31–40 of 54 posts
Ethereum is probably the most interesting crypto currency. But most of the real life applications of Eth smart contracts are shitcoin pump and dump scheme.
I don't think crypto is a scam because you know exactly what you're getting. Done crypto finance ransomware gangs who attack hospitals and make their operations possible? Yes. Is it a scam? No.
crypto the industry is mostly built on magical thinking and grifting people tho
Bitcoin is stable enough. Don't look too close at Tether though. It's a god awful currency though. Ethereum is probably the most interesting crypto currency. But most of the real life applications of Eth smart contracts are shitcoin pump and dump scheme. I don't think crypto is a scam because you know exactly what you're getting. Done crypto finance ransomware gangs who attack hospitals and make their operations poss…
As a technology it's interesting. I think NFTs was an interesting idea, looking for a problem to solve. Proof of ownership can still be substantial. Kickstarter was attempting to use it, but I think took the wrong attitude towards it. And selling NFT "art" was an exploitive get-rich-quick scam from the beginning.
Probably one of the more legit uses was CryptoKitties, where it used blockchain as proof of ownership for game pet generation.
Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…
By replacing them with the intermediary of cryptocurrency exchanges and the blockchain itself - both of which charge fees on transfers which are often significantly higher than traditional banks. Is this actually a benefit?
> 2. It provides an alternative to hyper-inflating currencies in places like Venezuela.
Can you point to any evidence that cryptocurrency is actually used as a medium of exchange within these countries? Or is it primarily a means of capital flight?
WRT. negative social costs, I'd add that the anonymous and irreversible nature of cryptocurrency transactions leaves consumers with little to no recourse if they're scammed or make a mistake.
Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…
In countries that have strict currency control so you can’t hold USD at all, wouldn’t those areas also prevent you from buying crypto?
Do Venezuela s banks not allow you to open an account for USD, but allow you to on ramp into crypto currencies?
Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…
Especially as people deal with real fiat currency. Let's say I am at a restaurant. I pay $200. My friend wants to give me $100 for their part of the bill. They'd have to convert $100 to 0.00115987 BTC. Transfer those to me and I convert 0.00115987BTC back to $100. This will incur losses. So I ain't even getting my money's worth.
Or alternatively my friend sends me a wire from their bank account to my bank account and I receive it within seconds. This is country dependent but e.g. here in HK FPS takes 2 seconds and costs nothing. SEPA Fast Payment in Europe is similar as is Australia's NPP or Singapore's FAST etc etc etc. For international my banks all provide free SWIFT transfers. Not instant, takes 1-2 days but hey. Free of charge send and receive for my bank accounts here.
It's a technical solution that can easily be done by banks and banking regulators and doesn't need another 'currency' as intermediary.
All the convenience and security of a bank account without the security or regulation.
People talk up crypto for being decentralized and then park their money in exchanges run by fraudsters…
Is crypto a scam? It basically works as advertised, so technically it's not a scam. But the real question to consider is whether society is better off with crypto. Using cost-benefit analysis, we can draw up a simple balance sheet showing the positive benefits and the negative externalities: POSITIVE SOCIAL BENEFITS 1. Money can be transferred from one person to another without intermediaries such as banks. 2. It pro…
> 1. Money can be transferred from one person to another without intermediaries such as banks. By replacing them with the intermediary of cryptocurrency exchanges and the blockchain itself - both of which charge fees on transfers which are often significantly higher than traditional banks. Is this actually a benefit? > 2. It provides an alternative to hyper-inflating currencies in places like Venezuela. Can you point…