When bitcoin was first announced, it boasted of features that would help make “ideas flourish”.
With low transaction fees, no chargebacks, it was supposed to help businesses in their transactions.
But today, it has achieved none of that, or maybe it does in the black markets, but I’m not familiar with that.
And while no significant life-improving thing has been achieved, a lot of processing power, resources to make chips for those processing power and electricity to power those chips are continually being consumed in enormous amounts by cryptocurrency miners.
I feel that all these resources could’ve been spent on more important things.
Like protein folding.
Making cheaper computers for people who can’t afford one.
Electricity to power more cars so that fossil fuels can be phased out faster.
In my eyes, cryptocurrencies are nothing but just a new age ponzi scheme.
People treat them as an investment in the future.
A vaporware future.
Having said all that, I still bought about $800 worth of coins last year just to learn what the process is like to purchase coins.
Sold them when their price went up, bought them again when their price fell. Now I have $1200 worth of coins, just waiting for the next price increase.
Blockchain technology on the other hand, may bring improvements to various industries. And as long as it doesn’t consume so much resources, it’s something I can agree with.