61–70 of 515 posts
Earlier quoted context omitted.
I mean, is he wrong? Genuinely the only other application I’ve seen which seems plausible is for use in places like Venezuela where the official currency is worthless.
Other uses include local crimes and national crimes. They don't have to be global... Oh, and gambling/speculating of course.
Earlier quoted context omitted.
An exchange is basically a bank without the regulations and consumer protections of real banks. It also defeats the purpose of crypto. It's the worst of both worlds.
And then they wonder why regular consumers aren't fleeing banks to start using crypto for everything. I've yet to see cryptocurrencies actually solve a problem that your everyday average person has when buying groceries or going out to eat. They just make things more difficult and confusing, and all these attempts to alleviate that just lead us straight to "banks, but worse".
Earlier quoted context omitted.
Given that almost all of that is violates securities laws, this still fits.
I don’t know, I’m relatively certain securities laws do not affect me.
Earlier quoted context omitted.
I mean, is he wrong? Genuinely the only other application I’ve seen which seems plausible is for use in places like Venezuela where the official currency is worthless.
Yep, the only use cases for decentralized, programmable monetary systems are criminal. /s
Earlier quoted context omitted.
Well you don't seem to have any other examples of things that can't be done with fiat
You comment this as many major central banks are conducting trial / rollout plans for CBDC. I prefer the decentralized side of cryptocurrency where the rules, censorship, and supply is transparent and limited.
That doesn't change the fact that the only killer app is criminal activity. Of course you -can- do non-criminal things with it, but frankly as a currency it's terrible. It's way too volatile, and transactions are both too expensive and too slow.
I get the goals - decentralisation, limited money supply (which in theory is supposed to limit inflation, but doesn't) and so on. Unfortunately the volatility dwarfs any inflation hedging etc. It's also super-risky right now, so I recommend holding your own coins. Not your keys not your money.
Sure it's different. Sure it's idealistic. But it's also, well, a terrible currency.
Which means mostly it serves as a nice way to do criminal transactions.
John Reed Stark is their expert? https://twitter.com/JohnReedStark/status/1670457201943511040 "The only killer app for crypto that seems tangible is its excellent use to orchestrate global crimes." The bias is abundant, it's well known this guy hates crypto.
The question is, "Is this guy right about centralized platform regulation causing industry-wide collapse?"
Earlier quoted context omitted.
I wonder if the SEC knows how to use a blockchain explorer? That claim is made false from a simple glance at one.
They do. The SEC pays competitively and there are a lot of crypto adept people who feel there is also a case for regulation in the space.
It's strange to me how people keep comparing cryptocurrencies to equity, but don't compare them to their closest counterpart - fiat currencies. Are fiat currencies treated like securities? No. Are there "best execution requirements" when I exchange my USD for EUR. No. Did somebody have to register the Brazilian Real with the SEC for it to be exchangeable in the US? No.
You invented and answered your own false premise. You set it up by proclaiming fiat the closest counterpart, and then proclaimed that fiat isn't treated like a security. You're the one saying it's closest to fiat, not the regulators. The regulators consider it to be more like an asset class and not fiat money like USD. They have been very clear about that. > Did somebody have to register the Brazilian Real with the S…
> The regulators consider it to be more like an asset class
Being an asset is also applicable in my opinion. But assets and securities are not the same, and this is what's changing - regulators switching the categorization from assets (which was implicitly and somewhat explicitly the state until now) to securities.
Earlier quoted context omitted.
An exchange is basically a bank without the regulations and consumer protections of real banks. It also defeats the purpose of crypto. It's the worst of both worlds.
And then they wonder why regular consumers aren't fleeing banks to start using crypto for everything. I've yet to see cryptocurrencies actually solve a problem that your everyday average person has when buying groceries or going out to eat. They just make things more difficult and confusing, and all these attempts to alleviate that just lead us straight to "banks, but worse".
Earlier quoted context omitted.
People cannot create fiat currencies out of thin air. When done it's a crime (currency forgery).
It's a crime if you or I do it. It's a blessing of quantitative easing when the rulers - our lords and saviors - do it.