Cryptocurrencies that don't terminate in or securitize some real property are essentially worthless
This is the old "Crypto appears out of thin air so it's worthless" argument. I'm sad to see so many people have this view, because it shows a complete lack of understanding of how crypto works.
The truth is, fiat currency is the currency that appears out of nowhere. They are all controlled by an upper class oligarchy. Centralized consolidation of power and corruption run rampant.
This mysterious asset that most people can't seem to wrap their head around is trust and decentralization. The most valauble cryptos are the ones that are controlled by global consensus instead of by the upper class. Corruption resistance is the "real property" that blockchain deals in.
Ironically, when you peg a crypto to a physical asset like gold it becomes completely centralized and worthless. Who is going to hold the gold? A centralized entity. Who's going to mint coins? The centralized entity that holds the gold. How do you stop the centralized entity from minting coins that should not exist? You can't. They will find a way to lie and print money out of thin air without anything to back it up.
You cant do this with decentralized coins. There are rules. The community decides how coins are minted and distributed independently from a needlessly over complicated secondary asset. These rules are enforced by encryption and can be executed anywhere in the world with an internet connection. It's a clearly superior system than what the current establishment has to offer.
We're in agreement until you call DGX worthless.
DGX has value for a different reason than Bitcoin, but that doesn't mean it is worthless. Just because something is centralized does not make it worthless...I imagine your house or apartment is not decentralized, and yet you assign it value.
Yes, a fraudulent company may try to print gold out of thin air to mint more tokens, but it is not inevitable. There are companies that are over 100 years old that continue to not defraud their consumers.
Did I say worthless? I meant worth less :D
I simply find it ironic that pegging crypto to an asset makes it weaker. Yet sometimes, perception is reality. If you find enough people that believe a pegged asset is worth more then it will be.
The vast majority of the population seems to have a very hard time understanding the value of decentralization and a trustless environment. I assume this is because the establishment is so good at pulling the wool over the eyes of the general population. It's hard to see how messed up the system is when you put your trust in it.
I don't understand what you mean in your second paragraph.
As for "the establishment pulling the wool over the general public", I think that is to blame more on the general public, who are more concerned with entertaining themselves than seeking truth and answers.