Title: https:&#x2F;&#x2F;news.ycombinator.com&#x2F;item?id=18493519<p>I&#x27;ve been struggling to put this in to words for a while now. The above thread on crypto currencies tanking has me bothered and has driven me to try and express myself.<p>Crypto-tokens are useless without utility. Because there is no value (not even fiat acceptance) intrinsic to any coin, they are useless without a utility function.<p>Some blockchain models have tried to solve this (lack of utility) with smart contracts. Smart contracts are also broken, though, for distributed trust systems. Sure, they might work on chain, but when someone needs to author a real-estate deal there is some trusting that happens off-chain. And when trust (the entire point of the blockchain) occurs off-chain there is no guarantee that what you expect to happen has actually happened (did they sell the property, is it in the condition described, etc.).<p>So, the only utility (smart contracts) for distributed trust systems can&#x27;t be trusted when it comes to real applications.<p>The only other way any fiat currency gains utility is mass acceptance (which all crypto currencies lack). If I can&#x27;t buy a cup of coffee with it, why would I accept XYZ coin as payment for anything.<p>So, I argue for utility. If any currency&#x2F;blockchain technology is going to be successful it needs to be useful for <i>something</i>. In short: can I buy stuff I want with it?<p>My question is: how can the ideas of crypto currency and blockchain be leveraged in a way that is actually useful on a mass market scale? (ie, how do we bring utility to an idea that has been fluff - &#x27;mining&#x27;, really?! - so far?)
Upvote: