Bitcoin is a half-baked technology 15 years old in the world and lacks a single legitimate use case in developed countries that is the best solution to the problem. Worse than traditional value stores (gold, USD) due to their inherent volatility (roughly five times the volatility of the stock market). Arguments that it is clunkier and more onerous than existing payment systems, and cheaper and more efficient as a medium of exchange, have become laughable over the past six months. Bitcoin technology proponents continue to bend words (and minds) into pretzels when trying to explain their current usefulness. increase. The only reasonable argument left is “just wait and see”, the same argument people have been making for over a decade before him. OK, I’ll wait. please show me. i am open minded.
ChatGPT, on the other hand, was introduced months ago and has spread faster than Bitcoin, despite Bitcoin’s explosion in public attention as a means of gambling and speculation. OpenAI’s ChatGPT quickly found use cases. Especially since high school and college levels are starting to experiment with it as a way to help kids complete (or cheat) their assignments. I don’t mean to ridicule this development. It’s a well-established trope in Silicon Valley that some of the most world-changing technologies first appear as children’s toys and silly little playthings. As millions of children start using technology in their daily lives in the next year or so, this behavior will be embedded and have long-term implications for how these children grow into adulthood and carry it into their careers. will give
While Bitcoin relies on traders’ instant billionaire fantasies and the steadfast beliefs of a Twitter-based cult, AI chatbots’ real-world practical capabilities are limited to endless conference panels and social fervor. It will continue to proliferate even if you don’t need to defend against a nasty tweet thread. media. It just works. No theorizing or pumping required. Easy access in a way that Bitcoin as a payment system has never (or will?) be. Children and non-tech savvy adults can take advantage of it at first contact. Not Venezuela. Not in the near future. sometimes.
I speak from my experience buying my first bitcoin in 2017 and investing in various coins and tokens over the next five years. I’ve been one of the unrequited believers ever, and I’ve taken the scars of financial warfare to prove it.
I still believe there is something there. My main criticism of the industry is that too much time, attention and capital is spent inventing what to trade and not enough in building useful products and services. You can argue, but I have all the evidence on my side. Despite his 1929 moment last year, the biggest entities in the crypto ecosystem are still brokerage firms and exchanges. Nothing else worth talking about. If there are brilliant entrepreneurs in this space who have built useful cryptocurrencies suitable for mass adoption, where are they? Who are they? Why don’t we ask more about them? Without them, there would be nothing more remarkable than price crashes and international scandals.
It is too early to deny the potential of blockchain to be transformative in some way. But at the current rate of progress, it will take a century for the economic gains from using blockchain technology to offset the hundreds of billions of dollars lost betting on it. is ready for prime time. All companies and organizations around the world will spend 2023 developing their AI strategies. The emergence of this particular chatbot was like the detonation of a nuclear bomb. It will never be the same in its aftermath. In contrast, if Bitcoin disappeared tomorrow, almost no one would notice the difference.