Bitcoin, 15 years after its introduction to the world, is still a middling technology that does not have a legitimate use case where it is the best solution to a problem in the developed world. It is worse than our traditional stores of value (gold, USD) due to its inherent volatility (about 5 times more volatile than the stock market). It’s more complicated and annoying than our current payment systems, and any argument that it’s cheaper or more efficient as a medium of exchange has been laughable for the past six months. And it certainly failed to earn its place as an inflation hedge during one of the greatest inflationary spikes of all time in American history. Proponents of bitcoin technology continue to twist their words (and minds) into pretzels when trying to describe its current usefulness. The only reasonable argument left is “just wait and see,” which is the same argument people have been making for over a decade. Well, we wait. Show us. I have an open mind.
Meanwhile, ChatGPT was introduced a few months ago and has already spread like wildfire in a way that Bitcoin never did, despite the latter’s explosive rise in the public consciousness for gambling and speculation. OpenAI’s ChatGPT found immediate use cases, especially at the high school and college level, where kids started testing it to help them complete their assignments (or cheat). I wouldn’t scoff at this development—it’s a well-established Silicon Valley trope that some of the world-changing technologies at first seem like children’s toys and silly little toys. If millions of children start using this technology in their daily lives over the next year, this behavior will take hold and have long-term consequences for these children as they reach adulthood and carry it into their careers.
Whether Bitcoin relies on traders’ dreams of instant millionaires or the firm belief of Twitter-based faith, the actual utilitarian function of AI chatbots will continue to proliferate on social networks without the need for endless conference panels and the defense of impassioned tweet threads. the media. It just works. No theory or pumping required. As a payment system, bitcoin has never been (or will be?) easy and accessible. Any child or non-tech-savvy adult can use it on first contact. Not in Venezuela. Not in the near future. Here and now.
I’m speaking from my experience of buying my first bitcoin in 2017 and investing in various coins and tokens over the next five years. I’ve been among the unrequited believers all this time and have the financial war scars to prove it.
I still believe there is something there. My main criticism of the industry is that too often, the focus and capital is focused on inventing things for commerce and not enough on creating useful products and services. You can argue, but I have all the evidence on my side. Despite the moment of 1929 last year, the biggest institutions in the cryptocurrency ecosystem are still brokers and exchanges. Nothing else worth talking about. If there are brilliant entrepreneurs in the space building useful cryptocurrencies suitable for mass adoption, where are they? Who are they? Why don’t we hear more about them? In their absence, there is nothing to focus on except falling prices and international scandals.
It is too early to write off the possibility that blockchain will become some kind of transformation. But at the current rate of progress, it will take a century for the financial benefits of using blockchain technology to offset the hundreds of billions of dollars lost by betting on it. ChatGPT on the other hand is instantly useful and clearly ready for primetime. Every corporation and organization in the world is preparing to spend 2023 with an artificial intelligence strategy. The arrival of this particular chatbot was like a nuclear bomb going off. After that, nothing will be the same. Conversely, if bitcoin disappeared tomorrow, almost no one would notice any difference.
Google plans to unveil a version of its search engine with AI chatbot features and launch 20 new products after ChatGPT ‘code red’, reports say (Insider)
What Microsoft gets from betting billions on ChatGPT (Vox) maker