41–50 of 238 posts
It's business as usual. When the current crisis/recession ends (probably spring 2024) and there are again billions and billions of cheap dollars looking for investment opportunities the crypto will jump back up.
In the meantime… the fed is reversing all of it that led us to where we are.
I'm tired of this mantra.
To me, crypto is starting to look less like the early internet, and more like the file-sharing mania of the late 90s early 00s, ie Napster, Kazaa, Limewire etc.
A very likely outcome is that crypto will continue to be around, like some of the file sharing services, but using them will be more and more irrelevant and frowned upon by most people, who prefer the ease of the legal media streaming platforms.
> 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.
Where's the value in crypto? What's the purpose? Decentralisation? Democratisation? And then you have to use wallets, exchanges... There's literally no value in crypto currency, but trust. Like plain old money, which is highly regulated, so much more stability to use it in real economy. So why should I use crypto currencies? And which one, given that everyone can create their crypto currency?
FDIC put people at ease about putting their money in bank. banking regulations created over years to protect people's money.
crypto bros preach about decentralized. what can go wrong?
That's the end goal of this and it doesn't seem far fetched to me. The great libertarian experiment.
> 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.
Where's the value in crypto? What's the purpose? Decentralisation? Democratisation? And then you have to use wallets, exchanges... There's literally no value in crypto currency, but trust. Like plain old money, which is highly regulated, so much more stability to use it in real economy. So why should I use crypto currencies? And which one, given that everyone can create their crypto currency?
With BTC/ETH/USDC it takes seconds. The whole process is entirely transparent. It doesn't get blocked if you reach some threshold. And the fees are smaller than with the traditional banking system.
And unlike with banks, anybody is allowed to open a new wallet. You don't have to get approval, which is difficult if you live in the streets or in a 3rd-world country.
I'm not endorsing the rest of crypto but having a trusted and transparent ledger for large transactions is nice.
> 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.
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.
Yeah they do use a "dollar denominated stable coin": dollar bills under the mattress. Or just pegging transaction to USD/EUR etc and doing the conversion at transaction time
BTC might be useful for transferring money, but compared to existing mechanisms (legal or kinda legal), maybe not so much
Earlier quoted context omitted.
Where's the value in crypto? What's the purpose? Decentralisation? Democratisation? And then you have to use wallets, exchanges... There's literally no value in crypto currency, but trust. Like plain old money, which is highly regulated, so much more stability to use it in real economy. So why should I use crypto currencies? And which one, given that everyone can create their crypto currency?
Have you ever tried sending money abroad? With BTC/ETH/USDC it takes seconds. The whole process is entirely transparent. It doesn't get blocked if you reach some threshold. And the fees are smaller than with the traditional banking system. And unlike with banks, anybody is allowed to open a new wallet. You don't have to get approval, which is difficult if you live in the streets or in a 3rd-world country. I'm not end…
> 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.
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).
> 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.
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.
https://restofworld.org/2022/argentina-nigeria-terra-crash/ ("From Argentina to Nigeria, people saw Terra as more stable than local currency. They lost everything")