One of the Possible Futures of Crypto

There are an infinite number of universes according to multiverse theory, being that all these sub-atomic particles that quantum mechanics dictate continuously pop in and out of existence as they simultaneously inhabit all the possible universes, and ensure that every possible reality exists.

In one of those Universes it is quite possible that the future of crypto lies in the direction as envisaged by CEO of Coinbase Brian Armstrong, that is a universe where our future inhabits a reality where there are millions of ‘blockchains’ and cryptos, each of which performs a specific function in statisfaction of a use case, and Coinbase sits at the middle of it, swapping this coin for that, passing information from this chain to that, and clipping tickets all along the way.

The problem with this reality or Universe, is that in my honest opinion it is likely to be pretty unique or uncommon. Why? Well in my opinion and as I have stated many times previously, there really isn’t an economic use case to support the multiple blockchain thesis. Blockchains are a protocol and ultimately the one that will succeed is the one that can support the most use cases ‘one blockchain to rule them all‘.

Essentially economics suggests that across multiple universes the savings and advantages of blockchain technology will inevitably gravitate towards one blockchain or protocol that can solve ALL the use cases.

The term for such ‘believers’ are Blockchain maximalists, or more commonly ‘Bitcoin’ maximalists. At the other end of the spectrum, as represented by the likes of Brian Armstrong, is much of the crypto industry and spruikers, especially the crypto exchanges whose entire business model rests upon the multiple blockchain thesis.

Recently I came across an youtube of an online vlogger by the name of Patrick Shyu, aka TechLead Guy, who envisages the likely manner in which crypto currencies are likely to evolve. I don’t agree with all his conclusions however his fleshing out of the what the future crypto space is likely to evolve into or the final state that it is going to settle into, is one that I thought I wanted to share with the crypto bugs out there:

It is only a short tube of some 10 minutes or so, but a very insightful 10 minutes in my opinion. He’s observations on Coinbase are, imho, also very much on the money.

I see a lot of recruitment for crypto exchanges, as they continue to see the swapping of coins as where the future of the industry lies. In my opinion all these crypto exchanges and their business models are ultimately doomed – where I think the future of any crypto exchange business will lie in the future is as a service provider to businesses that will come to rely on the blockchain as their ‘transaction and ledger plumbing’ and managing the risks associated with most likely a single public crypto blockchain currency, as well as providing data analysis and services pertaining to CBDC, which stand a good chance of running atop of them, a view not too dissimilar to TechLeadGuy’s own views.

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Peachy

You’re going to fucken crash it again, Stewie.

every time you publish a post on crypto, it bloody tanks. I was going to do a write-up before, but was too lazy!

LSWCHP

Block chain and digital currencies may eventually have some use. Right now, Bitcoin et al seem like tulip scams designed to fleece money from chumps.

One of my old mates has become a bitcoin evangelist. It’s like seeing someone turning into an Amway seller…the mad gleam in the eye and fanatical need to persuade others to buy into the game….

Peachy

Hey LSWCHP – I did a bit of research starting from your recommendation..

get a rifle. I’d recommend a lever action in .357 magnum. High rate of fire, accurate and hits like train out to 100m, and can be topped up at any time without disabling it.

It’s good to have a .22 LR as well. And a bolt action.

Seems like the “.357 magnum” is something that you would kill elephants and bears with. And the “.22 LR” is more towards the cat and dog end of the spectrum.

If that’s right, does one really start out with the elephant gun? Or is it the reverse order?

Last edited 4 months ago by Peachy
JL2012

Sounds like you got .375 switched around with .357, .375 is the elephant gun.

Peachy

Watched the techleadguy video. Didn’t like it.

  • he talks about the vision of crypto money as making cross-border payments as simple as sending an email. Pours could water on the idea as not achievable. It was achieved nigh on a decade ago; can be done every day of the week now
  • has a weird fetish about data mining transaction information – I don’t see this anywhere near as important as he implies
  • Thinks that there will be some kind of mega convergence so that all coins except one (or except gov.coin) go to zero. That is like saying that there’ll only be one database or one website or one computer to do everything in the world. Experience tells us that this is not how databases/computers/websites have played out.
Peachy

I’d agree with you that there will be consolidation & we won’t have 4,000 coins. But we could easily have a dozen sizeable ones (outside any government block chains). And many dozen niche ones.

bjw678

The problem with saying that the “most efficient” blockchain will gobble up all the rest and become all encompassing, is that block chain really isn’t very efficient at doing anything and the existing ways of doing things will be far more efficient and will retain or gobble up anything seeking efficiency.
Their is a reason Flat File data structures which is what a blockchain is in essence are not used for ANYTHING of significant size in programming.

Peachy

Hehe, at least you’re self-aware…. I was just mentally gearing up to make jolly fun of cardano and all the other Eth-killers…. which had dismally failed to make a chink in ETH over many many years.

like Bitcoin Cash SV and BTC 😋

I will pass on the video for now… mebbe come back to it later.

Freddy

IMO data mining going to be huge. Consider a theoretical criminal trying to launder money, gets people to buy stuff with cash in lots of small transactions at shop-fronts owned by the criminal. Near impossible to trace.

With crypto it no longer matters how many smaller payments and entities are involved. It is very easy to workout that all the money higher up the payment ledger has flowed into those shop-fronts.

That is just one application.

Last edited 4 months ago by Freddy
Peachy

Monero has already fixed that

bjw678

Yeah, but monero isn’t on what I would consider “Trustworthy” exchanges due to that anonymity and regulatory requirements.
Ultimately as long as you need to get back into the fiat world, which I can’t see changing anytime soon then regulation of the exchange points is enough to limit it’s use.
Why would you care about trustworthiness and regulation of exchanges?
just this

DjenkA

I reckon I’m the only one that sees crypto as one of those wonder tools or pressure cooker we see on late night telly. Best: George Foreman magic grill machine with rice cooker as a freeby.
There is infinite number of crypto with each and every one having a valid reason to be able to provide some sort of feature or service but essentially, like every fiat or a faith based promissory note or whatever, once these become ‘manufactured in China en masse’ its value will become intricate, with only a handful trending in any given moment having a bit higher value.