ChatGPT is everything you wanted Bitcoin to be

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Bitcoin is an intermediate technology that, 15 years after its introduction to the world, still does not have a single legitimate use case in the developed world where it is the best possible solution to a problem. It’s worse than our traditional stores of value (gold, US dollar) due to its inherent volatility (about 5 times more volatile than the stock market). It’s clumsier and more boring than our existing payment systems and any argument that it’s cheaper or more effective as a medium of exchange has become laughable over the past six months. And it certainly didn’t make a living as an inflation hedge during one of the greatest all-time inflation spikes in American history. Proponents of bitcoin technology continue to turn their words (and minds) to 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 now. Alright, we’re waiting. Show us. I’m open minded.

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 public consciousness as a medium. to gamble and speculate. OpenAI’s ChatGPT instantly found use cases, especially at the high school and college level, as kids began experimenting with it as a way to help them complete (or cheat) their homework. I wouldn’t scoff at this development – it’s a well-established Silicon Valley trope that some of the most revolutionary technologies first appear as toys and silly little toys for children. If millions of children start using technology in their daily lives within the next year, this behavior will embed itself and have long-term ramifications for how these children grow into adulthood and life. take with them in their careers.

As Bitcoin relies on the instant millionaire daydreams of traders or the unwavering belief of its Twitter-based cult, the actual utility function of AI chatbots will continue to proliferate without the need for endless conferences and defenses. passionate about tweet threads on social networks. media. It works. No theory or pumping necessary. It’s easy and accessible in a way bitcoin as a payment system never was (or won’t be?). Any child or adult who is not technologically savvy can use it from the first contact. Not in Venezuela. Not in the near future. Here and now.

I speak from experience, having purchased my first bitcoin in 2017 and subsequently invested in a variety of coins and tokens over the next five years. I’ve been among the unrewarded believers this whole time, and I have the financial war wounds to prove it.

I still believe there is something there. My main criticism of the industry is that too much time, attention and capital has been spent on inventing things to trade and not enough on creating useful products and services. You can argue, but I have all the evidence on my side. The biggest entities in the crypto ecosystem, despite being 1929 last year, are still brokerages and exchanges. There’s nothing else worth talking about. If there are brilliant entrepreneurs in the space who have built useful crypto stuff suitable for mass adoption, where are they? Who are they? Why don’t we hear more about it? In their absence, we have nothing to focus on but falling prices and international scandals.

It is too early to rule out the possibility that blockchain will become somehow transformative. But at the current rate of progress, it would take a century for the financial benefits of using blockchain technology to outweigh the hundreds of billions of dollars that have been lost betting on it. ChatGPT, on the other hand, is instantly useful and obviously ready for prime time. Every business and organization in the world will spend 2023 building their AI strategy. The arrival of this particular chatbot was like the explosion of a nuclear bomb. Nothing will be the same in his sequel. In contrast, if bitcoin were to disappear tomorrow, hardly anyone would notice a difference.

Read also:

Google plans to demo a version of its search engine with AI chatbot functionality and launch 20 new products, following ChatGPT ‘code red’, report says (Insider)

What Microsoft gets by betting billions on ChatGPT maker (Vox)

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