The fact that cryptocurrencies have managed to grow and hold their value for so long is in itself proof that the financial system is not working.
The market cap of all stock markets is on the order of $100T. Total bond market cap is of similar scale. The total market cap of cryptocurrencies is $200B (and shrinking).
Cryptocurrencies could be 10 bigger than what they are today and they'd still be a rounding error compared to the overall financial markets.
The only thing proven by cryptocurrencies is that, at a global scale, the long tail provides enough opportunities for niches to exist.
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The market cap of all stock markets is on the order of $100T. Total bond market cap is of similar scale. The total market cap of cryptocurrencies is $200B (and shrinking).
Cryptocurrencies could be 10 bigger than what they are today and they'd still be a rounding error compared to the overall financial markets.
The only thing proven by cryptocurrencies is that, at a global scale, the long tail provides enough opportunities for niches to exist.
> enough opportunities for niches to exist
Exactly.
How many times have you heard the argument that cryptocurrencies will never completely replace national currencies, so they should be worthless?
Or that because it's harder to buy a coffee with Bitcoin than Euros, that Bitcoin is a fraud.
It's not either-or. It isn't all or nothing.
Cryptocurrencies can co-exist with national currencies and do just fine.