Famous last words!
SEC Doesn’t See Cryptocurrencies Lasting Long
31–40 of 42 posts
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#32I 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.
So, the USD, which has been inflated every time they expanded the empire over the last XXX years, but their citizenship/working class feels it's deflationary, so they keep chasing it as fast as they possibly can...?
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#33Obviously 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 (…
> I very much doubt all but a tiny, tiny fraction of them have any use case at all.
Well, right.
That's why all of the trading volume.
Bunch of no-nothings trying to figure out technological value via herd mentality!
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#34Earlier quoted context omitted.
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.
So, the USD, which has been inflated every time they expanded the empire over the last XXX years, but their citizenship/working class feels it's deflationary, so they keep chasing it as fast as they possibly can...?
What?
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#35Earlier quoted context omitted.
So, the USD, which has been inflated every time they expanded the empire over the last XXX years, but their citizenship/working class feels it's deflationary, so they keep chasing it as fast as they possibly can...?
What?
You're claiming inflationary currencies have never been suitable.
Nonsense. Until recently, we've seen the currencies of large empires like Britain and US do nothing but inflate, yet their currency and their economies function just fine.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#36Earlier quoted context omitted.
What?
You're claiming inflationary currencies have never been suitable. Nonsense. Until recently, we've seen the currencies of large empires like Britain and US do nothing but inflate, yet their currency and their economies function just fine.
No, I'm claiming deflationary currencies are unsuitable. Inflationary currencies are much more desirable, which is why the world powers tend to have slightly inflating currencies.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#37Obviously 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…
The fact that Bitcoin is simpler than the US banking system is a testament to how archaic the latter is, not how useful the former is.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#38Earlier quoted context omitted.
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 wh…
The main issue is that people think in terms of USD. The prices on the page would still be USD. Every currency is talked about in terms of it's price in USD.
Why have the extra coins and conversions, as a consumer? Even if the companies want to use them like DerpCoin (see Hermitcraft), they will still have to take USD. So will they really ever gain sufficient usage to warrant the company time / people investment into supporting them?
I also suspect most people are involved in many more economic microsystems, which sounds like a business I transact with by another name.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#39> “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?
There are hundreds of "official" currencies in the world today, is dealing with them a problem you deal with in your life?
I assume many people here travel (or did pre-covid) frequently and mostly don't even notice the currency that's being used when you swipe your credit card when making a purchase. The details such as whether the merchant gets USD, EUR, or GBP are abstracted away from you and all you care about is buying your souvenir and figuring out where to go next.
Re: SEC Doesn’t See Cryptocurrencies Lasting Long
#40Earlier quoted context omitted.
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?
There are hundreds of "official" currencies in the world today, is dealing with them a problem you deal with in your life? I assume many people here travel (or did pre-covid) frequently and mostly don't even notice the currency that's being used when you swipe your credit card when making a purchase. The details such as whether the merchant gets USD, EUR, or GBP are abstracted away from you and all you care about is…
Well, 99%+ of my transactions are in USD
When abroad, prices are listed in the local currency, and I have to do some mental math, but yes the transaction does currency conversion automatically, with a fee that is typically higher than I would have realized if I swapped beforehand.
The point is, what currency will prices be listed in and do I have to jump through these mental hoops everywhere I buy things? Unlikely that most consumers will want this situation and extra layer. If it's listed in USD, why not just pay in USD and avoid the conversion stuff all together?
That is why a plethora of currencies will not pan out. It's not a out technology, it's about people's minds and behaviors.