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Monero because its untraceable(real world industry - underground drug markets) IRS wants to crack it and awarded $1.25 million contract: https://cointelegraph.com/news/chainalysis-and-texas-firm-wi...
This doesn't really shift my priors that the only practical use of crypto is illegal transactions.
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Cryptocurrency is the solution for a very valuable problem. How do you commit financial crimes and frauds in a way just new enough to confuse people that what you're doing may be valuable?
I do thousands of transactions with thousands of people every day without committing financial crimes and without paying any fees. It's extremely valuable to my businesses. Wrenches can be used as weapons but they are also essential for plumbers.
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Cryptocurrency is the solution for a very valuable problem. How do you commit financial crimes and frauds in a way just new enough to confuse people that what you're doing may be valuable?
I do thousands of transactions with thousands of people every day without committing financial crimes and without paying any fees. It's extremely valuable to my businesses. Wrenches can be used as weapons but they are also essential for plumbers.
I mean I don't defend crypto, the way things are going is that they'll be just as regulated and centralized as digital fiat is, and a lot of it is people getting rich, or hoping to - I mean I'm one of those people, still waiting for my handful of dogecoin to go up 10.000% so I can retire. But I also have a regular job, regular savings, and regular stonks because savings account interest is a joke.
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> Bitcoin/Ethereum/etc actually do /something/ Big if true.
You might think that the "something" "legit" crypto does isn't a good solution even though it IS doing "something". Bitcoin works as a distributed ledger, depending on your view that might be a solution in search if a problem but it's still something.
What is that tool useful for that isn't better served by other tools?
That is the question that has never been answered, at least not to my satisfaction.
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Cryptocurrency is the solution for a very valuable problem. How do you commit financial crimes and frauds in a way just new enough to confuse people that what you're doing may be valuable?
I do thousands of transactions with thousands of people every day without committing financial crimes and without paying any fees. It's extremely valuable to my businesses. Wrenches can be used as weapons but they are also essential for plumbers.
Crypto may well be the biggest solution looking for a problem I've ever seen. Apart from the obvious issues (eg energy expenditure) the one myth that needs to die about crypto is that it is extragovernmental and indictments such as this and the Bitfinex laundering case recently should underline that. The simple fact is that the developed world could shut down what little utility cryptocurrencies (and NFTs) have tomor…
there is that expression, morality is how people think the world _should_ be, economics is the reality of how it _really_ is the problem = lack of investment options, stagnant wages, inflating cost of living, being priced out solution = gambling on crypto and making some money speaking as a millenial. honestly crypto is the only way could ever dream of buying a house. ive been working 15 years and saved 150k. average…
The S&P500 will always look like a 90 degree angle on a long enough timeline, that's just how exponentials work. And it is by definition exponential as earnings compound, a quality cryptos do not possess. But it is ironic to hold that against it when 5-year charts in the crypto world look as they do.
Time will tell which way it resolves I guess.
Nice job. Now if only some people would see the difference between an actual ponzi scheme like this one and bitcoin and other cryptocurrencies. That would be nice.
The common characteristic is that "early adopters" get disproportionately large returns compared to later adopters. Indeed those later adopters are financing the exit of the participants who "got in first". In this way it's like a Ponzi scheme, but the same could be said for stocks. You might call the above a simplification; that is fine -- my point is that this is a (inaccurate) linguistic shorthand -- calling somet…
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We can argue about what constitutes a proper Ponzi scheme, but the idea that the promotion of crypto thus far has existed to allow early adopters to cash out at the apparent expense of later adopters, while bringing essentially no other utility to any of its backers or the public at large, is pretty obvious.
This is just plainly not the definition of a ponzi scheme https://en.wikipedia.org/wiki/Ponzi_scheme
[T]he idea that the promotion of crypto thus far has existed to allow early adopters to cash out at the apparent expense of later adopters, while bringing essentially no other utility to any of its backers or the public at large, is pretty obvious.
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I'll ask you the same question I ask everyone who spouts nonsense - when it turns out you're wrong, will you care? Or is possessing this worldview somehow intrinsically satisfying to you, regardless of reality?
1) What exactly would I be wrong about? A good test for cognitive dissonance is comparing your predictions to reality, and I do not believe that I ever stated that BitCoin is inevitably going to become the most important currency in the world. I think crypto is great conceptually (which will never be not true) and that it may or may not succeed in the marketplace. Bitcoin itself may not succeed long-term even if cryp…
If the concept is "decentralized payments are resistant to government intervention", then wouldn't the government killing crypto be proof that the concept failed?
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Cryptocurrency is the solution for a very valuable problem. How do you commit financial crimes and frauds in a way just new enough to confuse people that what you're doing may be valuable?
I do thousands of transactions with thousands of people every day without committing financial crimes and without paying any fees. It's extremely valuable to my businesses. Wrenches can be used as weapons but they are also essential for plumbers.
Otherwise, why do you think that these criminals are turning to privacy coins like Monero and MobileCoin, etc?