In response to hacks of tokens and cryptocurrencies;
So in the last month there have been a couple of tales published about various token hacks, thefts and manipulations.
I believe all of them.
The hard truth is, our cryptocurrency world is presently risky to maintain a significant quantity of savings.
On the flipside of this hard truth; the cryptocurrency/token world is presently a NET TOTAL safer method of storing value than any method to date.
I'm no history professor (and I shan't research this article to aid my thesis), but I posit thusly;
Assets through the ages:
1.) Commodities (foodstuffs)
| PROS | CONS |
|---|---|
| Intrinsic value | Perishability/Pests |
| Industrial + domestic demand (needs and wants) | Storage/security costs |
| Difficult to counterfeit/rebirth | Readily onsold/laundered (low ability for branding) |
| - | Difficult to exchange |
| - | Seasonal price, availability fluctuations. |
Basically, lets beat each other with sticks and stones to steal our neighbour's stuff.
2.) Commodities (precious metals/minerals)
| PROS | CONS |
|---|---|
| Intrinsic value | Inflation of value PAST intrinsic value (ie. Gold/diamonds being less practical than the price would suggest...) |
| Industrial + domestic demand (needs and wants) | Storage/security costs |
| Finite supply (in spite of all the alchemists...) | Readily counterfeited/rebirthed/laundered, difficult to test for a fraud. |
In summary, lets invade one another with subs and tanks to thieve our neighbour's gear.
Fast-forward to Bitcoin...
n.) Bitcoin (not Blockchain! Bitcoin and other distributed, inflationary ledgers)
| PROS | CONS |
|---|---|
| Market valued | Market manipulation |
| Low storage/security costs | Adoption curve |
| Easy to test for fraudulent coins | Readily onsold/laundered |
Covet thy neighbour's Bitcoin? You won't get it, it's encrypted and whatnot. You'll need to hostage-take, blackmail, ransomware, DOX or otherwise manipulate your target to get his coins. The cult of the keyboard warrior takes less lives, and lives with honour. Like samurai, but less beheading peasantry, more flower-arranging.
The fact is, less lives are threatened by Bitcoin. Seems like a great reason for adoption. If you like this thesis, promote it, but be more conclusive with your arguments than I. [Me myself, I'd like to see someone write/refer me an article that melds the above, with the why-and-how of BTC is going to save us when the dollar collapses, which BTC may provoke, and that's a good thing!]
Cheerio chaps, cheerio goodbye!