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Fintech dystopia

fintechdystopia.com

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Re: Fintech dystopia

#261

Post by wakawaka28 »

nlitened wrote: post #118
wakawaka28 wrote: post #78

Earlier quoted context omitted.

What you're talking about, resistance to government meddling, is more of a function of the currency than the ledger. Cryptocurrencies only work because of people silly enough to buy them in exchange for actual "valuable" or official currencies (which can be imposed on some people in the world at gunpoint). If a cryptocurrency was forced on you at gunpoint, it most certainly would not be one that provided any anonymit…

> serve as a distraction from their inevitable uselessness I don’t understand your point. You said that crypto is only useful as long as governments use it for nefarious purposes and money laundering — so basically it’s a guaranteed relevancy in the future, no? How is that inevitable uselessness?

>You said that crypto is only useful as long as governments use it for nefarious purposes and money laundering — so basically it’s a guaranteed relevancy in the future, no? How is that inevitable uselessness?

It's hard to say how long those nefarious purposes will be tolerated. There may come a time when the governments of the world don't even have to pretend to not be doing nefarious shit. At that point, cryptocurrencies will only be a thorn in their side, and will be under heavy attack.

Re: Fintech dystopia

#263

Post by throwaway290 »

atemerev wrote: post #238
throwaway290 wrote: post #212

Earlier quoted context omitted.

Yes, I say government (or let's just say criminals) is at least 99.9% of all crypto moved. The war machine needs feeding. Sanctions. Think about it will other countries use worthless ruble that is pretty much not convertible? Will russia use winnie pooh money (also not convertible)? People who move tether because maybe they found some real work abroad or because they are helping a family or something is rounding erro…

Well, hello from a rounding error. I am Russian, I live in another country, and my bank accounts are closed because of "sanctions" even though I support Ukraine and will be immediately sent to prison were I to return to Russia. So I am sorry, don't touch my crypto.

People like you champion crypto to work around pain and by this they prop up the same government that caused them this pain, good job

> will be immediately sent to prison were I to return to Russia

If this is true you can apply to asylum but for most people who fear this it is not true. Uunless you are literally famous, a rich guy or journalist or inconvenient criminal you are fine. Putler is not a total idiot and keeps an image of normal. My friends support Ukraine and one just recently came abroad again third time since the war started just fine. (To cash in crypto anonymous)

Send proof if I'm wrong!

Re: Fintech dystopia

#264

Post by lmm »

luckydata wrote: post #246
lmm wrote: post #155

Earlier quoted context omitted.

I would love it if the whole world signed on to SEPA, but I'm not holding my breath. And even if it worked worldwide, I don't want to rely on a payment system that can be used to censor even legal artistic expression (see the recent Steam removals) or political protest (remember the Canadian truckers?).

that's not a technology problem, it's a political problem. You're trying to solve a political problem with technology?

Yes. It's much more effective than solving political problems with politics.

Re: Fintech dystopia

#265

Post by eszed »

BobaFloutist wrote: post #254
eszed wrote: post #75

Earlier quoted context omitted.

I think the further down the supply chain of "NSFW things" you go the more closely it resembles "human misery trafficking".

I don't think they were referring to live-action "NSFW things" which is traditionally called "pornography."

The same applies to drug manufacturing, so far as I'm aware.

Re: Fintech dystopia

#266

Post by lavezzi »

carleverett wrote: post #146
bergen wrote: post #107

Earlier quoted context omitted.

I'd argue crypto casinos (pump.fun comes to mind) would not work without stablecoins because no one would back them with real dollars.

But stablecoins are backed by real dollars. People hold dollar-backed stablecoins because they believe the US dollar to be the most durable unit of account on the planet. All the proof you really need for that is that most crypto users outside the US still consider the value of their crypto tokens in terms of how many US dollars it’s worth. The author of this article talks about this being a “parasite” to the US mone…

Please tell me you're not linking to one of the biggest frauds of all time as evidence of doing the right thing and being backed by real dollars?

Re: Fintech dystopia

#267

Post by lavezzi »

scyclow wrote: post #233
throw101010 wrote: post #231

Earlier quoted context omitted.

> their price stays the same. TerraUSD enters the chat You're right that they aren't speculative in the financial sense of "hopefully gaining value over time", but you do speculate (in the more general sense) on the fiat-pegging mechanism(s) to work to preserve the value you are storing in them...

There are different flavors of stablecoins though. There's the ponzi scheme flavor that is propped up based on hand waving alchemy, and there's the boring (and now regulated) flavor that's actually backed by real money.

And who is the authority to prove which stablecoins are ponzis and which are 'backed by real money'?

Re: Fintech dystopia

#268

Post by 0xDEAFBEAD »

bearl wrote: post #206
0xDEAFBEAD wrote: post #161

Earlier quoted context omitted.

Does holding stablecoins require any sort of KYC? Or do I just need to maintain the security of a private key? If the latter, I think that explains why stablecoins are popular in countries with weak institutions. In a country with strong laws, and strong rule-of-law, "Code is Law" is a solution in search of a problem. But in a country with weak laws, it can be a lifesaver.

Coins discourage if not undermine rule of law and weaken strong institutions. It’s the cat chasing it’s tail.

What's the evidence for this?

Re: Fintech dystopia

#269

Post by atemerev »

throwaway290 wrote: post #263
atemerev wrote: post #238

Earlier quoted context omitted.

Well, hello from a rounding error. I am Russian, I live in another country, and my bank accounts are closed because of "sanctions" even though I support Ukraine and will be immediately sent to prison were I to return to Russia. So I am sorry, don't touch my crypto.

People like you champion crypto to work around pain and by this they prop up the same government that caused them this pain, good job > will be immediately sent to prison were I to return to Russia If this is true you can apply to asylum but for most people who fear this it is not true. Uunless you are literally famous, a rich guy or journalist or inconvenient criminal you are fine. Putler is not a total idiot and ke…

I cannot apply for asylum as I left Russia many years before the war, so I technically wasn't "prosecuted". And there are many cases where people who are not famous journalists were jailed for a single comment like "Russia bombed Mariupol", do you need proofs of these cases, or you can find those yourself?

Re: Fintech dystopia

#270

Post by jodrellblank »

voxl wrote: post #243
jodrellblank wrote: post #225

Earlier quoted context omitted.

> " the Hilary Clinton scandal fiascos " "Why do you see the speck in your neighbour's eye, but do not notice the plank in your own eye?"

The lack of critical thinking skills on the internet never ceases to amaze me, like you having the gall to think Hilary Clinton and Barack Obama are anywhere close to having similar controversy surrounding their political careers.

What does Obama have to do with anything? I was snarking at Trump supporters willing to handwave away 89 Wikipedia pages of Trump scandals "because of her emails"

https://en.wikipedia.org/wiki/Category:Donald_Trump_controve...

(for reference, Hillary Clinton's list is less than half the size https://en.wikipedia.org/wiki/Category:Hillary_Clinton_contr... and she was never POTUS)

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