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The endless search for a crypto use case

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Re: The endless search for a crypto use case

#211

Post by peyton »

Synaesthesia wrote: post #145
nmilo wrote: post #112

The author somehow misses the number one use case of crypto: as a currency. You can buy things with Bitcoin right now. Therefore each bitcoin has a value. You can move bitcoins around to move value around. Simple as that. The only problem is that, yes, it is indeed early. I don't know why the author brings up the App Store, as if both Bitcoin and the iPhone App Store are even remotely comparable just because they cam…

Sure but with the various transaction fees, exchange fees and waiting time for confirmation, and price instability, isn't it easier to just use existing financial services to buy things?

For international services, often no.

Re: The endless search for a crypto use case

#212

Post by rvz »

silentsea90 wrote: post #67
rvz wrote: post #27

Earlier quoted context omitted.

And on the other side of the ring, we have the anti-crypto absolutists who will do anything to: 'ban all crypto, 100%' , 'destroy all of it' , 'let it all die in a fire' , which I'm afraid is as equally delusional as the crypto utopians who believing that Bitcoin will be the world reserve currency. The truth of the matter is, both of these extreme camps are going to be very disappointed in the future.

What makes you think BTC utopians are going to be disappointed?

Unless you agree with the BTC utopians who think that: 'The US dollar and every other currency will collapse soon and be replaced by crypto.'

Re: The endless search for a crypto use case

#213

Post by bnchrch »

cuteboy19 wrote: post #108
bnchrch wrote: post #11

I mean I see two clear use cases. 1. Transferring funds I can transfer crypto faster and a lot cheaper than any money transfer. Hell I can receive and withdraw same day. 2. Earning interest By parking my money in a stable coin and dropping it into an AMM like uniswap I can earn 10x-50x more interest than just parking it in my bank account. No volatility. Only risk is hacker risk.

Where does the interest come from?

Take a look at AMMs.

Essentially my deposit goes into a pool of two currencies. Let’s use USDC and EUROC for example.

The pool is used to facilitate people trading from USDC to EUROC and vice versa. To trade through the pool you’re charged a small fee. 0.01% to 0.3% in most cases.

Those fees are then distributed to all the people who deposited in the pool. Proportional to their share of the deposits.

I like to think of it as breaking up the fees charged by (now) unnecessary forex brokers and agents and distributing it back to the people.

Re: The endless search for a crypto use case

#214

Post by bnchrch »

conception wrote: post #20
bnchrch wrote: post #11

I mean I see two clear use cases. 1. Transferring funds I can transfer crypto faster and a lot cheaper than any money transfer. Hell I can receive and withdraw same day. 2. Earning interest By parking my money in a stable coin and dropping it into an AMM like uniswap I can earn 10x-50x more interest than just parking it in my bank account. No volatility. Only risk is hacker risk.

Assuming the stable coin is actually a stable coin and not backed by hopes and dreams in reality.

Sure. There’s risk there too. I prefer usdc as the reserves are audited regularly

Re: The endless search for a crypto use case

#215

Post by bnchrch »

M2Ys4U wrote: post #46
bnchrch wrote: post #11

I mean I see two clear use cases. 1. Transferring funds I can transfer crypto faster and a lot cheaper than any money transfer. Hell I can receive and withdraw same day. 2. Earning interest By parking my money in a stable coin and dropping it into an AMM like uniswap I can earn 10x-50x more interest than just parking it in my bank account. No volatility. Only risk is hacker risk.

>I can transfer crypto faster and a lot cheaper than any money transfer. Hell I can receive and withdraw same day. Are you comparing this to the abysmal US banking system, or the systems that exist in most of the rest of the world? Because I can do that in GBP right now from all of my banks (both with old firms and the challenger banks) for free.

Canada but pretty close.

I’ve found crypto a great method when buying small apps and companies off people. Saves me $75 and a trip to the bank.

Re: The endless search for a crypto use case

#216

Post by anonymoushn »

lern_too_spel wrote: post #203
anonymoushn wrote: post #202

Earlier quoted context omitted.

I'm not sure why there's some assumption that anything illegal is going on.

You stated that you are directly paying these employees without the facilitator who was previously paying the payroll taxes on your behalf.

You should perhaps read the comment again? The comment mentions two disjoint sets of people who are presently paid in different ways. It does not mention any transition of any people between the sets.

Re: The endless search for a crypto use case

#217

Post by bnchrch »

pavlov wrote: post #23
bnchrch wrote: post #11

I mean I see two clear use cases. 1. Transferring funds I can transfer crypto faster and a lot cheaper than any money transfer. Hell I can receive and withdraw same day. 2. Earning interest By parking my money in a stable coin and dropping it into an AMM like uniswap I can earn 10x-50x more interest than just parking it in my bank account. No volatility. Only risk is hacker risk.

Re: 1), I can transfer money within the Eurozone at no cost, 24/7, practically instantaneous. It's really hard for any crypto solution to beat that. For non-Euro transfers, I regularly send USD wires and they clear the same day. The fees are a fixed $25 (so 0.25% for a $10k transfer), which IMO is reasonable. Re: 2), uhh, yeah. I think that's what Celsius users believed too.

Unfortunately 1) Isn’t ubiquitous. In Canada it costs me $2.50 locally, arrives in hours, clears in days. It also only works for Canadian recipients. And wires (which I also send regularly) cost $75 and require me to be there in person. Not to mention the amount of information I have to extract from the recipient.

So when I use crypto I have a product that when compared to the current methods is faster, easier, cheaper with no transaction size or geography restrictions.

2) a centralized company taking deposits is not the same as a smart contract.

Re: The endless search for a crypto use case

#218

Post by zaphar »

zaphod12 wrote: post #169
horsawlarway wrote: post #134

Earlier quoted context omitted.

Hey - I get it, I used crypto precisely because I wanted to avoid government regulation when buying black market goods back when the silk road was still a thing. But I think you're absolutely bonkers if you think that any crypto today is actually a real solution to your lack of trust. Here's my take: You think that by using crypto, you're avoiding trust in governmental and financial institutions - and in some (incred…

in crypto land, you would never do that! You'd set up a smart contract to automatically move money from your wallet to his as milestones are hit in the project! It's beautiful! Maybe they could run off with your $1k upfront, but maybe your smart contract can even get that back if a milestone isn't hit in time. Now all you need is connected oracle that can judge completion percentage of a bathroom and communicate with…

Now flip the story and you are the contractor and hit the first milestone. The customer however refuses to acknowledge that milestone and holds on to the funds demanding some extra work not in the original contract.

You are out the labor and materials with no payment and no recourse. It's not beautiful for the contractor why would he agree to this with no arbiter between the two of you. And as soon as you introduce an arbiter you are back to someone else enforcing the agreement not the blockchain. The blockchain adds nothing here that a standard court of arbitration doesn't.

Re: The endless search for a crypto use case

#220

Post by dud8ehrvtxydh »

naveen99 wrote: post #219

Use case would be a decentralized control of the federal reserve by the united states and or members of nato.

Why would the US ever give NATO control of the federal reserve? It's hard to imagine a situation where adding a third party with even less familiarity accessing FR functions would help somehow.
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