From the Holo currency whitepaper;
Everything is wrong with the first paragraph.
"0.0001% of the world’s finances"
Sounds absurdly small, right? Reference check;
"wildly fluctuating, speculative 12 value"
Any proponent of decentralized cryptocurrency should know that fiat-crypto price fluctuations are an inevitable market phenomenon, the magnitude of which will decrease as crypto currency adoption increases. Market phenomena have nothing to do with the inherent merit of existing blockchain cryptocurrencies, or their suitability for use as globally accepted currencies in future.
Where there is no problem, Holochain comes to the rescue with plans for a "mutual credit currency" where "Every credit has an offsetting debit. Nobody ever gets to create something from nothing. There is no minting, mining, or burning of coins.” “the net currency supply is always ZERO"
Effectively they claim that a FED style "variable supply" (increasing supply) price stabilizing mechanism is superior to actual market valuation of a fixed supply decentralized cryptocurrency.
“and no inherent redeemability”
Did Holochain propagandists forget that bitcoin is a cryptocurrency?
“Some devotees claim the value of a cryptocurrency is 13 based on how much energy it wastes to use it.”
Priceless. A quote from John McAfee trying to argue against the moot, “lack of intrinsic value” argument, recycled for the quadrillionth time by Jamie Dimon & other stakeholders in the legacy financial system. Don't bother pointing out that fiat itself has no intrinsic value.
“Rather than requiring specialized processors for 14 massive computation for mining,”
Cryptocurrencies don’t require specialized processors OR massive computation for mining. Specialized processors (Asics) are a result of market competition to accumulate any given POW cryptocurrency. “Massive computation” is the inevitable result of a large network of computers in competition to accumulate any successful POW crypto currency.
Bitcoin doesn’t need massive computation to function – it has massive computational resources dedicated to it because miners compete to acquire it.
Effectively, Holo's marketing attempts to put down existing cryptocurrencies…by referring to market phenomena which actually substantiate the validity of existing cryptocurrencies. The paragraph also neglects to acknowledge the existence of POS, dPOS etc...making it seem like there's a problem that Holo could solve.
It would seem that the writer is attempting to exploit potential investors unfamiliar with crypto. Such exploitation and use of FUD is seriously at odds with Holo’s marketing which screams things like “a more human internet for everyone” - “ making it right” - “doing it right for all” - ” you and me” - “together” - “crowd” - “peer to peer” “community” etc etc.
Legitimately strong projects don't need to prop themselves up by pushing down the wealth of brilliant work they stand on.