RE: Cryptocurrencies, Blockchain and Value
Hello @lishu, excellent article bringing out the difference between perceived value and utility value. I for one believe in the actual value that blockchain brings to the table. Just look at the industries benefitting from it. You have banking to logistics and many more. Areas which did not appear to have a solution is being handled beautifully by blockchain. And I haven't even started talking about AI yet.
Now, let's get to the other part - the market value. Now obviously the market adoption will drive the market demand - supply curve and let's admit that blockchain is still in its infancy. So while adoption still remains it does not mean that the technology does not have merit. As the world is waking up to the benefits of blockchain, the market value will also be realized. Sooner or later.
Lastly, countries like Venezuela and China are using cryptos to earn money despite the current turmoil. Of course, one can argue that this is due to the lack of regulation but my point is that there is already real world monetary value to blockchain and cryptos, so it will be a matter of time before it is universally adopted. And that means market value will follow.
So, great article. Thanks for sharing! Thanks @crypto.piotr for pointing me to this article. :)
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Excellent reply @oivas. I always absolutely love your comments buddy.
you nailed it!
Enjoy your weekend buddy
Yours, Piotr
Thanks buddy! 😊
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Venezuela is one of the best places where monetary innovation can occur, nothing compares with real need. And China is on the forefront of anything that has to do with technology and this is a little bit scary, given the ever-increasing use of technology in monitoring people and assessing their social score.
I am really curious how you see the intertwining of AI and blockchain, can AI be a real-world solution for creating oracles that can communicate nuanced information back to the blockchain?
Hello @lishu, China scares many doesn't it? Interestingly, China and India are expected to help out Venezuela by importing oil in the face of sanctions. Let's see how that pans out.
On blockchain and AI, the issue is the processing capability of AI data. The data is humongous, so much so that only few big players like Amazon, Google and likes with centralized buildings of servers can make it work. A common man with a great idea will never find that kind of funds to bring his AI to reality. What blockchain does is decentralizes data and can use the power of any unused computer to make virtual data center to process AI size of data. In other words, virtual data centers across the globe is assimilated to form a data center as big as any of the big companies. And, in fact, bigger as time goes by. This is awesomely conducive for AI and its development. If this happens even an individual can tap into AI development and bring ahead great new ideas. This is how blockchain will aid AI development and even speed it up. Awesome, right?
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And if you donit right, the people running their AI on the network won't have to pay anything because the blockchain takes care of rewards.
You are correct that only a decentralized and global network can compete with google or facebook, and we already have these networks :)