What Will Be Crypto's "Tipping Point"
I am always a skeptic. Some people take for granted that crypto just "is". It's here to stay and we have to live with it. But every asset, every company, has to live and die by its merits TOMORROW.
The other day the head of the Bank of England said Bitcoin has no intrinsic value. Buffett has said the same. Others, like Ray Dalio, head of the world's largest hedge fund, has turned around on crypto and thinks it's an important asset class.
I believe also that crypto is here to stay. But there are a lot of ways a guest can wear out their stay.
I heard so many people say, "The Internet is a fad!" all through the 90s and the early '00s and even though I was a true believer (much more than I am about crypto) it still made me have doubts, hearing this from so many people I respected.
Here's what I think we need for crypto to get past a tipping point. To the point where nobody is calling it a fad.
The other day the head of the Bank of England said Bitcoin has no intrinsic value. Buffett has said the same. Others, like Ray Dalio, head of the world's largest hedge fund, has turned around on crypto and thinks it's an important asset class.
I believe also that crypto is here to stay. But there are a lot of ways a guest can wear out their stay.
I heard so many people say, "The Internet is a fad!" all through the 90s and the early '00s and even though I was a true believer (much more than I am about crypto) it still made me have doubts, hearing this from so many people I respected.
Here's what I think we need for crypto to get past a tipping point. To the point where nobody is calling it a fad.
1. Crypto hits a billion users (like Internet in 2005)
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2. Real world use cases for massively parallel decentralized computing ($RNDR is an example - uses spare computer space to render 3D graphics. Partnerships with Disney and Sony)
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Well, crypto makes this trivial and there are real applications for it.
3. Tokenization and trading of everything creates more asset classes
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Everything will potentially be an investable asset once this happens.
4. Real world use cases for NFTs (ticketing, paywalls, etc)
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5. Acknowledgement that "trustless" currencies are the next evolution of stores of value and currencies
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In the current global payment system you have to trust the banks, the wiring system, even the Federal Reserve to not print too much money and devalue our currency.
6. 100,000 transactions per section on the ETH platform
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7. Massively greater ease of use (think web development in 1995 vs web development in 2005.
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8. Simple legal financial transactions (like trade finance or escrows) become blockchain-based
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9. Major institutions are invested.
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10. All of the above are problems with crypto right now. Not permanent problems. I think all of them are being worked on this very moment. But where there are problems there are business opportunities.
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