Is the value of cryptocurrencies being hindered by the seemingly endless ability of newbies to create their own digital money? Does it make the whole Crypto $ scope vulnerable to folks who claim they have something of value but no intrinsic worth?
Does a foundation of a blockchain database such as Steem, Bitcoin’s, Ethereum and NXT mean there will be widespread acceptance and standardized formulas that will be find a collective group of conservators who can claim acceptance and a mandated authentic criteria?
While the blockchain database capabilities certainly has merit as a place in which transactions can be registered digitally for a variety of reasons – how does this create any real value for the crypto coins that are still only ‘digital fingerprints’ at the end of the day?
While the blockchain technology is a potentially strong step to create a binding record from a transaction standpoint how is this any different than the invention of a pen which recorded information for centuries but never carried a value – except to be bought and sold as a product?
Is blockchain data simply a new pen and ledger that records more efficiently?
Please do not get me wrong. I love the idea of digital currencies and blockchains. I have a sincere amount of distrust about how the major economic spheres have created a false narrative regarding their regulatory environments surrounding their Central Banks and their monetary policies which in essence have become government sponsored insurance machines and printing presses.
Smart contracts, altruism, and value created via technology that is backed by a ‘trustless’ foundation appeals to me. The reality is that it is all about market sentiment generated by our collective psychology. One minute we may be a rock star, the other minute we may be a one hit wonder.
Here is to producing solid economics and technology that works for the collective good. Unfortunately the contrarian inside of me still has fears and doubts.
So please walk me through this, share your thoughts, I do not come at this with a coders outlook but as a market participant who does not trust the feel good narrative being authored by the governments that treat us like school children who must be disciplined and made to march in step as we near a financial abyss and are told not to worry.
I can see with my own eyes bad monetary policy from many Central Banks, poor government fiscal responsibility and some corporations looking to protect their self-interest within a flawed system.
I want to see blockchains thrive, I want to see digital money become standardized and able to be used via smart wallets worldwide.
Please tell me why it will work.