this post was submitted on 20 May 2024
1599 points (97.2% liked)
Technology
59428 readers
2858 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The vast majority of the crypto world failed to understand one key concept, money is not the value for which goods/services are exchanged, it is the value by which they are exchanged. People do not have a use or value for money beyond what it can be exchanged for, if no one is willing to exchange for it, it has no value.
Crypto only had value as a currency if people would accept it for goods or services, and the only thing people ever accepted it as payment for, in any meaningful capacity, were illegal goods and services. The value beyond that was purely based on a speculative ideological assumption that people would abandon the traditional banking system for a new system that they couldn’t buy anything with.