Why are we calling it crypto? Just call them private coins
Why are we calling cryptocurrencies crypto coins and not just private coins? Currently this space as a whole is suffering big. Coins that once where trusted are now suffering. The entire scene is just deflating because after ten years there has not been a real purpose for this technology and now we are getting the consequences of this.
Every startup in this space once championed decentralization but now gets the answers of not being able to change their smart-contracts (MONO) with millions just disappearing. We get stablecoins (LUNA) that just crash and burn or bank heists that are just dumb in scale (AXS).
So, why are we still trying to make crypto happen? I do not have the answer, and people have been trying really hard to find this golden land (and I actually hope they find it). But in the mean time we can look from another angle and get some interesting results.
First of all, why not just admit what part of this space actually is? A place where private coins actually are normalized. We get public coins in the sense of government backed currency and we get private coins in the sense of company backed currency (this is not just in the cryptospace).
