Bitcoin Is for Drugs
James Hudon
5913

I don’t know if this has been brought up, but..

As much as your viewpoint has certain truth in that Bitcoin hasn’t really hit mainstream sales yet, (I can’t just walk into most ubiquitous retailers and buy sundries). I think it’s somewhat of a misnomer to describe what the crypto-space and Bitcoin have become as merely a platform for vice. Think back a decade or two at how vice has prospered without Bitcoin. Think back further and tell me that Bitcoin is nothing more than a conduit for vice just because they can’t buy groceries in Tesco yet.

What you have is a Fallacy of Composition, or to put it another way, the tail wagging the dog. What cash (fungible money) has been able to offer society over the centuries is a certain degree of anonymity and security. Despite the conclusions you draw about what is important to people, there actually are a growing number of people that disagree with our current mode of economics, to the point that transacting with legal tender has no longer any benefit.

To illustrate, economies where fiscal currency has lost much of its appeal, Venezuela for example, people may have found that preserving purchasing power and escaping the sweeping tide of inflation is possible through hedging with crypto. The real issue is therefore not one of making transactions today, but more as a hedge against geo-political events foreseen, as a matter of belief in credit, wealth preservation, and escaping draconian capital controls in times of abuses of authoritarian dominion.

Not to wax political but I think your assumptions are a little off-base. In terms of some of the functionality that the crypto-space is promising to evolve into, right now it’s something akin to opening pandoras box. Every single person in the developed world has the computing and network resources to become a node of a faster and more powerful computer and the impetus for future innovation is endless. As much as this may not be important to the vast majority of people today, we can at least safely assume that industry uses for such capabilities are enormous.

Of course this all depends on where things go from here. Yet I’m sure, ideologically speaking, decentralization appeals to enough people today, simply because centralization brings with it inherent issues of data exploitation. Yes, it’s a far cry to say that right now, but to say that Bitcoin has only been used in the ways you suggest is insane. Think back to what you could do with Bitcoin ten years ago and what has been transacted using Bitcoin today.

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