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RE: When Price Passes Practicality
Great article. It's almost certain that 95-99% of the current cryptos out there will not survive long term.
Any thoughts on the tipping point towards mainstream adoption of cryptocurrencies as... currencies?
Right now it's simply seen as a speculative investment vehicle and not much else. IMO it won't be seriously used as something to pay for goods and services until:
- Major adoption and stabilization
- Top companies (Amazon, eBay, etc..) offer it as a mode of payment
It's kind of a catch-22. You can't really have one of these without the other. Here's hoping the tech continues to make progress and attract new people until it can fulfill its vision.
The only place we could even have mainstream adoption is Steemit.com.... but 9 out of 10 people will not want to blog. Blogging is a niche. It's a popular niche, but it's not a mainstream activity, so presently, crypto lacks a vehicle to go mainstream. Apps built on EOS are perhaps the only hope to go mainstream anytime soon. On EOS, app devs could build smart phone apps that use blockchain in new and interesting ways (like Steemit). If that happens we could get something more mainstream.
I find myself agreeing with you about Steem to a certain extent. It's a clear example of blockchain real-world application. I do appreciate that you receive a reward based on actual contribution. Still, I'm wondering if there are cases of groups of people just upvoting each others posts...