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You Can Forget About Crypto Now

theatlantic.com

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Re: You Can Forget About Crypto Now

#51

Post by Kiro »

bluepizza wrote: post #30
practice9 wrote: post #19

Earlier quoted context omitted.

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.

I just did. None of them ever heard of crypto. It might seem like crypto is all the rage online, but most people don't actually live in this bubble.

No post body was provided.

Re: You Can Forget About Crypto Now

#53

Post by drewcon »

phpisthebest wrote: post #48
slaw wrote: post #3

> 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.

Ahh the privilege of not living under an authoritarian government combined with the arrogance to believe your government will never turn on you... 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).

…which has proven to be a remarkably effective way to create relatively stable currencies peoples actually use vs. utopian fever dreams that have largely ended in instability, corruption, and financial ruin.

Re: You Can Forget About Crypto Now

#54

Post by actionfromafar »

phpisthebest wrote: post #48
slaw wrote: post #3

> 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.

Ahh the privilege of not living under an authoritarian government combined with the arrogance to believe your government will never turn on you... 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).

I think you have to take into the account that a competent government turning on you (US) would give you a hard time, crypto or no crypto.

It’s different if you are under Venezuelan rule, it’s government is small, authoritarian and incompetent.

Re: You Can Forget About Crypto Now

#55

Post by jqpabc123 »

gonzo41 wrote: post #38
jqpabc123 wrote: post #21

Earlier quoted context omitted.

Who are you gonna trust? Government or a crypto exchange? As you point out, trusting no one is not an option if you want to transact. Right now, trusting government looks like the better option. And crypto has done nothing but provide proof.

Always trust a government for money related stuff. Take the USA. The US government doesn't tax much, protects the wealthy and is able to project it's sovereignty all over the world. Billionaires love living and banking in America and don't find the regulatory environment too tough to navigate. Crypto kids love to think that btc and other 'asset' classes are like some prepper version of money. When really nothing beat…

The "trustless" aspect of crypto only covered the accounting. Naive people extrapolated this to include the actors exercising inluence over the marketplace without transparency or accountability. And therein lies the basic ingredients for a scam of epic proportions.

Re: You Can Forget About Crypto Now

#56

Post by bluepizza »

squidbeak wrote: post #39
bluepizza wrote: post #30

Earlier quoted context omitted.

I just did. None of them ever heard of crypto. It might seem like crypto is all the rage online, but most people don't actually live in this bubble.

You managed to canvass Iranians, Venezuelans and Argentinians in 9 minutes flat?

Helps when you are actually Argentinian.

Re: You Can Forget About Crypto Now

#57

Post by deepsun »

phpisthebest wrote: post #48
slaw wrote: post #3

> 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.

Ahh the privilege of not living under an authoritarian government combined with the arrogance to believe your government will never turn on you... 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).

As Robert A. Heinlein put it: "When you vote, you are exercising political authority, you're using force. And force, my friends, is violence. The supreme authority from which all other authorities are derived."

Re: You Can Forget About Crypto Now

#58

Post by super256 »

slaw wrote: post #3

> 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.

> 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.

I find Bitcoin very intriguing because unlike TradFi it is not built in debt. Every dollar you have in your account is someone else's debt to you. Which is also the reason Bitcoin gets compared so much to gold! There is a fixed amount of nuggets and no debt is involved.

(Yes, I know that about 8% of the gold demand is actually driven by the technology sector, but the majority of gold's price is driven through pure speculation on... nothing productive! Gold's price is mostly driven by greed / price action.)

I think if you call gold or Bitcoin a Ponzi, you're using the wrong term. Greater Fool Theory is more fitting.

Re: You Can Forget About Crypto Now

#59

Post by bluepizza »

Kiro wrote: post #51
bluepizza wrote: post #30

Earlier quoted context omitted.

I just did. None of them ever heard of crypto. It might seem like crypto is all the rage online, but most people don't actually live in this bubble.

Quoted post unavailable.

I could have just talked to myself ;) but I did ask my more tech oriented young cousin, and she still only barely heard of it.

Re: You Can Forget About Crypto Now

#60

Post by albertopv »

phpisthebest wrote: post #48
slaw wrote: post #3

> 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.

Ahh the privilege of not living under an authoritarian government combined with the arrogance to believe your government will never turn on you... 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).

What's real problem, currency or authoritarian government? What about solving the latter like they are trying to do in Iran?
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