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You Can Forget About Crypto Now

theatlantic.com

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Re: You Can Forget About Crypto Now

#161

Post by tomatoman »

mhluongo wrote: post #135
rhaway84773 wrote: post #123

Earlier quoted context omitted.

You do understand that Wiring money is not slow because of the technology right? And it has everything to do with government regulations around anti-terrorism, anti-money laundering, anti-fraud, etc.? I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with…

> I think it’s hilarious that you think your wire was slow because of the geographical distance the message had to travel (“halfway across the world”) as opposed to the fact that it had to travel across jurisdictions with different laws Condescending straw man here. Being able to use BTC to do this, routing around the various jurisdictional settlement layers, is a huge practical improvement. Those 7 days don't make s…

This is from your years of law enforcement knowledge on Terrorism, Tax Avoidance, Theft?

Re: You Can Forget About Crypto Now

#162

Post by marvin »

lottin wrote: post #129
HNDen21 wrote: post #103

Earlier quoted context omitted.

Why did it take 7 days? wire from Netherlands to US (ING to BofA) took 2 minutes

If it took 7 days it was probably due to AML/KYC issues. Bitcoin would have been faster, of course, because it doesn't do AML/KYC, but that just means it's unsuitable for conducting business (other than businesses that are outside the law).

KYC & AML got a lot more thorough after 9/11, at the behest of the US government. A large part of the cost is extra guarantees against terrorist funding, and it's not obvious that this extra burden is worth the cost. It's kind of like airport security, except for money.

Simply making illegal activity more burdensome with fiat money requires less effort than what's currently being spent on these processes.

Re: You Can Forget About Crypto Now

#163

Post by abakker »

mhluongo wrote: post #137
thr0wawayf00 wrote: post #111

Earlier quoted context omitted.

> A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Ignoring the week-long wire detail (which deserves an explanation because that doesn't resonate with my experience), depending on when you sent that transaction, your wire could've lost a decent amount of value due to the price instability of bitcoin. Losing 5% in a matter of minutes…

We have stable coins that can get you both.

Both the loss of capital and the inconvenience of an exchange rate?

Re: You Can Forget About Crypto Now

#164

Post by MisterSandman »

Vampyre wrote: post #155

A 2018 English graduate, who predominately writes music reviews and opinion pieces, published on The Atlanic which has cherry-picked publishing only their anti-crypto pieces, explains how crypto is actually dead now.

What does the author's degree have to do with anything? He isn't talking about the deep intricacies of how blockchain works, he's talking talking about a financial scamster.

Re: You Can Forget About Crypto Now

#165

Post by Melting_Harps »

hedora wrote: post #139
automatic6131 wrote: post #112

Earlier quoted context omitted.

>It was, in retrospect, simply a bubble It was clearly this since 2016, imho

Since day one, honestly. Otherwise most people here would have stuck $100 in to BTC at $10.

> Otherwise most people here would have stuck $100 in to BTC at $10.

Bwahahaha!

You guys really need some humility, you'd think the stock market and by extension your collective portfolios, but particularly tech growth stocks losing +60% (including FAANGS) would do it, but until you guys get rolled into the mass tech layoffs and get a taste of what living precariously due to extermal economic crisis' is like will you understand what a self-serving bubble you've all been living in. The level of self-delusion isn't just cringe, it's honestly the cruel self serving narcissism that explains the 'how and why' the Valley looks like the cesspool that it does: financial inequality, mass poverty, rampant substance abuse and poor mental health are all the costs of entry so we tech titans can make billions of go-no where apps like Doordash burning VC money. But we get to tell ourselves we're above everyone else because we're rewarded with foosball and free snacks in our workplace.

With that said, a market correction was necessary and admittedly my timing was off (I felt a 50% correction was about right in early May, I felt it was the bottom), and we needed to clear out the mess just like the ICO craze; this is just next wave of mal-investment being cleared seen in a healthy market and if you want to know the truth: it's in bear markets that this is when the tech gets built--lots of exciting things are being built in layer 2, as well as continuing to reduce the network's energy use on fossil fuels. These yield farms were the biggest scams and we told people that NYKNYC for a reason.

But, you wouldn't know that because you've apparently convinced yourself that your clairvoyance has imbued you with a divine vision of some sort... seriously, stop drinking the kool-aid guys, it's why the satire in Silicon Valley (series) hit so close to home.

Re: You Can Forget About Crypto Now

#166

Post by fullshark »

haasted wrote: post #42

> “We’re so early,” goes one popular crypto mantra I'm tired of this mantra. To me, crypto is starting to look less like the early internet, and more like the file-sharing mania of the late 90s early 00s, ie Napster, Kazaa, Limewire etc. A very likely outcome is that crypto will continue to be around, like some of the file sharing services, but using them will be more and more irrelevant and frowned upon by most peop…

Yeah an entire generation of engineers is obsessed with this stuff, it's not going away.

Re: You Can Forget About Crypto Now

#167

Post by TacticalCoder »

pibechorro wrote: post #8

Crypto is fine. Its centralized exchanges which are not, its why crypto exists, remove the human element of corruption. Keep your coins off 3rd party exchanges and 99% of this drama disappears.

I think there's room for what looks like legit player like Coinbase, a HN unicorn, in addition to decentralized exchanges.

People who want to go into crypto need an on-ramp / off-ramp like Coinbase.

Coinbase claims actual people really deposited at least $44 billion USD and that these USD are used to back the USDC stable coin emitted by Coinbase 1:1. But that doesn't tend to be mentioned here.

Coinbase's stock rose 20%+ after FTX's scam was exposed. So there are actual people out there thinking that, no, this is not the end of crypto and that Coinbase will actually benefit from the FTX and BlockFi (and hopefully many other) scammers' downfall.

I wish tether/iFinex/Bitfinex would die a quick and painful death and Coinbase were to completely replace them.

To me there's room for legit centralized players and I sincerely hope Coinbase is one of them and I wish them the best.

Re: You Can Forget About Crypto Now

#168

Post by [deleted] »

x86x87 wrote: post #92
slaw wrote: post #3

> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.

The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…

[deleted]

Re: You Can Forget About Crypto Now

#169

Post by Gwypaas »

x86x87 wrote: post #92
slaw wrote: post #3

> despite the ricketiness of the whole system, despite the constant feeling that everything might fall apart at any moment, there will come a time when crypto really arrives. For me crypto was always Ponzi scheme and nothing more, but it is because I don't laundry money or sell drugs, so I am not the target for crypto.

The narrative that crypto is usefull jusy for buying drugs or laundering money is ridiculous. A couple a weeks ago I did a wire half way across the globe. It took almost 7 days for the money to arrive. With bitcoin? 60 minutes. Remember when OnlyFans was in trouble because of the payments processors wanting to pull the rug? You probably don't and you probably are not aware how many people would have been impacted. Do…

> Do you watch porn? How many times have have sites that provide it been in trouble because of some puritan bs from the dark ages? Do you know this is the majority of the internet? Are you aware that a lot of innovations (the internet included) took off and became mainstream because of porn?

The issue here is the American puritan mindset being forced on the world due to the duopoly of Visa and Mastercard. Similar issues stem from American social media. Here in Europe I see ads in the subway from museums that would violate e.g. the nudity rules on Instagram.

Re: You Can Forget About Crypto Now

#170

Post by Ekaros »

hocuspocus wrote: post #83
thrwy_918 wrote: post #37

Earlier quoted context omitted.

"stablecoins" are not decentralized. If you're going to trust a central issuing and custodial authority for a coin, do you even need crypto technology in the first place?

The stablecoin argument in failed states is always so funny... yes people in these countries want USD without the legal framework (of their own country and/or the US). It should be pretty clear to anyone that allowing a private and possibly criminal actor like Tether to fulfill this role isn't exactly viable in the long run. For starters when the US DoJ will finally get annoyed that USDT are used to evade internation…

And I have always wondered about these stable-coins. Let's take these countries, who in there is willing to trade stable coins with exchange rate of near 1:1 to physical dollars?
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