RE: You Are The Collateral
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How is crypto the better alternative when you're just creating infinite inflation with all these shitcoins, how you going to measure things as a unit of account? Besides all crypto is still measured in USD thats its only use case to swap in and out to get more USD, hence the now obession with stablecoins on shitcoin chains
No crypto will ever be a medium of exchange, they are not currencies, they are securites. Bitcoin is the only one that can be used as such and many people are already pricing in sats
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I agree that there are so many shitcoins out there but don't forget that there are many tokens of value that are used within communities to do real world things. Yes, the value of all crypto is currently measured in USD but that is only an artifact of the times in which most of it has been created. There's no rule that says that a coin must be linked to the USD, its just that, until recently, its been the enforced standard. We're seeing a shift back to backed currencies as a result of Russia's activities and the sensible thing would be for new coins to link or be backed by something that can't just be printed at will.
I think that some crypto can be a solid means of exchange once there are coins backed by something real.
Name one crypto that you think has value and will be here in 10 years, this some have value is nonsense. They're all rubbish, all have fatal flaws and made trade-offs, they are more centralised than you think, just because it has a blockchain doesn't mean anything.
As for backed tokens, that is pointless, you realise that's an oxymoron, a digital asset like bitcoin is meant to be a closed-loop system, that's backed by energy it can go in it can't come back out, that's the revolutionary discovery here
Backed by something not tethered to the asset by the laws of physics is just a central point of failure. Come on man, do your research before you spout such nonsense, I grow very tired of dismissing the same arguments put forward back in 2016