Reply to What's the Latest on Crypto?

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[quote=Anonymous]It has been tanking and now the press claims it's because there is "pessimism in crypto's function".

Growing investor caution comes as many of the sensationalized claims about bitcoin have failed to materialize. The token has largely traded in the same direction as other risk-on assets, such as stocks, particularly during recent geopolitical and macroeconomic flare ups in Venezuela, the Middle East and Europe, and its adoption as a form of payment for goods and services has been minimal.

To this day, I still don't really understand the practical utility except for a couple of specific instances:

- Sending money internationally much cheaper than through the normal banking system...but the recipient usually just turns it into the local currency immediately upon receipt;
- Paying for digital items like say you want to license somebody's photograph, well now you can use the blockchain to pay for the item and you receive a specific "locked" copy.  Again, for the most part, the recipient takes the Etherium and just converts into $$$s or whatever basically immediately.

Neither of these are massive actual use markets.

So, there is some utility for a "digital" currency...but few using it in real life are speculating on its value.  They would probably prefer it didn't fluctuate in value.[/quote]

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