> People are not satisfied with the existing solutions, thus the need for innovation.
IMHO, that describes maybe a tenth (maybe) of crypto buyers. Everyone else is just speculating on volatile new assets that are gaining value rapidly.
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Exactly. The irony to me is no one really wants price discovery in order for volatility to be reduced so that crypto can actually function as money. Function as money in the sense of signing a year long apartment lease for x amount of BTC a month. Not just paying in USD after a conversion.
That is almost the last thing people want.
As someone who develops sites which use cryptocurrency, USD price volatility isn't a concern. Users are riding the same wave. What is important is that it is technically possible. I realize this isn't the majority view, but that doesn't make it any less valid. There are many things which are popular with the masses that are arguably irrational.
https://mises.org/wire/why-wild-swings-crypto-prices-are-not...
>Weston Nakamura in an interview with Real Vision’s Jack Farley made the trenchant point, “This is what markets look like when you don't have global central banks artificially suppressing volatility, intervention of central banks buying every dip, putting a safety net under every single slight tremor or taper tantrum or whatever it may be, this is what happens.”
>He explains, “Bitcoin is not a US asset, just like oil is not a US asset, just like gold is not a US asset. Now, those are denominated in USD.” Sure, Americans think in US dollars, but “it's BTC/fiat, and it's not an American asset. People need to get that in their head. If you actually look at BTC/JPY (Japanese yen), the levels make a hell of a lot more sense.”