Some core of crypto projects are legitimate and have remained through all the ups and downs, crashes and recoveries from 2013, 2017, and 2021. These are the projects that aim to solve and then use one of the most basic problems in modern technology, developing systems of trust in an otherwise trust-less open network like the Internet. Bi…
Some core of crypto projects are legitimate and have remained through all the ups and downs, crashes and recoveries from 2013, 2017, and 2021. These are the projects that aim to solve and then use one of the most basic problems in modern technology, developing systems of trust in an otherwise trust-less open network like the Internet. Bitcoin provided the first digital solution to this so-called problem of "distributed consensus" or "Byzantine Generals' Problem." There are now many others, with many potential applications, some realized, like Ripple (money transfer) and Filecoin (data transfer on the open internet).
Creating a monetary system in an open network is but one part of the broader use of such solutions. Ethereum has built into it practical machinery that Bitcoin lacks (and much higher speeds and more efficient use of energy) to make "distributed consensus" a reality and potentially replace highly centralized systems of authentication and value.
Bitcoin and Ethereum prices have probably bottomed and returning to a rising trend, because they have gotten free of the burden of selling pressure from the 2021-22 collapse of quasi-scams like Celsius, Terra & Luna, and FTX. These attempts at centralized exchanges were the last cycle's bogus attempt by scam artists to cash in on the crypto mania -- parallel to the 2016-18 ICO (initial coin offering) mania, also mostly made up of flimsy or fraudulent projects. The irony is that cryptocurrencies have no need of precisely that -- centralized exchanges. These were misguided attempts to centralize what by its nature is distributed.
The main large cryptocurrencies remain and will continue to grow in volume and use. They resist attempts to create something like our current banking system out of them. That's the point.
You’re referring to blockchain, the underlying technology for crypto. The former can be a game-changer in numerous ways as you mentioned. Crypto is one application of blockchain that investors have been treating like currencies and securities, but people don’t realize that they’re jumping out of an airplane without a ripcord. Regulators have yet to figure out how to ensure settlement, as is the case with the SEC & NYSE, or the CFTC & CME, which is why we ended up with FTX.
Some core of crypto projects are legitimate and have remained through all the ups and downs, crashes and recoveries from 2013, 2017, and 2021. These are the projects that aim to solve and then use one of the most basic problems in modern technology, developing systems of trust in an otherwise trust-less open network like the Internet. Bitcoin provided the first digital solution to this so-called problem of "distributed consensus" or "Byzantine Generals' Problem." There are now many others, with many potential applications, some realized, like Ripple (money transfer) and Filecoin (data transfer on the open internet).
Creating a monetary system in an open network is but one part of the broader use of such solutions. Ethereum has built into it practical machinery that Bitcoin lacks (and much higher speeds and more efficient use of energy) to make "distributed consensus" a reality and potentially replace highly centralized systems of authentication and value.
Bitcoin and Ethereum prices have probably bottomed and returning to a rising trend, because they have gotten free of the burden of selling pressure from the 2021-22 collapse of quasi-scams like Celsius, Terra & Luna, and FTX. These attempts at centralized exchanges were the last cycle's bogus attempt by scam artists to cash in on the crypto mania -- parallel to the 2016-18 ICO (initial coin offering) mania, also mostly made up of flimsy or fraudulent projects. The irony is that cryptocurrencies have no need of precisely that -- centralized exchanges. These were misguided attempts to centralize what by its nature is distributed.
The main large cryptocurrencies remain and will continue to grow in volume and use. They resist attempts to create something like our current banking system out of them. That's the point.
You’re referring to blockchain, the underlying technology for crypto. The former can be a game-changer in numerous ways as you mentioned. Crypto is one application of blockchain that investors have been treating like currencies and securities, but people don’t realize that they’re jumping out of an airplane without a ripcord. Regulators have yet to figure out how to ensure settlement, as is the case with the SEC & NYSE, or the CFTC & CME, which is why we ended up with FTX.