I'm just going to drop this in here, this is a quote from Patrick McKenzie during a live chat on Product Hunt [1] that John Collison tweeted out back in April [2]. It's an answer to: "What is one thing you believe that others disagree with you on?"
It's a pretty cynical view, but worth digesting.
> The fundamental innovation in Bitcoin the social dynamics of the gold rush phase, which distribute cryptocurrency tokens widely for almost free. This creates a self-organized distributed boiler room to market Bitcoin. Bitcoin needs nothing else to get as big as it has; this is convenient because it has nothing else. Bitcoin has no utility as a means of transaction or a store of value. The blockchain is the world's worst database. The long line of very smart people on the other side of this bet have been scammed, are scamming, or both. Bitcoin will, accordingly, go to zero with the inevitability of gravity.
It's a pretty cynical view, but worth digesting.
> The fundamental innovation in Bitcoin the social dynamics of the gold rush phase, which distribute cryptocurrency tokens widely for almost free. This creates a self-organized distributed boiler room to market Bitcoin. Bitcoin needs nothing else to get as big as it has; this is convenient because it has nothing else. Bitcoin has no utility as a means of transaction or a store of value. The blockchain is the world's worst database. The long line of very smart people on the other side of this bet have been scammed, are scamming, or both. Bitcoin will, accordingly, go to zero with the inevitability of gravity.
[1] https://cards.producthunt.com/cards/comments/452743?v=1
[2] https://twitter.com/collision/status/850454173384454144