We all know about crypto and how it has become one of the world’s biggest and most important forms of currency. However, we do not know much about Wei Dai’s story and how he created something that later went on to become one of the biggest game-changers in the financial landscape.
Wei Dai was the pioneer of the system called b-money. This system was the precursor of BTC and predated blockchain technology. However, history took its course, and BTC became the top dog for the community. Wei started the whole thing and has some scathing commentary about how things turned out.
Is Crypto Underdeveloped?
According to Wei, crypto as a whole is underdeveloped. In other words, Wei envisioned how things might have panned out in the long run. However, crypto failed to mirror this ambition and has been underwhelming for him.
Wei expressed his concern, “It’s wild that merchants are still paying ~2-3% from each sale to banks and credit card companies. How come crypto has not won yet in C2B payments?” The question was meant as a rhetorical one.
Dai’s question hit the nail where it hurt the most. Although the market has been scaling since its inception, that scaling was not due to deeper adoption or anything. Most crypto is held at the moment because of whale activities.
Therefore, Dei’s vision of crypto replacing fiat currency is still a dream with a slim chance of becoming a reality.
