Viewing a response to: @edicted/inevitable-overflow-on-the-horizon-revisiting-trickle-down-theory
> And the transaction fees are dirt cheap. The four times I invested back at the beginning of my Steem life I used Litecoin from Coinbase. The fees for Bitcoin would have eaten up my investment, and Litecoin was cheaper than Ethereum. I wondered then why so many were still saying Bitcoin was the gateway to crypto when for the masses it wasn't economically feasible. I remember when I first started hearing of trickle down economics. Maybe on paper that looks good, but in reality in most cases those at the top keep most of it and piss on the rest beneath them. You see this in practice with all the bailouts those welfare republicans like giving to their rich masters. They hoard as much of it as they can despite the (wink wink) talk that it's to benefit the common person. I'm really hopeful that Hive can leave much of the crypto world behind. It has a practical use for the average person who uses several aspects of the use elsewhere daily. It will come down to a few things. One thing I see talked of a lot is the need for a middleman to handle the complexities of wallet management. Most people aren't going to want to participate in what I call James Bond maneuvers to log in and out. The other thing I see is going to be the need for an easy buy in/cash out. Having to jump through so many KYC hoops is ridiculous. More ridiculous when you see most of the exchanges playing KYC games and pretending they 18th ID/selfie isn't good enough while they deny you access to your funds for yet another month. Shit is mad ridiculous and has been the main reason I haven't invested more than I have. The whole selfie thing is top notch ridiculous. I don't need a selfie to online bank or shop, why is one necessary to buy crypto? Damn, wasn't planning on ranting, lol. I agree Bitcoin isn't something that the masses will flock to. I used to think it might be Ethereum, but not so sure now. The average person has no use for Ethereum either.
author | practicalthought |
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The big difference between Trickle-Down economics in the legacy economy is that the right-wing purposefully funnels money into the hands of the rich. It's fully a partisan issue pushed by the right side of the spectrum. With Crypto... the concept of Trickle-Down doesn't involve any governance whatsoever. All this value is being created out of thin air and being splashed everywhere without anyone's permission or say-so. Ethereum is really good to transfer value on at the moment, but it has really fast blocks, making it more prone to attack. Also it's making an awkward swap to POS. In the long run, Ethereum's main use case will be smart-contracts. It makes logical sense that these big smart contracts will clog up the network and make transfers more expensive than say Litecoin. Also, like I said, Litecoin has theoretically better security because they have 150 second blocks vs 15 sec on ETH. This makes LTC 10 times more expensive to attack and double-spend on than ETH, assuming equivalent hashpower.
author | edicted |
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