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You Can Forget About Crypto Now

theatlantic.com

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Re: You Can Forget About Crypto Now

#191

Post by UncleEntity »

xch wrote: post #26

Goodbye CEX meanwhile Chia Network has launched a new capability called Offers, a native peer-to-peer exchange capability. No counterparty risk. No middleman custodian. No additional fees. Offers allow “Makers” and “Takers” – buyers and sellers – to seamlessly create and accept trade offers all from the privacy of their Chia wallet. Offers allow two people who have never met to propose and complete a trade in a way t…

Which seems to only include trading for other coins and carbon credits. Not sure how it lets you get your cryptocoins into a form you can buy a hamburger without some sort of “an exchange account, creating a potential security risk.”.

Re: You Can Forget About Crypto Now

#192

Post by boppo1 »

TacticalCoder wrote: post #147

Once again, as usual, only negative things about crypto being talked about on HN, with only negative comments and nothing positive ever. Despite dang constantly asking people to not boast. Outside of the HN bubble, I see a lot of people into crypto who are all posting: "I told you so" . As simple as: "Your keys, your coins" . We're talking about Bloomberg, Sequoia Capital and oh so many others coming up with hit piec…

>Gary Gensler being accused by a congressman

Congressman is a republican. I don't like republicans, but I recognize their words are disregarded by non-overtly-rightwing media. Admittedly some Rs spew lots of bullshit so I get that, but it would be nice if serious reporters would look into serious claims like this.

The Gary Gensler angle on this is very interesting and thus far everyone but 4chan tinfoilers has been mum about it.

Re: You Can Forget About Crypto Now

#193

Post by [deleted] »

actionfromafar wrote: post #54
phpisthebest wrote: post #48

Earlier quoted context omitted.

Ahh the privilege of not living under an authoritarian government combined with the arrogance to believe your government will never turn on you... Crypto is no more of a Ponzi Scheme than Fiat currency is, the big difference is Fiat currency is back by threats of violence (aka government).

I think you have to take into the account that a competent government turning on you (US) would give you a hard time, crypto or no crypto. It’s different if you are under Venezuelan rule, it’s government is small, authoritarian and incompetent.

[deleted]

Re: You Can Forget About Crypto Now

#194

Post by phpisthebest »

albertopv wrote: post #60
phpisthebest wrote: post #48

Earlier quoted context omitted.

Ahh the privilege of not living under an authoritarian government combined with the arrogance to believe your government will never turn on you... Crypto is no more of a Ponzi Scheme than Fiat currency is, the big difference is Fiat currency is back by threats of violence (aka government).

What's real problem, currency or authoritarian government? What about solving the latter like they are trying to do in Iran?

All government tend towards authoritarianism, just look at what happened under "good governments" during COVID, with full support of the population. (which I am sure is an unpopular opinion here)

There is no fix for that.

Re: You Can Forget About Crypto Now

#195

Post by prisoner655321 »

thinkmassive wrote: post #190
prisoner655321 wrote: post #91

Earlier quoted context omitted.

This isn’t about where you keep your coins, not really. That’s an implementation detail. This is about the entire system of wealth protection built up around fiat currency. The word of the week is “contagion”: even if you did no business with FTX at all, even if you have your coins on a hard drive locked in the doomsday seed vault, crypto is crashing because investors are learning that the old system that protects we…

Geographically distributed multisig is not an implementation detail, it’s a clear improvement over legacy methods of value storage. What is the equivalent for storing dollars? How about gold?

I stored my BTC using Geographically distributed multisig and it still lost 40% of its value against USD in the last 6 months. So what’s the point?

Re: You Can Forget About Crypto Now

#197

Post by lottin »

super256 wrote: post #58
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.

> 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. I find Bitcoin very intriguing because unlike TradFi it is not built in debt. Every dollar you have in your account is someone else's debt to you. Which is also the reason Bitcoin gets compared so much to gold! There is a fixed amount of nuggets and no debt is involved. (…

Every dollar that you have is not somebody else's debt. You're completely misinterpreting what a dollar is.

Re: You Can Forget About Crypto Now

#199

Post by super256 »

perihelions wrote: post #49
practice9 wrote: post #19

Earlier quoted context omitted.

Tell that to Argentinians, Venezuelans, Iranians where US dollar stablecoins are much more popular among general population. For different reasons: - easier & safer to store - much more stable than their countries own currency - not controlled by the regime And they will likely keep using it, despite major crypto exchanges crashing down, or despite the unclear dangers of USDT.

Are they really though? https://restofworld.org/2022/argentina-nigeria-terra-crash/ ( "From Argentina to Nigeria, people saw Terra as more stable than local currency. They lost everything" )

Interesting read. A few days ago I stumbled over a twitter profile from a person who was seemingly living in one of those poor countries and was writing stuff like "the rich don't care about food for the poor" and "please send BNB to this address to help me living". Made me quite sad and makes me still think about it!

Unfortunately, twitter does not provide a history of tweets/profiles I have visited; I hope they add something like reddit. Would really like to revisit this account now.

Re: You Can Forget About Crypto Now

#200

Post by x86x87 »

bogwog wrote: post #141
x86x87 wrote: post #92

Earlier quoted context omitted.

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…

So the use cases you're going with are: * Wire transfers * Paying for porn * Avoiding civil asset forfeiture I think 99% of people watch free/ad-supported porn, and anyone concerned about civil asset forfeiture is likely either a criminal, or a conspiracy theorist and/or paranoid schizo (i.e. a small minority of the population). Wire transfers are a legitimate use-case maybe. I don't really know much about that as I'…

> I think 99% of people watch free/ad-supported porn

Huh. You'd be surprised.

> anyone concerned about civil asset forfeiture is likely either a criminal, or a conspiracy theorist and/or paranoid schizo

This right here is the problem. Your argument goes along the lines of: I am doing nothing wrong/illegal therefore I have nothing to worry about. This assumes perfect laws, perfect law enforcement and following proper procedures. Sorry to burst your bubble but this is not how the real world works. You don't need to prove anything and you shouldn't just throw away your rights because you want to prove you're not schizo.

In the case you are a criminal, should the punishment fit the crime and should there be due process or are we just going to throw anyone that breaks a law, any law in jail and sentence them to death?

How many laws do you break during a day? https://www.businessinsider.com/most-commonly-broken-laws-in... Should the government just come in an take all your stuff now because they suspect you've connected to an unsecured wifi? They don't even need to prove anything and poof... your stuff is gone. this is civil asset forfeiture. This is how dumb it is.

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