kuco23
1 min readApr 17, 2023

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Crypto didn't magically fail, it exists and is widely used. It has many problems, which are being addressed by the growing number of crypto projects.

You complain about Bitcoin price being volatile, yet there are solutions like DAI that achieve stability in a decentralized manner. You also note that transaction fees are too high but don't seem to understand how they work. On Bitcoin they are fixed, so spending 1 million Bitcoin might cost you the same as spending 0.001 . Bitcoin. Though I agree - Bitcoin transaction costs are high for ordinary purchases, which is a result of its Proof of Work protocol. But again, there is a solution in Proof of Stake, which is now implemented in most crypto and is the reason why e.g. Algorand has transaction costs of less than one cent.

In short, there are solutions in crypto, people just choose not to see them. Bitcoin was a major disruption and an insanely revolutionary idea... so of course it had problems. It's hard to listen to people listing the problems that can be solved and use them to condemn the whole crypto. And I get it, it's hard to understand crypto, you need to have non-trivial programming and mathematical knowledge. So people associate crypto not with the actual technology, but with people in crypto who have no idea what crypto is -they are a majority. It's depressing af.

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kuco23
kuco23

Written by kuco23

Math MSc | Smart contract dev @ Flare network | https://kuco23.github.io

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