Why Is It That Crypto Means Cryptotheology? – Part 2

Continuing The Discussion On The Topic 

Drawing similarities between cryptocurrency and religion is risky yet strong. Here it is why the cryptocurrencies are considered to be cryptotheology. It does not do good while there are quite a few who are coming to be the best amongst the currencies. Crypto is where there has been quite a lot of revolution being the currency of the future. Whereas it is similar to the religion where some criticise as well as those who promote similar to crypto enthusiasts as well as crypto critics. 

The Further Discussion Regarding Cryptotheology

The truth is that all money is being backed by faith. Hence it is observed that to think unquestionably it is truer of cryptocurrencies especially as a decade on from their creation it has failed to transform the world to a degree were anything like their proclaimed potential. 

As apparently bitcoin is going from strength to strength it can be therefore seen in its increasing dominance of the total cryptocurrency market capitalisation as it is still beyond tiny compared to the rest of the financial world. Hereby the total trading volume is roughly $ 15 billion per day that admittedly sounds like a lot compared to the $5.1 trillion a day for the forex market as a whole roughly one-quarter of one percent. 

Continuing to technically iterate, and more importantly, Bitcoin hovers near or above $10,000 in value whereas the uncertainties and investigations regarding tether remain to be a threatening cloud on the horizon. Though these are complex times for other cryptocurrencies Ethereum as the best known and perhaps the most interesting has then gone from a wave of DAO excitement shortly after the launch as it faltered to a wave of ICO madness and fat Protocol DApps. That has also faltered to the latest wave as well as watchword DeFi aka decentralised finance. It therefore essentially aims to reinvent all of Wall Street and the City of London on the blockchains in the long term. 

It is known by now that technical underpinnings meanwhile would allow Ethereum to scale to Wall Street size that is known as Ethereum 2.0 remaining more notional than real whereas DeFi is doomed to failure under the circumstances they can understand scepticism creeping in among those who are not true believers. 

A Record Of Crypto Initiatives

It comes therefore with plenty of other technically interesting cryptocurrency initiatives, that is ranging from the privacy coins similar to ZCash, Monero, and Grin, to the use of Tezos by Brazil’s fifth-largest bank for security tokens, the growth and stabilisation of Cosmos’s internet of blockchains to Blockstack’s total-app-installs graph beginning to look a little more exponential than linear albeit with still-tiny y-axis numbers. 

As cryptocurrencies are no longer new, unknown, and fascinating however its interest among both individuals and enterprises that are not true believers has waned considerably. Here comes the cultural whiplash that is experienced when transitioning from a conference full of the people convinced, they are building a new technology transforming the fundamental order of the world to outsiders remarking that “is that still a thing?” is increasingly sharp. 

As it is probably true of Christians that after they ceased to be the new and interesting, though, it is, in the end, the Christians conquering the most powerful empire in the world from within. Hence while not prophesying the same outcome, they are continued to think as cryptocurrencies will remain a financial alternative albeit a very significant and important one thereafter used only by a few percents of people. 

Seeming to be increasingly distant from the external consensus reality, it is being driven by intransigent as also sometimes bewildering faith were as much as rational analysis and ongoing associations with a cloud of that crazy scandal and hangers-on snake-oil salespeople who are all of which that would be catastrophic signs for the traditional new start-up be indicators of the strength, not the weakness of the strange new religion bearing in mind as we move into the second decade of cryptocurrencies. 

Summing Up All The Facts

Cryptocurrencies are on the high with more developers turning to the engaging while secure transactions and therefore it is here that they have seen a big revamp. Let us keep the fingers crossed to know what has been made out of the most recent imitative of the tech world. While the discussion ends here, there is more to be expected from the constantly evolving technology. Hence, we keep you engaged until we join you next time on something even more interesting.