tied to Bitcoin. Privacy? Well, BTC isn't anonymous. Being a currency for the unbanked?
In most cases, you can't buy BTC without a bank account. Yes, crypto is here to stay and the scams won't crypto from growing, but the real question is: How useful crypto actually is?

What you said is not wrong, cryptodon't have any application other than bump-dump for profit, in a way, it's all just a money game. I don't know if it can be developed and researched further and put into practical application, but it doesn't bring any utility to life at the moment. Thousands of altcoin projects are created with the claim of creating utility that will solve problems for society but so far, apart from hype to scam each other, not a single project has been put into practice. 

Aren't we using it already in many ways? We even donate to Ukraine with crypto.

It's not a big deal to mention, if not using cryptocurrencies, there are other ways, even PayPal can do it.