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Do you have any evidence of that other than the parent link which looks kind of scammy? Everywhere else I have read that the minted $3B is not circulating yet, it's waiting for new purchasers of Tether. Not saying you are wrong by any means, I'm genuinely curious.
What does "minted" but not circulating Tether even look like?
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It’s easy not to have sympathy because these folks are the ones railing against the banks and the government and the establishment and police - confident they don’t need them because they’re all in on a system the vast majority doesn’t understand the first thing about. But they’ll demean and criticize anyone who suggests their magic free money machine might not be all it’s cracked up to be. They’ve been warned so man…
I like your take on it. But 7% inflation? Got a source you could cite?
https://www.cnbc.com/2021/12/10/consumer-price-index-novembe...
This is my biggest complaint against cryptocurrencies in general. I'm happy with my bank's fraud protection. How can crypto users protect themselves without recreating traditional banking? Bitcoin was released ~13 years ago, and wallet/transaction security has been one of the most important requirements since then (along with scalability, but let's not go there). If trillion dollar market caps and god-knows-how-many…
Some will say that you can still prosecute the crimes even if you can't initially reverse the transaction, but you can see how well that is working with hackers from adversary nations. Basically no prosecution and risk free ability to move on to the next victim.
"Friction is a feature with money transfer"
My experience is that moving money between countries where there is a high likelihood of collaborative justice against scams and thefts, ends up being pretty simple. It gets harder to transfer money to places where it is easier for thefts and scammers to get away with it.
I think we want it this way. How many people get taken in by the romance scams[1] where they wire their money to a country with 0 chance of recovery. The money transfer system has been specifically making it more difficult to send money to countries where this is commonplace as that is the only effective way to stop the crime. There is no viable criminal process only friction to make it less profitable and more difficult for the scammers.
[1] https://www.fbi.gov/scams-and-safety/common-scams-and-crimes...
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Interesting point. Would you rather have few unscrupulous, enterprising individuals have a significant proportion of wealth, or have this distributed between many people who are mentally challenged (easily conned)...
> people who are mentally challenged (easily conned)... I think the biggest predictor for being conned is not low IQ but high greed.
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your bank fraud protection doesn't prevent the bank from losing money. banks lose a lot of money to fraud and nobody is prosecuted. from my perspective, you are comparing a user experience that has nothing to do with the technology. a bank is a third party service providing custody to bearer instruments. a future financial institution will be a third party service providing custody or other protections to your crypto…
> banks lose a lot of money to fraud and nobody is prosecuted. That's true some times, but then it works like an insurance policy to me. I like insurance, especially when it's about my life savings. > a future financial institution will be a third party service providing custody or other protections to your crypto bearer instruments. As you mentioned, that's a bank. There's no reason to believe that crypto-based bank…
Many people think it will be Fintech in the front, DeFi in the back version of crypto that services mass adoption. The big difference is there is global, permissionless infrastructure for anyone to build tools/apps/services on. No more walled financial system, some kid in India can make a new banking app and it can be as useful as hsbc. They can use the same lending protocols, currency conversion, insurance protocols, and then choose what services they want on top. Maybe someone wants their banking app to be hentai death metal themed and all their moeny to be in picutres of dogs(rather than pictures of the queen or a president). Those who want self ownership and to code their own things, or arent liked by the banks (e.g. sex workers, immigrants, travellers) have just as much access to the system. To me it will be kinda like how lots of people are happy with Windows, but a smaller group like the freedom of Linux.
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> trust in the DeFi economy I thought the whole point was to be trustless?
It is, and I've had a nagging suspicion for a while now that this is the flaw at the heart of cryptocurrency and related phenomena. It's all built on the premise that the answer to "we can't trust existing institutions" is to try and design systems that don't require us to have trust in any actor, but as Sharlin noted, it's difficult to impossible to do anything transactional that doesn't require some level of trust.…
Open systems lead to less trust required, because anyone can verify and report issues. Open finance leads to less trust required because anyone can verify and report issues with the smart contracts.
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You obviously don't understand basic contract law. US Civil courts routinely apply the principle of equity when interpreting written contracts. Loopholes and errors are disregarded when they violate the clear intent of the agreement.
Nothing annoys me more than arrogant ignorance. It's like, pick one! You speak as if these are handled as federal matters, and they are not. Contract disputes are handed as local matters, usually in a local district court. Furthermore, when you talk about the court you're talking about a Judge. The Judge gets final say and they can take their sweet time, regard or disregard anything they want. In local matters, Judge…
I don't see how they're unaccountable, or how contract disputes mostly depend on a judges disposition.
This is my biggest complaint against cryptocurrencies in general. I'm happy with my bank's fraud protection. How can crypto users protect themselves without recreating traditional banking? Bitcoin was released ~13 years ago, and wallet/transaction security has been one of the most important requirements since then (along with scalability, but let's not go there). If trillion dollar market caps and god-knows-how-many…
DeFi market cap one year ago was probably less than $7B. Now it's over $100B. That is value that has been created. Crypto is a worldwide, 24/7, permissionless market. It's likened to the wild west. There have been numerous rug pulls, but if you focused all your energy on snake oil salesmen and gangsters in the West, you'd miss the fact that there was real, sustainable value there. A lot of people left Bitcoin after t…
Who's actually using these coins to do anything in the real world?
Scams that will collapse in 2022: * Axie Infinity. That's a Ponzi in the collapse phase. Their Smooth Love Potion token is down 90% and in a screaming dive, and their Axie token is down 37% from peak. That one is going to hurt a lot of poor people in the Philippines. Many quit their jobs to play Axie's play-to-earn game. All the money comes from later entrants, so it's a Ponzi by definition. * OpenSea. The NFT market…