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I was wrong, we need crypto

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Re: I was wrong, we need crypto

#291

Post by danaris »

jqpabc123 wrote: post #252
danaris wrote: post #184

Earlier quoted context omitted.

The biggest mismatch in "needs" here is the apparent "need" of some people to be able to conduct substantial financial dealings without any government being able to either see what's going on or step in if it's blatantly illegal, while most people consider that to be detrimental to the overall functioning of a healthy society. If you don't want to be part of our modern society, then please go find a way to do so away…

* ... apparent "need" of some people to be able to conduct substantial financial dealings without any government being able to either see what's going on ...* And crypto mostly fails in this regard. Blockchain maintains a permanent record of everything that goes on for anyone to see.

Well, right. As soon as governments around the world manage to pull their heads out of their collective asses (which some are already doing) and genuinely try to understand cryptocurrencies, they start regulating them like any other asset.

The "Wild West" of crypto is a historical aberration that will absolutely not last.

Re: I was wrong, we need crypto

#292

Post by jqpabc123 »

koonsolo wrote: post #287
jqpabc123 wrote: post #255

Earlier quoted context omitted.

The people who sell you stuff usually need guidance on pricing and they will usually want to quickly move the money to a more stable currency once the sale is made. For all this, they go to the gatekeepers. And likewise, you need to decide if the price you're about to pay is reasonable and fair. And for this, you go to the gatekeepers --- because there is no reasonable alternative. Crypto can't escape the influence o…

Crypto can work perfectly fine without a link to fiat. Funnily even stablecoins don't need fiat (see Terra's UST).

And yet, more than half of all crypto trades are linked directly to fiat by way of Tether, USDT.

https://coingeek.com/terra-ust-is-now-the-biggest-decentrali...

Re: I was wrong, we need crypto

#293

Post by jqpabc123 »

danaris wrote: post #291
jqpabc123 wrote: post #252

Earlier quoted context omitted.

* ... apparent "need" of some people to be able to conduct substantial financial dealings without any government being able to either see what's going on ...* And crypto mostly fails in this regard. Blockchain maintains a permanent record of everything that goes on for anyone to see.

Well, right. As soon as governments around the world manage to pull their heads out of their collective asses (which some are already doing) and genuinely try to understand cryptocurrencies, they start regulating them like any other asset. The "Wild West" of crypto is a historical aberration that will absolutely not last.

* ... they start regulating them like any other asset.*

Government should start by auditing "stable coins".

What do you think would happen to the crypto market if they did this?

Re: I was wrong, we need crypto

#294

Post by jqpabc123 »

mateuszf wrote: post #283
jqpabc123 wrote: post #257

Earlier quoted context omitted.

True, but I guess it's easy to do that with every small market. It's pretty easy when you can mint Tethers and keep the price pegged at $1 USD no matter how many you print and use them to buy/inflate the price of bitcoin.

Again, not issue with Bitcoin but other crypto. If you can "make" money, you can buy anything.

If you can "make" money, you can buy anything.

Yes and anyone can easily make money just like Bitcoin --- just clone it.

Re: I was wrong, we need crypto

#295

Post by jqpabc123 »

louloulou wrote: post #276
jqpabc123 wrote: post #254

Earlier quoted context omitted.

With one big difference --- centrals banks are motivated by overall economic benefit rather than private, personal gain.

Certainly that's what they want you to think.

And crypto wants you to think that unregulated exchanges are just as fair, honest and trustworthy as the highly regulated financial markets.

The question remains, who are you gonna trust?

Re: I was wrong, we need crypto

#296

Post by mateuszf »

jqpabc123 wrote: post #294
mateuszf wrote: post #283

Earlier quoted context omitted.

Again, not issue with Bitcoin but other crypto. If you can "make" money, you can buy anything.

If you can "make" money, you can buy anything. Yes and anyone can easily make money just like Bitcoin --- just clone it.

As easy as making Facebook clone. Good luck with getting people to use it.

Re: I was wrong, we need crypto

#297

Post by woodruffw »

latchkey wrote: post #249
woodruffw wrote: post #205

Earlier quoted context omitted.

Converting cryptocurrency into fiat outside of the financial system falls under the "don't do two crimes at once" maxim, in this situation.

There is nothing illegal about converting crypto to cash in a p2p transaction. You're also US biased with your opinion.

My opinion is “US and Canadian financial law” biased, yes, since that’s the rough domain of interest in this thread.

There’s nothing illegal about P2P crypto transfers, assuming that you’re not (1) circumventing currency transaction laws, and (2) paying the appropriate taxes. Since the people who might do P2P transfers in this scenario want to avoid the scrutiny of the law entirely, I think it’s safe to say that this does indeed fall under “doing two crimes at once.”

Re: I was wrong, we need crypto

#298

Post by ComradePhil »

arcticbull wrote: post #224
ComradePhil wrote: post #212

Earlier quoted context omitted.

> You know in most countries like Canada, where healthcare is actually a public cost centre, Good point... except that the policy makers aren't paying out of their pocket. It's public money either way. They'll take whatever option helps them in the short run because if they don't, someone else is willing to take that money and bring them down in the next faux election. You might want to look up what people who are ac…

You didn't refute the actual concrete evidence I provided in any way, though. I can tell it doesn't fit with your preconceived narratives.

I did but I can see why it would completely go over your head.

Re: I was wrong, we need crypto

#299

Post by datadata »

jqpabc123 wrote: post #275
datadata wrote: post #274

Earlier quoted context omitted.

> If anyone can make it, the market quickly becomes saturated and the value tends toward zero and people losing interest in it. You just restated your previous claim, you still didn't give any reason why the value must go to zero-- By the same logic, the market for websites is also saturated, therefore the value of the internet is going to zero.

Don't look now but the market value of most web sites is zero. People pay nothing to use them.

And stocks also? There are more than 10,000 stocks, therefore the value of stocks much also must go to zero as the market is saturated.

Re: I was wrong, we need crypto

#300

Post by danaris »

jqpabc123 wrote: post #293
danaris wrote: post #291

Earlier quoted context omitted.

Well, right. As soon as governments around the world manage to pull their heads out of their collective asses (which some are already doing) and genuinely try to understand cryptocurrencies, they start regulating them like any other asset. The "Wild West" of crypto is a historical aberration that will absolutely not last.

* ... they start regulating them like any other asset.* Government should start by auditing "stable coins". What do you think would happen to the crypto market if they did this?

Honestly, I don't pretend to understand the distinction between "stable coins" and other cryptocurrencies well enough to feel confident answering that question.
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