Whenever reading crypto-advocates, it is always a struggle for me to try to parse sincere and reasoned commentary from self-serving narratives that bear little resemblance to sometimes even basic universal facts.
This lengthy sentence is a perfect example:
“And when it comes to fiat currencies, particularly physical cash, the dangers in handling it (can it carry the coronavirus?) and depositing it (will I catch the coronavirus at the bank?) means that our relationship with money has been altered in ways which we haven’t even fully appreciated yet.”
Real currencies (as opposed to crypto) exist in both physical and digital forms. I may use physical currency one or twice over any 60 day period and for many (most young) people nowadays that may be once or twice over a year’s time. And, as many people in the space are aware, in China the use of physical currency has all but disappeared in the large urban areas where most of the population now lives. Last I was there in September-October 2019, I don’t think I saw anyone ever use it during my whole trip.
In other words, this is the usual ignorance/self-serving cant/nonsense one finds pervasive and sometimes extreme in the space. Patrick is normally a more reserved user of nonsense, but the apparent need to maintain a propagandistic disposition towards crypto prevails in this piece.
I was an early user of ICA on OS/2 in 1991. Later in 1996 when I worked for an Internet startup originally called Silicon Valley Internet Partners, later Viant, I was trying to sell corporations on using Sun Microsystem’s Network Computer. Eventually, in the “aughts” use of Citrix and its variants was required for remote communication (desktop sharing, remote server management, voice over IP and video over IP, etc.) on Wall Street to run dispersed teams. And then came Skype for the masses. All these technologies were instantly useful and used and required no vast propaganda sector nor vast sums of money and organizational might to become widely adopted.
The difference that is key here, is whether there is a need and will that need evolve? Crypto has its 2 niches: illicit activity and uncorrelated speculation. Blockchains have had over 10 years to become useful. They haven’t, despite vast sums of money and effort.
There is probably a case for countries to move toward greater digitalization of their currencies/economies. But this has nothing to do with crypto-currencies in their current form.
