by Summary:
Both ideas are about making a few people rich, not about building a decentralised paradise where everyone prospersUsing cryptocurrency means being exposed to the volatility inherent in these speculative tokens. It also means having to pay an exchange fee — the standard rate charged for exchanging fiat currency to crypto, or vice versa, is around 2.5 per cent. There is no reason to use crypto in the metaverse — the vast majority of money nowadays only exists digitally anyway. Cryptocurrencies, in other words, will have as much use as money in the metaverse as they do in the real world. I have always suspected that one of the reasons people keep buying into crypto — which I consider akin to a Ponzi scheme — is that they don’t really understand it. In some ways, therefore, the elusive
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Mike Norman considers the following as important:
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Both ideas are about making a few people rich, not about building a decentralised paradise where everyone prospersUsing cryptocurrency means being exposed to the volatility inherent in these speculative tokens. It also means having to pay an exchange fee — the standard rate charged for exchanging fiat currency to crypto, or vice versa, is around 2.5 per cent. There is no reason to use crypto in the metaverse — the vast majority of money nowadays only exists digitally anyway. Cryptocurrencies, in other words, will have as much use as money in the metaverse as they do in the real world. I have always suspected that one of the reasons people keep buying into crypto — which I consider akin to a Ponzi scheme — is that they don’t really understand it. In some ways, therefore, the elusive
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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Both ideas are about making a few people rich, not about building a decentralised paradise where everyone prospers
Using cryptocurrency means being exposed to the volatility inherent in these speculative tokens. It also means having to pay an exchange fee — the standard rate charged for exchanging fiat currency to crypto, or vice versa, is around 2.5 per cent. There is no reason to use crypto in the metaverse — the vast majority of money nowadays only exists digitally anyway. Cryptocurrencies, in other words, will have as much use as money in the metaverse as they do in the real world. I have always suspected that one of the reasons people keep buying into crypto — which I consider akin to a Ponzi scheme — is that they don’t really understand it. In some ways, therefore, the elusive metaverse is a perfect partner. Talking up ideas that people find confusing is a great way of obfuscating things that people find objectionable, as Zuckerberg seems to have discovered. It’s also apparently a great way of making a quick buck — or much more for a privileged few.
FT