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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

#31

Post by amanj41 »

snapcaster wrote: post #3

I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…

it's a little disingenuous not to put remittance on this list as it's one of the few legitimate and not morally dubious ones. I have gotten screwed on exchange fees and wire fees remitting and using crypto is much easier.

Re: The endless search for a crypto use case

#32

Post by game-of-throws »

snapcaster wrote: post #3

I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…

My theory is that the likelihood someone understands the use cases is inversely correlated to their trust in government.

For example: https://www.bbc.com/news/business-60912789

These articles all follow a common pattern.

1. The trigger – Inflation/distrust in government/bank withdrawal restrictions/paypal freezes your funds/country is at war/etc

2. The response – People gravitate towards a system that is resilient to whatever failure mode they experienced

Those who haven't personally experienced #1 (such as world superpowers, the wealthy/"elite") seem not to be able to grasp the benefits. Meanwhile in places that are smaller/less stable/not economically self-sufficient/on the fringe, people are increasingly turning to it as the best alternative.

Re: The endless search for a crypto use case

#33

Post by lake_vincent »

sudden_dystopia wrote: post #8

There is only one use case and that is the originally intended use, as a currency completely decoupled from any one country’s monetary meddling and thus liberating the populace from poor central planners and/or authoritarians. That’s it. That’s all there is to it.

Well said. I don't understand why there's always so much hand-wringing and pearl-clutching over crypto.

Re: The endless search for a crypto use case

#35

Post by wmf »

amanj41 wrote: post #31
snapcaster wrote: post #3

I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…

it's a little disingenuous not to put remittance on this list as it's one of the few legitimate and not morally dubious ones. I have gotten screwed on exchange fees and wire fees remitting and using crypto is much easier.

You're in a very small minority. https://www.saveonsend.com/bitcoin-blockchain-money-transfer...

Re: The endless search for a crypto use case

#36

Post by frgtpsswrdlame »

snapcaster wrote: post #3

I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…

I think there's a conflict here though:

>If what you're doing isn't likely to be censored by authorities then you're being incredibly wasteful by using blockchain

If the wasteful people doing non-crime activities on the blockchain weren't there it'd be incredibly easy for the authorities to crack down. In other words, if the only legitimate use cases of crypto is facilitating crime, it can only even achieve that goal as long as many people are using crypto for the other stuff you think is wasteful.

Re: The endless search for a crypto use case

#37

Post by olalonde »

jmyeet wrote: post #7

I agree with basically everything here. There two fundamental problems here: 1. Crypto is being designed by smart engineers who fully understand the financial system. Specifically they don’t understand why it is the way it is. It didn’t just magically appear this way full of obvious flaws. It grew over thousands of years; and 2. Most of the people pushing crypto are honestly just trying to get rich quick. Most missed…

> Specifically they don’t understand why it is the way it is. It didn’t just magically appear this way full of obvious flaws. It grew over thousands of years

That's just an argument in defense of status quo. It's actually pretty common for industry outsiders to disrupt old industries. Think Uber/Airbnb/Facebook/Tesla, etc. Thousand year old industries get disrupted all the time.

Re: The endless search for a crypto use case

#38

Post by xadhominemx »

game-of-throws wrote: post #32
snapcaster wrote: post #3

I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…

My theory is that the likelihood someone understands the use cases is inversely correlated to their trust in government. For example: https://www.bbc.com/news/business-60912789 These articles all follow a common pattern. 1. The trigger – Inflation/distrust in government/bank withdrawal restrictions/paypal freezes your funds/country is at war/etc 2. The response – People gravitate towards a system that is resilient to…

You still have no answer for the crypto on/off ramp issue.

Re: The endless search for a crypto use case

#39

Post by yaseer »

I'm reminded of the pictures of New York in 1900 and 1913. Within those 13 years, the car had changed the world.

https://www.businessinsider.com/5th-ave-1900-vs-1913-2011-3?...

The iPhone and smartphone revolution clearly did the same, last decade.

We're now 14 years into Bitcoin. Is it ever likely to change the world the same way?

Re: The endless search for a crypto use case

#40

Post by rndgermandude »

snapcaster wrote: post #3

I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…

Re:3) If I remember correctly a lot of the "support scammers" also use crypto for laundering. Since getting straight into bank accounts and actually doing transfers often fails - even with the "help" of the victim - another way for them to get their money is having the victim buy gift cards, and then they'll sell on the scammed gift cards (at a loss, of course) for crypto and then cash that out.

You also forget 5) Outright scams, like rugpulls or boiler room-style scams.

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