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SEC Doesn’t See Cryptocurrencies Lasting Long

wsj.com

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Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#21

Post by thehappypm »

chromatin wrote: post #16
huitzitziltzin wrote: post #13

Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…

> There is nothing I'm aware of that I need to do financially which I can do with Bitcoin (or the like) which I'm not better able to do with the regular banking system. I would suggest that your life experience may not be the best yardstick for every other human. I will provide an example of a recent situation in which I would have loved to be able to use e.g. Bitcoin. I (US based] did some consulting work for a comp…

I’m not sure honestly.

Companies are super risk averse. They’d rather use arcane tools with seriously battle tested guard rails. As an example, if someone hacked your email and sent them a fraudulent Bitcoin address, and they sent the BTC, they’d have no recourse. No way to reverse, nobody to even complain to. Corporations would much rather have those arcane layers to protect themselves.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#22

Post by thehappypm »

achenatx wrote: post #14
huitzitziltzin wrote: post #13

Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…

you dont live in a failing economy or one where the govt intervention prevents the free flow of money. 1)chinese were able to smuggle money out of china 2)venezuelans are using it in lieu of their failed currency 3) criminals are using it to launder money and buy/sell illegal products 4) people are using it to send money across national borders without paying fees/tariffs (e.g. to mexico) I remember not that long ago…

These are four reasons why the governments of the world would want to ban crypto.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#23

Post by thehappypm »

heyitsguay wrote: post #7

I understand the appeal and benefits of decentralized services, and how they could apply to currency, but I think there's something wrong with the idea that a successful currency should increase in value by orders of magnitude (or even at all). Like, E-mail is a very successful decentralized service, and people make money in relation to e-mail protocol specifications by providing value on top of it. Nobody got rich j…

I do think it’s counterproductive that it was even possible for people to use Bitcoin as an asset. I doubt that Satoshi foresaw Bitcoin billionaires.

Currencies have historically worked that they’re stable (ish). And to become rich you have to acquire more units. Not hope your units grow in value. If you expect appreciation then your currency is deflationary which makes it unsuitable for a currency.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#24

Post by beginTheJourney »

huitzitziltzin wrote: post #13

Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…

The use case for Bitcoin is a savings vehicle. The global financial system has reached a tipping point where it is incapable of providing a store of value for people who have accumulated capital without crashing the system and causing mass devastation. The fact that so many people still do not understand this tells me we have tremendous upside remaining.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#26

Post by toomuchtodo »

chromatin wrote: post #16
huitzitziltzin wrote: post #13

Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…

> There is nothing I'm aware of that I need to do financially which I can do with Bitcoin (or the like) which I'm not better able to do with the regular banking system. I would suggest that your life experience may not be the best yardstick for every other human. I will provide an example of a recent situation in which I would have loved to be able to use e.g. Bitcoin. I (US based] did some consulting work for a comp…

Was wise.com not an option? I use them frequently to receive payments in the US from Europe.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#27

Post by soultrees »

chromatin wrote: post #16
huitzitziltzin wrote: post #13

Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…

> There is nothing I'm aware of that I need to do financially which I can do with Bitcoin (or the like) which I'm not better able to do with the regular banking system. I would suggest that your life experience may not be the best yardstick for every other human. I will provide an example of a recent situation in which I would have loved to be able to use e.g. Bitcoin. I (US based] did some consulting work for a comp…

As someone who has hired creatives from around the world back in the day - I used to love the BTC option to settle any invoices. Back then it wasn’t as well known so it usually took a little explaining but anyone who accepted it received their payment within minutes. It was so much more preferable than dealing with banks internationally.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#28

Post by soultrees »

huitzitziltzin wrote: post #13

Obviously they could be wrong, but this prediction feels very reasonable to me. I am extremely skeptical of cryptocurrencies in general, so you may take all of my claims with a grain of salt, but coinmarketcap.com tracks something like 6800 different cryptocurrencies. I very much doubt all but a tiny, tiny fraction of them have any use case at all. After more than ten years, I still don't see a use case for Bitcoin (…

NFTs are interesting because they are a start of the conversation on the path of digital ownership and scarcity. As it stands now, this space is not even close to its final form and eventually the idea of digital ownership is not so far fetched.

As an example - say a famous artist decides to create 1 single sketch. I only create 1 item and sell it to you who now in turn owns that piece to do as you please whether it’s lease it out for commercial purposes, stash it away on a HD, launder money, etc etc. Sure it’s just pixels on a screen but the ownership of rights is what you are paying the artist for. (Now imagine the same scenario 10-20 years down the line when super VR is a thing and most of us spend more time in our digital lives than the real world). As the purchaser, you can now track the usage of your asset you’ve purchased through a blockchain.

So it makes sense, but the current state of small iterations of the same piece of artwork are akin to ikea pieces in real value and are completely just advantage of the current hype. There will be a correction at some point as things mature.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#29

Post by soultrees »

verdverm wrote: post #8
anon9001 wrote: post #4

> “I don’t think there’s long-term viability for five or six thousand private forms of money,” Mr. Gensler said in a virtual event hosted by the Washington Post. That's going to age like milk.

As a consumer, how many currencies do I want to deal with? How many consumers will be willing to do currency conversions on a per transaction basis?

As a consumer you will (are?) likely only involved in a few economic Microsystems. If you break it down, you probably spend a lot of your money through the same companies as it is, so it’s not a far fetch to think that each of these companies will use a main coin or have their own coin in the long run. This is only going to amplify as more of our payment systems are consolidated under big monolith corporations. So while you may be involved in some economic Microsystems, I will be involved in others. Each having their own currency needs and only having to go in an out of some main coin.

For example take Apple - you have the App Store , iTunes, app purchases, Apple Pay, the new Apple Card and more I probably forgetting. As time goes on, it’s not far fetched to assume that you might rarely leave the Apple economic ecosystem or even need to since everything you have is provided by one corporation. This applies to Amazon, Facebook (not as embedded as Amazon or Apple but has ambitions to get there), and more. So the idea of there being an Amazon coin or an Apple coin, once things mature in the cryptocurrency industry, is not totally out to lunch.

Re: SEC Doesn’t See Cryptocurrencies Lasting Long

#30

Post by megameter »

anon9001 wrote: post #4

> “I don’t think there’s long-term viability for five or six thousand private forms of money,” Mr. Gensler said in a virtual event hosted by the Washington Post. That's going to age like milk.

It really does sound like the analogous statement about "only five or six computers in the world" from the 1950's.
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