Everything's got a moral if only you can find it.
The Duchess
Recently I saw an interesting article where the opponents used the adjectives "useful" and "useless" in relation to Bitcoin. The actual idea of that article is not important for now, I only mean that it was those two adjectives that drove the brakeless train of my thought to a particular direction, namely -- whether BTC (and other cryptocurrencies, for that matter) is actually "useless".
First, I would note that we shouldn't use these words on their own. I mean, "useful/useless" actually implies "useful/useless for something". Clearly, a spade is quite useful for gardening but rather useless for playing the piano. Actually, that something part is the most interesting part of the question.
Second, I would note that we shouldn't mix "usefulness" assessments with moral assessments. A machine-gun is a very useful tool for mass killing and a nuke bomb is even more useful -- even if we can't praise this kind of "usefulness". Moral assessments of usefulness are indeed possible, but they shouldn't lead to a fallacy of "it's nasty -- ergo, it's useless".
So, is crypto actually useless?
At this point I might say that crypto is pretty much useless. Not only it failed to solve any real-life problem, it hasn't even solved those far-fetching problems it was created to solve. It's indeed possible to use crypto for "crypto loans" or "value transfers" like it's technically possible to play the piano with a spade. This may look like a controversial statement at least, but let's look at the world beyond Cointelegraph, Leofinance, Publish0x, etc. For the moment I will not go deeper into it.
However, above I used the word "might" for a reason because I think I know something the crypto is extremely useful for. Actually, some time ago I made a post on that. Those who saw that post might notice that I defined Bitcoin as a pure speculative vehicle. The same is true for the whole crypto, for that matter.
"Something" that the crypto is "useful for" is speculation. And I don't mean some ordinary "speculation", I mean "the speculation system which was never seen in history before". Crypto created a global highly accessible unrestricted Speculative Universe, a self-organized, "distributed", worldwide Ponzi, covered with economic wording, driven by the hope of making big money -- readily and nearly unrestrictedly available for every little shrimp with an internet connection! Yes, in some sense, it's a "parallel financial system" of the world -- and cryptocurrencies (all of them) are its main part. So, who says crypto is "useless" then?!
Many crypto-enthusiasts may be upset with my mentioning Ponzi. But again, I'm not talking morals here, I mean Ponzi in a technical sense only. Besides, being a Ponzi doesn't mean it will dump today. Actually, a Ponzi can run a very long time, as long as its money inflow outweighs its money outflow. Besides, in the case of crypto even a huge dump is hardly the end. The Crypto Speculative Universe is so unique and profitable thing, that it would be a total waste to throw it away just because of a shitty dump!
Yup, it will dump sooner or later, many will get rekt, some will make good fortunes -- and so what? It's just a part of the game. Sooner or later the "investors" short memory will be reset, a new generation of suckers will be born, and Merry will go round again. As of today, I don't see anything that can replace the Speculative Crypto Universe in terms of profitability, availability, "entertainability", etc, etc, if it disappears.
Photo by Quang Nguyen Vinh from Pexels
Posted Using LeoFinance Beta
