[cowtools]

I agree with your first statement about hoarding by early buyers.

However, the smug "write-only database meme" is getting a bit old. Cryptocurrencies, and even other crypto-payment systems (e.g. chaumian cash) obviously have different characteristics than centralized money. Come to think of it, you could just mockingly describe any computer program that has structured data as a database.

Cryptocurrency has almost nothing to do with databases or storing data. At its core, cryptocurrency is a system of distributing signed transactions that uses hashcash as a sybil-resistance and (order) synchronisation mechanism.

Google spreadsheets need not apply. The whole point is that you don't require a single party to sign transactions. The problem that cryptocurrency deals with concerns co-operation between adversarial parties. Centralization leaves you hopping from platform to platform forever.

[astrange]

A blockchain is a kind of transaction log, but if you evaluate all the transactions you get a database at the end.

A Google Docs spreadsheet also has a transaction log (a CRDT) while you have it open to do the updates. (Well, I assume it does, anyway.) Of course the security models are different, but you could say the log is a dual of the database.

[xwolfi]

But this resistance is against a problem it creates: yes if all your stakeholders are anonymous and distributed you cannot trust them, but why not make a network of licensed operators you can trust ? Like I dunno, a savings account with international bank transfers...

[mkleczek]

The need for trust increases risk. Higher risk is higher cost.