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these same posters, however, don't have an inch of skepticism that there could be equally bad people sitting in powerful western financial institutions.
I would feel bad for people who lost money in crypto if every time I tried to warn them during the bubble they wouldn't have said 'have fun staying poor' and called me ignorant. It is tough to remain motivated to try and convince people that they are making bad decision when they actively berate you. It feels like telling someone about to jump into the shallow end of a swimming pool from a balcony that they are going…
I must say though that I don't and didn't own any crypto assets, and am not really well-versed in the web3.0 world, which might be why I am confused by your comment.
posters in this thread believe that there are obviously really bad people using and working with crypto currencies. these same posters, however, don't have an inch of skepticism that there could be equally bad people sitting in powerful western financial institutions.
web2 scams are not web3, web3 involves bitcoin which current price is respectable the boom bust cycly in 20-21 was heavily macro related. Web3 also involves ipfs, you can search for any book currently and the data lives on the blockchain. If you don't see the benefits by now, it is whatever, blockchain is just a data structure, some people will never be convinced, postgres and procedural statements is all they want.…
Also, bold of you to bring up NoSQL seeing as how the sun has kind of set on that whole era. The new databases I'm seeing these days are all relational. Turns out Postgres was all we really needed.
Hahaha, wow. You couldn't even take a 2.899 million dollar write off loss on your taxes too! Just straight vaporizing nearly 3 million bucks.
posters in this thread believe that there are obviously really bad people using and working with crypto currencies. these same posters, however, don't have an inch of skepticism that there could be equally bad people sitting in powerful western financial institutions.
If anything, crypto news over the past year has proven one thing: that the crypto space is just as corrupt as “traditional finance,” but with none of the guardrails that make it harder to commit blatant scams.
Society developed immune responses to financial fraud in the form of regulations. They are insufficient and evil people still take advantage of loopholes in the system. However, crypto right now is a living example of how much worse it could be.
posters in this thread believe that there are obviously really bad people using and working with crypto currencies. these same posters, however, don't have an inch of skepticism that there could be equally bad people sitting in powerful western financial institutions.
posters in this thread also believe that there are bad people in western financial institutions but that 1) the laws and regulations in place ensure that the system is at least usable by normal people to do useful work, as evidenced by the bajillions of dollars of money made by selling products and services that are not stolen from their bank accounts; and 2) that western financial institutions will not in general re…
Earlier quoted context omitted.
The "not good for" list is "practically everything." The "good use cases" effectively don't exist. Every crypto solution falls into one or more of these buckets... - Has substantial centralized elements, could be done vastly more efficiently with a DB - "Decentralized" but still requires some central authority to provide critical features (particularly any form of conflict resolution) - Depends on one or more smart c…
Crypto has very limited good use cases. In countries where inflation has gone haywire (worse than Bitcoin) and the government and banks have put strict controls on the ability to exchange local currency for another, cryptocurrency can be a last resort for keeping money in some kind of value store exactly because the government can't regulate it effectively. With decentralised payment providers, this allows for normal…
In a country with strict currency controls crypto is little better than foreign currency. They need to pay their bills in local currency. Their corner grocer wants local currency. Their taxes will be in local currency. Crypto users are in a worse situation than people using foreign currencies since they have to deal with not just black market exchange rates but wildly variable crypto exchange rates. They don't get to just HODL because they need to pay bills. They have to accept whatever that day's wild value swing of their crypto holdings.
The places with broken currencies don't have strong rule of law. The authorities will shake people down for their wallet passwords as effectively as they do anything else.
The masses in broken economies turning to crypto is a fantasy.
I urge lawmakers to completely regulate this so called 'crypto industry' before this number goes to $14B or higher in 2023. Crypto, NFTs, Blockchain and the rest of this nonsense should never have existed in the first place. And yet we enter another year where there is still no legitimate usecase for all of this whatsoever.
But most of what is in there is about things like stealing Bored Apes, which is basically just phishing, or NFT value collapse, which is just a speculative bubble popping. In the first case, I don't see any way that regulators are going to be able to stop phishing. And in the second, that's just a standard bubble. No fraud involved. Not much different that the Beanie Baby speculative bubble. I don't really think there's a government role in preventing speculative nonsense like that. Fuck around and find out.
posters in this thread believe that there are obviously really bad people using and working with crypto currencies. these same posters, however, don't have an inch of skepticism that there could be equally bad people sitting in powerful western financial institutions.
That’s a blatant straw man fallacy. No one here is insinuating that financial institutions are pure and innocent. If anything, crypto news over the past year has proven one thing: that the crypto space is just as corrupt as “traditional finance,” but with none of the guardrails that make it harder to commit blatant scams. Society developed immune responses to financial fraud in the form of regulations. They are insuf…