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this post was submitted on 22 Aug 2025
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Riiight, and how much of that is due to things being in actual "real-world" use, and how much of that is due to speculation?
Oh yes. A huge amount of speculation. Just like NVDA.
My point is that you can say a lot of negative things about crypto, but you can't say it doesn't work. It definitely works.
It doesn't work as a currency. It "works" as a speculative investment in that the bubble hasn't yet popped.
But, what if the bubble doesn't actually pop, and the prices remain at the current levels, more or less, for another couple of decades. If that happens, will cryptocurrencies be seen to "work"?
I think i made a mistake by using the market cap as evidence that it works, because this just shows people believe it is valuable. Not that it works.
What I mean is that the technology is mature and adopted by a large number of independent users. However, it doesn't yet have mass adoption because the user experience is not yet seamlessly integrated into legacy systems.
That doesn't mean it isn't a speculative bubble.
Or it doesn't have mass adoption for the same reason that legacy systems don't accept payment in tulip bulbs.
If you are hung up on value, let's just consider stablecoins.
The price of a particular token has nothing to with how blockchain works. It works.
Stablecoins? The best that you can hope for is that they keep their promise not to crash. And sometimes they do crash and people lose all their value. They're like having cash, but much, much worse.
Blockchain is just an incredibly inefficient distributed database. Of course the price of a token has nothing to do with an incredibly inefficient distributed database. So what?
Agreed. Most of the time a traditional database is far cheaper and better performing.
The key innovation of blockchain is that write access is algorithmic, not centrally controlled. This feature is not possible with any other technology.
What feature is that?
Works, as in what exactly?
Works as a publicly shared, immutable, secure database (and small calculation) engine.