"They’re not in it to grow your wealth or build the industry."
And pray tell, what industries are being financed by crypto? That is, apart from more crypto industries, none of which actually make anything.
Sure, you can drop it into your corporate treasury and hope like Musk or Saylor have done. But let's see what happens if that "money" can be used to buy anything but USD, EUR, etc.
It will never happen that a value store with extraordinary volatility will ever be anything but one or two steps away from gambling. Artificial scarcity is what is the value basis. It may still take some time, but eventually there will be a failure (even with quantum computing advances aside) and then any of the economies operating on this one tenuous construct will collapse.
People think the same thing about banks and financial companies. Creating, storing, and exchanging value does not produce a thing, but industries still grow around them. This article has value because you think it does. Such is the nature of abstractions like money, computer code, and human intrigue.
"People thinking" is not the same thing as facts. I do recognize this as a feature (and not a bug) in the crypto world. "Industries" make things and value derives from that and is passed to partial owners, stock, bond and loan holders. These become valuable because the "Industry" is successfully selling a product and making money doing so.
Hope this helps.
But your article has no value. I think a lot of things that have, don't have, or have not intentional value. Simply believing is not in the least related to value. Believing-as-something-valuable is a disposition and characteristic, however, of religions and cults.
Before taking that thought forward, you may want to reflect on it a little more. You might find many things beyond religion and cults that humans value for something other than their industrial applications or their ability to repay those who buy into them. The world is full of goods, services, and experiences that fulfill emotional, aesthetic, and biological needs.
Also, to your point, "industry" does mean the economic activity that comes from processing raw materials or the manufacture of goods, but I think we're both using it in the more general, contemporary sense. Semantics is a hard thing, makes productive communication so difficult in comments sections of internet posts.
In any event, does communication have value? Does the economic activity around communication fit the definition of industry? Can you attribute value to the action and output that comes from people spending their time and money reading, listening, and engaging with others? If not, does that mean sharing ideas, words, and concepts has no value?
I think you are a bit lost in mixing up the fairly clear difference between value and value.
I do not love/value the USD. Value here is that it has utility value and that's really about it. I don't expect it to solve anything. That is up to the political system that it is a part of: democracy, human rights, etc.
Do you (or other crypto "promoters") love/value BTC and its utility value only? Definitely not. Those who are promoting it are operating as the priests of some vision of the world where it is solving all kinds of problems unrelated to its utility value. And I also would say virtually all of those presumed uses are unproven and/or unprovable. These range from "freeing us from the tyranny of USD or FIAT" to something being the solution to economies for never having recessions or shortages and currency inflation to crypto dissolving the nation-state in a Murray Bookchin fantastical vision of post-scarcity anarchism, etc., etc..
There is value and there is value. There is the value that is related to the utility in commerce and wealth and there is value attributable to or defining a belief system.
"They’re not in it to grow your wealth or build the industry."
And pray tell, what industries are being financed by crypto? That is, apart from more crypto industries, none of which actually make anything.
Sure, you can drop it into your corporate treasury and hope like Musk or Saylor have done. But let's see what happens if that "money" can be used to buy anything but USD, EUR, etc.
It will never happen that a value store with extraordinary volatility will ever be anything but one or two steps away from gambling. Artificial scarcity is what is the value basis. It may still take some time, but eventually there will be a failure (even with quantum computing advances aside) and then any of the economies operating on this one tenuous construct will collapse.
People think the same thing about banks and financial companies. Creating, storing, and exchanging value does not produce a thing, but industries still grow around them. This article has value because you think it does. Such is the nature of abstractions like money, computer code, and human intrigue.
"People thinking" is not the same thing as facts. I do recognize this as a feature (and not a bug) in the crypto world. "Industries" make things and value derives from that and is passed to partial owners, stock, bond and loan holders. These become valuable because the "Industry" is successfully selling a product and making money doing so.
Hope this helps.
But your article has no value. I think a lot of things that have, don't have, or have not intentional value. Simply believing is not in the least related to value. Believing-as-something-valuable is a disposition and characteristic, however, of religions and cults.
Before taking that thought forward, you may want to reflect on it a little more. You might find many things beyond religion and cults that humans value for something other than their industrial applications or their ability to repay those who buy into them. The world is full of goods, services, and experiences that fulfill emotional, aesthetic, and biological needs.
Also, to your point, "industry" does mean the economic activity that comes from processing raw materials or the manufacture of goods, but I think we're both using it in the more general, contemporary sense. Semantics is a hard thing, makes productive communication so difficult in comments sections of internet posts.
In any event, does communication have value? Does the economic activity around communication fit the definition of industry? Can you attribute value to the action and output that comes from people spending their time and money reading, listening, and engaging with others? If not, does that mean sharing ideas, words, and concepts has no value?
I think you are a bit lost in mixing up the fairly clear difference between value and value.
I do not love/value the USD. Value here is that it has utility value and that's really about it. I don't expect it to solve anything. That is up to the political system that it is a part of: democracy, human rights, etc.
Do you (or other crypto "promoters") love/value BTC and its utility value only? Definitely not. Those who are promoting it are operating as the priests of some vision of the world where it is solving all kinds of problems unrelated to its utility value. And I also would say virtually all of those presumed uses are unproven and/or unprovable. These range from "freeing us from the tyranny of USD or FIAT" to something being the solution to economies for never having recessions or shortages and currency inflation to crypto dissolving the nation-state in a Murray Bookchin fantastical vision of post-scarcity anarchism, etc., etc..
There is value and there is value. There is the value that is related to the utility in commerce and wealth and there is value attributable to or defining a belief system.
Crypto is a belief system.
Trust no one. Be safe. You're right