The ability to rip off naive investors since the traditional financial markets have a lot of cumbersome regulation wrapped around it
Ask HN: What real world problem does cryptocurrency solve?
41–50 of 143 posts
Re: Ask HN: What real world problem does cryptocurrency solve?
#42Earlier quoted context omitted.
> Also, no, money laundering is not possible on most chains since all transactions are public. Citation needed — as far as I know there are cryptocurrencies where this is not the stated goal. Also public does not equal no money laundering, because the transactions are at least pseudonymized. Dubious sales on the darknet were literally the real world problem that made cryptocurrencies what they are today.
https://www.businessinsider.in/investment/news/bitcoin-does-...
That article doesn't really support your statement.
You can have anonymous BTC address. You can tumble it and you can exchange it at anonyy location.
It is the most anonymous digital currency after cash cards.
Re: Ask HN: What real world problem does cryptocurrency solve?
#43Have you ever been through a contentious divorce? Specifically one where the other party is laying claim to assets you earned? In these type situations, an asset that: 1) no one knows you own 2) even if people know you own them, can't be seized short of torturing you to regurgitate the password 3) can be transferred to any person of your choosing and in any jurisdiction of your choosing in a matter of minutes. seems…
So, it's useful for breaking the law?
Re: Ask HN: What real world problem does cryptocurrency solve?
#44- The currency of my country is collapsing, I need to buy something which has a value unconnected to my country. - My country imposes export controls on foreign currency. I want to move my money out of my country. - I am unbanked and want to buy a good or service on the internet. - I do not trust the counterparty that I am dealing with on the internet. Using cryptocurrency means that my maximum loss is the vavlu of t…
> - I do not trust the counterparty that I am dealing with on the internet. Using cryptocurrency means that my maximum loss is the vavlu of the transaction (I don't have to give credit card or banking info)
This is worse than if you use a credit (or debit in some places) card. With a credit card you have a legal protection and the card issuer has to refund you if the product or service isn’t delivered, it’s called a chargeback. Crypto has no consumer protections, traditional payments do.
Crypto is irreversible (in most cases) by design, that will always be worse for the consumer and “better” for the vendor. Essentially making it easier to defraud people trying to make purchases.
The only time this works is if the vendor is unable to take credit card payments because they are selling something illegally, but that’s not the example you used.
Re: Ask HN: What real world problem does cryptocurrency solve?
#45- The currency of my country is collapsing, I need to buy something which has a value unconnected to my country. - My country imposes export controls on foreign currency. I want to move my money out of my country. - I am unbanked and want to buy a good or service on the internet. - I do not trust the counterparty that I am dealing with on the internet. Using cryptocurrency means that my maximum loss is the vavlu of t…
Quoted post unavailable.
Wouldn't you type your wallet seed phrase onto a random BTC ATM on the street ?
Re: Ask HN: What real world problem does cryptocurrency solve?
#46Have you ever been through a contentious divorce? Specifically one where the other party is laying claim to assets you earned? In these type situations, an asset that: 1) no one knows you own 2) even if people know you own them, can't be seized short of torturing you to regurgitate the password 3) can be transferred to any person of your choosing and in any jurisdiction of your choosing in a matter of minutes. seems…
> seems pretty darn useful In societies so broken and unsolidaric that individuals have to fall back on such matters, maybe. Also very useful if you are a drug cartel, a shady bussines or similar — so people that totally won't do damage to the cohesion of society in historic experience.
> In societies so broken and unsolidaric that individuals have to fall back on such matters,
The current divorce laws in most western societies pretty much match my description, especially the US.
If in your world, those count as "broken and unsolidaric (sic)", then: sure dude.
Re: Ask HN: What real world problem does cryptocurrency solve?
#47- The currency of my country is collapsing, I need to buy something which has a value unconnected to my country. - My country imposes export controls on foreign currency. I want to move my money out of my country. - I am unbanked and want to buy a good or service on the internet. - I do not trust the counterparty that I am dealing with on the internet. Using cryptocurrency means that my maximum loss is the vavlu of t…
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Re: Ask HN: What real world problem does cryptocurrency solve?
#48[deleted]
Re: Ask HN: What real world problem does cryptocurrency solve?
#49Have you ever been through a contentious divorce? Specifically one where the other party is laying claim to assets you earned? In these type situations, an asset that: 1) no one knows you own 2) even if people know you own them, can't be seized short of torturing you to regurgitate the password 3) can be transferred to any person of your choosing and in any jurisdiction of your choosing in a matter of minutes. seems…
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Re: Ask HN: What real world problem does cryptocurrency solve?
#50That’s an excellent question. I’ve been thinking about this topic a lot. Here’s some problems I think a good cryptocurrency solves:
- Trust: you don’t need to trust any authority or money emitter when using a cryptocurrency.
- Anti-inflation: It’s not possible to print e.g. bitcoin so you are not hit by the “inflation tax”
- Nowadays, governments and other institutions can easily block a bank account with very little reasons and then you need to go through a long process of proving your innocence. Crypto won’t be blocked. It’s like modern swiss bank hiding place
- A real property: it is one of the things that nobody, especially a government, can take away from you
- A war, blackout hedge: it’s hard to travel with gold when you can easily run away from a hot place to a better one keeping your whole fortune
- Probably way more use cases like easily transferring money around the globe etc
I also believe that crypto are in very early stage of their existence so some of the points may not fully apply yet but they are valid in a long run.