Thursday, March 1, 2018


Cryptocurrency is a type of token authentication that is done by peer-2-peer computing. There are many many "cryptocurrency startups" that receive a ton of investments upon launch with the goal of just having people buy them.

But ultimately they don't serve any purpose other than being a nearly fraudulent-free method of transferring currency. I see why folks would want to use this instead of wiring money across countries, or perhaps buying something anonymously, or just a way to having your value stored without relying on a bank to count your dollars.

But all of these uses are a non-issue to the average person. ATMs and paychecks and all of that are already insured by the FDIC, so there's very little chance they'll lose their money. And what are the chances of the govt creating their own crypto-dollar that's fdic insured?

I do believe that blockchain technology will be prolific in the future....just not in the form of bitcoins. crypto-coins in general do nothing better than the currently instituted fiat currencies. And the blockchain technology will be implemented and built from the ground up for their specific purpose, not to use pre-existing coins. 

This combination is what I believe will lead to the fall of cryptocurrency. Currency is the wrong application for blockchain technology, and when people realize nobody will have a use for their coins in the future they'll become worthless.

Maybe people firmly believe that bitcoin can't be regulated due to the nature of blockchains, is this what makes it so desirable?

Even more for what will happen to hashing once quantum computers start coming around?

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