(Unless you count speculation/gambling).
There are a few areas where I find crypto interesting or useful:
- The existing banking and payments industry is too Christian / Mormon. It extra-judicially regulates anything it views as "vices". This industry is supposed to be dumb payment rails with hooks for FinCEN to stop crime. It's not supposed to be your pastor. If anything, business integration with regular payment rails would help them be better regulated.
- "Stablecoins" or whatever the hell they're called seem like a wickedly efficient way to move money between businesses and countries without paying large fees or having to wait for clearance. Ideally they can even cut Visa and the fintech monopolies out of the equation. This is more of a B2B rather than consumer / individual application, and it seems genuinely useful. It also seems compatible with the existing FinCEN / FINRA / AML regulations. If you look at it long enough, it doesn't even feel like crypto. Just a new type of efficiency.
The latter may make the former a non-issue, especially if the existing fintech industry receives more competition from upstarts that don't have to pay the legacy gateways and their frictionful fees.
This seems to be 'regulatory arbitrage' rather than anything concrete to do with the tech though. i.e. there's nothing inherent in a stablecoin that can't be done more simply, it's just currently a way to skirt bureaucracy and fees, which are already diminishing in many places.
In Australia for example, we are almost cashless now and most bank transfers are instant and cheap - no blockchain required.
Digital currency is a good idea - unclear what value the blockchain part actually provides?
Yeah, these seem like a really good (potentially the only one) use case for crypto. Note that these are really just replicating dollar (and potentially euro) dominance for a new age, and whoever ends up winning here will probably be the new Visa/Mastercard (with all of the problems that entails).
Barely. If $1m of crypto moves from one private wallet to another how do you know who's doing it or what the purpose is? Could be something legit, could be paying for drugs/terrorism - no definite way of knowing.
I might have the wrong assumptions?
the technology is showing transactions on a public ledger literally (unlike tradfi), nobody is hiding anything (until we go to Monero and similar, but that's different). What's however happening, and we come back to the first point, is the lack of "rules" so that in effect financial "crime" is legal.
There's a public ledger I can visit to see who's bribing Trump this week?
Apparently before Bitcoin was Liberty Reserve, which was a centralized database.
