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I remember the silk road, and bitcoin donations to wikileaks, and bitcoin pizza. I think it all got bogged down after that with the irrational exuberance of the bull run, and everyone was too distracted to pay attention to the XT dispute when it really mattered. But it is getting better now, I am optimistic that the crash will continue and we'll see sanity returned to cryptocurrency.

The problem is fundamentally that cryptocurrency requires network effects to work. Cryptocurrency is not an easy thing to explain to most people, and it can be quite dangerous, so the best thing you can do for new users is tell them to stay away.




imo, Silk Road deserves the credit for solving Bitcoin's chicken-and-egg problem with network effects.

a single enterprising dealer could have started it off - exchange rate basically didn't matter, as long as someone was buying and selling BTC, it'd work to keep the dealer's identity private. SR tapped into a massive new market, regular people started learning about crypto so they could buy drugs, this created a flow of money through the market. honestly, I was excited to see my friends using Tor and buying BTC for cash - it's the gritty, cypherpunk dream!

whenever there's a real market opportunity like that, network effects don't seem to get in the way. Monero and Zcash got very popular from all the ransomware, though I'm admittedly less exuberant about hospitals being ransomed than drugs.




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