51–60 of 121 posts
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The flaws of crypto were clear very early on. Major issues, still existing, were never solved
The surest way to get flamed out of any crypto mailing list was to ask what the effective clearance rate for the coin was, then following it up with how it could be sped up. Today the bitcoin network is still stuck at ~7 transactions a second. This is not what the white paper promised.
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memecoins have nothing to do with BTC. Talk about the price was always a thing because BTC is a currency, thus price is key. The tech is good, or it was at the time. I don't see the case for money laundering in BTC, only one could be XMR and mixers in ETH. Apart from that, in general cryptocurrency is not good for laundering since the blockchain can be tracked.
Watching how it is working. That the laundering can be tracked is just an expense to the process of recruiting suckers to be the visible parties who eventually do time and don't know about anything but the other visible parties.
I went from early bitcoin adopter to early bitcoin skeptic and despite missing most of the gains I have no regrets. During the early days the crypto space was concentrated to small online communities. People were mostly interested about the technology and the talk of price was limited, in the context "mass adoption". Nowadays it's about the price and the memes. Add to that the money laundering, energy waste and these…
Decentralization doesn't benefit society? umh...
I went from early bitcoin adopter to early bitcoin skeptic and despite missing most of the gains I have no regrets. During the early days the crypto space was concentrated to small online communities. People were mostly interested about the technology and the talk of price was limited, in the context "mass adoption". Nowadays it's about the price and the memes. Add to that the money laundering, energy waste and these…
I had a similar experience, and also have zero regrets about missing out on gains. The baked-in energy wastage and the scams and memes were a complete turnoff. That's not the way I want to get rich. Similarly I wouldn't invest in an arms manufacturer or a plastic bag company. Money that doesn't align with your values is just bad mojo.
Baffles me how this industry is basically speedrunning through the troubled history of regular finance, and every piece of legislation and every institution has to be rebuilt from scratch even though the mechanisms and the problems are almost exactly the same.
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> it is a system in which it is trivial to transfer it without any supervision and without any way to go back And somehow they praise it as a solution to all world's problems.
Who is this they? cryptocurrencies and there users are a highly fragmented ecosystem. Ofc if you only listen to the most obnoxious superficial corners you will find conmen like in any community involving finances. cryptocurrencies solve real world problems but like any technology also have drawbacks.
I went from early bitcoin adopter to early bitcoin skeptic and despite missing most of the gains I have no regrets. During the early days the crypto space was concentrated to small online communities. People were mostly interested about the technology and the talk of price was limited, in the context "mass adoption". Nowadays it's about the price and the memes. Add to that the money laundering, energy waste and these…
I work in “traditional” (as in, non crypto) payment systems, and i can tell you that plenty of companies are looking into using cryto rails for complex remmitance routes.
The problem is swift network/correspondent/intermediary banking. When you want to send money abroad to badly connected banks of badly connected countries, you might have a big route chain (multiple times intermediaries), fees can be huge , and settlement can take a long time. For these “small” banks it can be extremely hard to get better banking partners for better network (as in banking not IT) connection (multiple reasons, from price to available business partner, and company bandwith to go with the project)
Stable coins are much simper by comparison, you just need a wallet, and you ate a n a global network with automated settlement. Now whats lacking is standardizing how to send a message “ your crypto X received money from our crypto wallet Y, from our customer with acct number yyy, intended to your customer with acct number xxx”
Still some guys send iso message via swift to semd those intents and then settle via crypto.
This is a non existing problem for intra-eu payments due to all eu members being part of TARGET settlement system, and there are pan-EU clearing systems, but as soon as you get to more “disconnected “ countries, or “smaller” banks cross continent, it’s a pain.
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Who is this they? cryptocurrencies and there users are a highly fragmented ecosystem. Ofc if you only listen to the most obnoxious superficial corners you will find conmen like in any community involving finances. cryptocurrencies solve real world problems but like any technology also have drawbacks.
What real world problems?
With the right cryptocurrency also private and anonymous.
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Even with a public ledger, it's harder to trace than, for example, forcing someone to wire the cash via the traditional banking system. With banking systems, each bank account has a unique address (private, but they'll cooperate with the government and police easily, and are experienced doing so), and that address is associated with a real person... and it operates slowly, which means the police can easily catch up t…
One key component being alluded to here is that banks are legally required to know who you are (KYC). And there are consequences if they don’t. That alone makes a huge difference in everything having to do with the traditional banking system.
I went from early bitcoin adopter to early bitcoin skeptic and despite missing most of the gains I have no regrets. During the early days the crypto space was concentrated to small online communities. People were mostly interested about the technology and the talk of price was limited, in the context "mass adoption". Nowadays it's about the price and the memes. Add to that the money laundering, energy waste and these…
I'm glad you've made peace with your financial loss. It is an important thing not to dwell on the past in order to be able to move forward, a lesson it took me long to internalize myself.