101–110 of 326 posts
Earlier quoted context omitted.
Amazon's goals aren't "selling books online", and that's just Amazon.
that’s where they started. the permissionless financial system is where this starts..
How long has Crypto remained a bottomless pit of fraud and greed?
Earlier quoted context omitted.
I tried wise some time ago. I wanted to send Euros to them, convert it to USD and then send it from my wise account to an American Bank account. To my dismay, I found that wise doesn't do Swift transactions in USD to bank accounts in the USA. I actually thought that was the whole idea behind wise, but apparently not? The other option was to pay my bank an additional 40€+ fee for each Swift transaction, which is too m…
I'm not a banking person but if you have a US bank account can't you do an ACH transfer from Wise to your bank?
Is crypto a briar patch that will fail or is it an ingenious technology that will kill traditional banking? Only time will tell. More competition is a good thing. Right?
The site in question: https://web3isgoinggreat.com/
I can't help but be reminded of Fucked Company https://en.wikipedia.org/wiki/Fucked_Company I guess the more things change, the more they stay the same?
Earlier quoted context omitted.
Unfortunately, that strength mostly boils down to "you can launder money with it". The idea that it would maintain that property indefinitely seems naiive at best. "I've made the perfect platform for criminals, but for some reason there are a lot of people using it for crimes and now law enforcement is shutting me down! This is an outrage!" This reminds me of why there are so few ways to simply send someone a large f…
This is actually sort of an example of what I'm talking about. Yeah, part of the strength of cryptocurrency is that it allows bad people to do bad things. Sort of how part of the strength of encrypted messages is that they allow bad people to do bad things. Same with file transfers. The defenses people give of file transfers, chat encryption, etc etc are pretty straightforward: certain things should be equally usable…
But I guess I agree that scams are rampant in the crypto space, so maybe the downsides of the tech aren't obvious to everyone, and it is good to have someone explicitly point them out?
I send money across borders to friends an organizations via blockchain. And millions of other people do, especially in countries with volatile financial systems. I much prefer crypto to anything else in this case. Hearing "no legitimate use case" arguments is awfully annoying when you get objective use from the thing being criticized.
> Hearing "no legitimate use case" arguments is awfully annoying when you get objective use from the thing being criticized Better phrasing would be niche legitimate use cases not worth supporting, at least not domestically, if you’re America, the EU, China, India or Japan.
Why not? Having open source protocols that compete with PayPal and VISA and aren’t funded and controlled by central states can be a positive thing.
Earlier quoted context omitted.
I really don't see any reason why someone working in cryptocurrency, but clear eyed about the possibility of down sides would "cross swords with Molly". She is an incredible source, as far as I can tell the *best* at finding and highlighting what's going wrong. That's incredibly valuable. rekt.news is also quite good, but skewed towards less reporting but more in depth. IMO Molly should be getting public good funding…
I do not think "crossing swords" is necessarily something aggressive, it could have been debate. I am quiet the blockchain-believer and follow and read Molly's twitter. Yet I do not think she should be unopposed in her views, on the contrary I want her to be challenged, it just comes with making a name for yourself as being anything-skeptic.
Earlier quoted context omitted.
https://www.bls.gov/data/inflation_calculator.htm From Jan 2019 to now we've had 17.4% inflation. Your purchasing power of the money in your bank account has been reduced. How have other assets faired in that time? > Objection, Your Honor. Assumes facts not in evidence. Okay longer timeline, if you held dollars in your savings account from Jan 2009 to now (during ZIRP) you've lost 30.5% of your purchasing power. How…
> if you held dollars in your savings account from Jan 2009 to now (during ZIRP) you've lost 30.5% of your purchasing power One, obviously a policy failure. Two, don’t do this. Bank deposit dollars are optimised for transacting, not long-term value transport. For that, use Treasuries (including inflation-protected ones). It’s not the Falcon 9’s fault that it makes for a bad hammer.
My argument is that assets and crypto is needed to hedge the potential incoming USD destruction. And that because crypto has some nice properties that houses and the SP500 don't, it has a legitimate reason to be a part (even if small) of your hedge.
I don't buy the "Crypto is a complete scam" argument at all.
Earlier quoted context omitted.
I send money across borders without blockchain. Without fees. Without having to wait 2 weeks for the transaction to be confirmed.
Really? How? I needed to transfer money from the sale of a property in Europe and the fees + currency conversion was over $1000.