/biz/ - Business & Finance

>muh gold backed cryptocurrency
>muh immutable database secured by proof of work and resistant to localized states of corruption
>muh immutable database backed by custodial gold
>muh centralized gold custodian negating any benefits that could possibly be derived from blockchain instead of a spreadsheet at the gold custodian's headquarters
>

>a blockchain backed by gold held by a trusted third party
wew lad

>tokenizing gold bars
>tokenizing something held centrally by a third party
>tokenizing a shiny rock held centrally on a blockchain

Are we going to get another 2 years of "bitcoin is useless but the underlying technology the blockchain will revolutionize the future of business" before all those projects quietly die and btc goes to 250k?

>go to summer estate
>use horse and buggy
>dignified and serene travel experience
>no gasoline fee
>have a detachable horse for riding on hunts all summer
>roads actually the correct size and design to accomodate
Or
>Pay hundreds of dollars upfront to reserve a ford Model T
>have to drive it back to my house, costs a small fee in gas
>just sits at your house unable to be used on hunts
>roads everywhere too small and chaotic for using it without causing great frustration, can only ride on a handful of expensive turnpikes
>constantly exhaust capital on turnpike fees and gasoline fees

But this is somehow better because I'm an uppity city slicker! even though all I travel to is the next town over and back once a week!

>>9422961
You're right. Banks using crypto is like a horse drawn motor carriage. Crypto is the automobile, banks are a horse and buggy, and banks who are integrating blockchain are pic related.

If you bitch about the "high cost" of bitcoin mining you are either a shill or a brainlet. It should be obvious that the huge human and technological apparatus built up around the task of credit intermediation is one of the largest consumers of energy in the world, considering more than a third of the economy in the U.S. alone is financial. A huge portion of those jobs, mostly physical bank locations, would not be needed. Maybe bitcoin uses more power than Bank of America's server room, but it doesn't use more energy than actually goes into the business of conducting credit intermediation and all the other aspects of money.

>>7649294

>>2320731