/biz/ - Business & Finance

[Anonymous No.8803873]

> I'll preface by saying I am a coiner and got in May 2017

So I was thinking about it earlier, and how exactly are cryptos going to be adopted in the "real world"?
Imagine for a second a shopping center near you. All those normal people walking around. All those major retailers. Maybe some small business and people of different ages/races. I'd say 98%-99% don't own any crypto. So technically, we are still early adopters (despite it being shilled all over media). However I started thinking about what it would take for it to be in every single person's phone.

I get bitcoin will be around. Bitcoin is basically a store of value. It won't be used as payments. The world population can basically use it as digital gold, and buy and hold some. Cash out when they please, etc. That's it. Ok so that is pretty novel and I can see lasting. But I don't see how it can implemented as a payment method. If it was really necessary, it would have been adopted. But the fact that it has been 9 years and it hasn't says a lot. Maybe in small businesses for a smaller libertarian demographic. Ok it can grow that way. But it is basically the millennial's gold.

Ripple I get - It is easier to send money through borders and have it clear instantly and not weeks. Ok that is pretty cool. Hard to make money and speculate on.

Ethereum is really an evolved version of Bitcoin. Smart contracts is definitely interesting. It became branded for ICOs.

But really step outside and walk around. How is any one coin going to get more traction than a fucking a bank like Wells Fargo or BofA?? It's fucking never going to happen (for payments I mean). Literally, what is the use case? Bitcoin has a use case and really is the only one that matters.

I'm still buying/selling crypto (namely alts) because there is money to be made and it is a ponzi. But any private blockchain being developed (IBM) is not REALLY a blockchain as a blockchain truly needs to be decentralized like Bitcoin. It's just a glorified database.

[Anonymous No.8803916]

>>8803873
The digital currency bubble already popped. There will be a new smart contract bubble growing significantly the next two years. If you're interested in knowing how enterprises are going to use blockchains and smart contracts efficiently, I would do some research on oracles, specfically Chainlink, which currently has many strong use cases in numerous industries and already has an upper hand over similar companies with its first mover advantage.

[Anonymous No.8803944]

>>8803873
it's not only about people paying fucking coffee with their crypto, even if that was satoshis vision - that might happen at some point, but the industrial use case is where blockchain technology excels and that's next

[Anonymous No.8803946]

idk about "everyone" but I run a small ecombusiness, and we've just about finished a new website. When it's up and running we will be accepting a variety of cryptos. I think you will see it coming into it's own when millenial and gen z entrepreneurs become established.

The next youtube, facebook, popular browser, etc. All this is on the horizon, most likely brought into being by people in their 20s and early 30s. Boomers aren't going to implement this shit. Gen x is going to be reluctant, and thus late to the party. The younger generations are going to be the ones that give crypto a home as a payment method, and the ones who will accept various uses of the blockchain (storage, smart contracts, etc). Give it another 10 years of so, and this shit is going to be as common as paypal.

[Anonymous No.8804022]

>>8803946
That's pretty cool man nice. I can see basically that happening because the millennials are "down with the corporations and governments" and crypto gets a movement. Even between all my buds who own and trade crypto, we still just pay each other with Venmo lol.

Maybe it is just too early to conceptualize it for me (I'm saying me personally) because in your case, you're really capitalizing on the fact that these younger kids want to pay in their coins because it "feels cooler" and they might have a greater proclivity to spend because they are in the minority and feel connected that they are pushing a movement forward. Because TECHNICALLY, you could still just accept USD.

However, I can see it working in your case if your business also works internationally. But then, I don't know how the tax laws etc would be set up in that case.

[Anonymous No.8804047]

>>8803873
You're mostly right.

"muh blockchain tech" is a meme. It's just database. A shitty, slow, expensive database. The only applications which actually benefit from blockchains are those which would be targeted by the government otherwise. Decentralized currency (or value) has ALWAYS been the #1 use case for blockchains. Bitcoin fulfills this task and has the most fair coin distribution of any coin, ever. It will be around for years to come. Only brainlets compare the tech of coins. Current tech means little when the entire ecosystem is open source by design.

Cryptocurrency has many advantages over fiat but most normies are content with their credit cards. If your funds aren't at risk of being frozen/seized, if you pay taxes like a good goy, and you don't care about government inflation then you have absolutely nothing to gain from crypto. Fiat sucks. But fiat works and it's integrated into every facet of our lives. Crypto WILL NOT "replace" fiat unless fiat fails.

Historically fiat currencies only last so long. Eventually the PTB act irresponsibly and run the currency into the ground. Normies panic, fortunes are lost, people are killed, and then everyone hops onto the next fiat currency and the cycle begins anew. But now there's an alternative. We don't need to hop onto a new fiat currency, we have crypto, specifically we have bitcoin. Will the fiat system crash again in our lifetime? Who knows. But eventually it will and my guess is that it'll be replaced by crypto.

Ethereum is a fine coin since it offers genuine differences over bitcoin but is inferior as a value coin.

Ripple is worthless trash. It's not decentralized, defeating the entire point.

[Anonymous No.8804236]

>>8804047
Yep I see what you're saying. I agree the blockchain tech is definitely a meme. It be would interesting to see a massive hedge happen in our lifetime into crypto (namely BTC) if we have another economic crash.

If you talk to any developer, they will say it is actually not as easy to code in Solidity and really many dApps aren't always FULLY decentralized. So really, it becomes more costly in that sense. I just don't know about it all.

[Anonymous No.8804386]

I'll tell you some important thing, kids. Decentralised currency won't be used as a mainstream currency. Notice how smart people say "invest in blockchain, not cryptocurrency". Only bank / government blockchain payment systems will stand a chance.

[Anonymous No.8804493]

>>8804386
>Only bank / government blockchain payment systems will stand a chance.

Hi brainlet.

[Anonymous No.8804693]

In an increasingly digital world, digital payments will become more important. There will be a robot for almost every activity you can imagine and many of them will be providing goods and services. Well probably be paying these robots with digital currencies of some sort and in many cases "streaming" them money through microtransactions in if-then scenarios. That's how I see the first world using digital payments. For example if a robot is mowing your lawn and mows 50 square feet of grass, it charges your account fractions of a penny per square foot, then goes along it's merry way and does it at the next person's house who paid for that service.

Or say you're in a car, probably self driving. Would you rather pay insurance on it at a flat rate or would you rather pay it in microtransactions as the car moves? So it starts to go above 5mph and triggers the insurance and starts charging you per mile driven at x speed in small pre determined amounts. People would see this as more fair and itd probably be a popular way to pay for something like that.


I'm pretty optimistic about digital currencies being used for digital activities, and people will more than likely prefer microtransactions for short services.

Look "the internet of things" and realize that almost any of those digital will have a digital currency use case. This could effect billions of people and businesses and governments etc. They say the internet of things will be the next industrial revolution. We got an internet to communicate and shitpost, buy things, and entertain ourselves. Now we're going to apply the internet to pretty much everything else you can imagine.

On the less techy side of crypto and the more social side, the first world already has digital currency to an extent (although our financial systems need a big upgrade). The idea of money you can't seize and of transactions that can't rip you off is more attractive to the 4 billion who live in shithole countries. A lot of people

[Anonymous No.8804741]

>>8804693
Posting from my phone so sorry for the clunky format/grammatical errors there

But tl;dr stop trying to think of digital currency use cases in our current world, their best use cases are for the world that's coming along the horizon

[Anonymous No.8804831]

>>8804741
godspeed anon

[Anonymous No.8804845]

>>8804693
No.

Digital money have been around since the 1950's. Everytime you swipe your credit card, check your balance online, or use Paypal you're using digital money. This is nothing new.

Cryptocurrency does not represent digital money, it represents STATELESS money.

"Streaming" payments are stupid. If you want to charge /mile or /square foot or /handjob then do it. But you pay once when you're done the calculated amount.

Paying the cabbie $3.50 after he's driven me 3.5 miles makes a lot more sense than me throwing pennies as we're driving.

Fiat would also be more capable of handling "streaming" payments as it scales better. Bitcoin can barely keep afloat as is - now you want to make 100/tx's a min while a robot mows your lawn?

[Anonymous No.8805076]

>>8803873
Mass adoption will obviously happen when people, for various reasons, lose faith in fiat. This is also the reason theres been 9 years and still not nearly enough people use BTC. Imho cryptos are certainly part of the future, but we need some major event that will make people shift from fiat to crypto, otherwise it will take forever for mass adoption.

[Anonymous No.8805112]

>>8803873
>Imagine for a second a shopping center near you.

I'm imagining Chainlink rendering billion-dollar industries obsolete. Bitch.

[Anonymous No.8805666]

>>8803873
If you look carefully at the banking system, what happened in 2008 and how we’re basically on the precipice of another collapse (see Duetsch banks deribitaves bubble) then you will see how crypto can be mass adopted. Another more catastrophic collapse is coming. Now, instead of bailing these scum bag bankers out again the people can say fuck it and actually use something else that will eventually be more convenient and much more monetarily sound. Going back to a gold/silver standard was a pipe dream in 2008 bc the bankers own most of that anyway.