Cryptocurrencies: looking beyond the hype
1–10 of 112 posts
Re: Cryptocurrencies: looking beyond the hype
#2 it is hard to identify a specific economic
problem which they currently solve
Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant.
Transferring money internationally without additional costs.
Portfolio optimization. Crypto currencies are probably not perfectly correlated to other assets. So it stabilizes the portfolio to add some crypto.
All kinds of contractual setups. Example: "This accounts money can only be spend if 2 of the following 3 account holders agree: ..." .
Re: Cryptocurrencies: looking beyond the hype
#3How about currency monopoly? Hyper inflation? Debt slavery for all mankind?
Re: Cryptocurrencies: looking beyond the hype
#4it is hard to identify a specific economic problem which they currently solve Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes? Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. Transferring money internationally without additional costs. Portfolio optimizat…
> Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant.
We have this well established thing called a credit score which is handled by the credit card agency and resolves trust issues for the merchant entirely. If a person suspects identity theft, they can put a hold on a card, preventing further use. Cards have expiration dates and periodically cycle out. I'm sorry but when people explain to me that using a token they are personally responsible for encrypting is "safer" somehow, I raise my eyebrows.
Re: Cryptocurrencies: looking beyond the hype
#5it is hard to identify a specific economic problem which they currently solve Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes? Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. Transferring money internationally without additional costs. Portfolio optimizat…
> Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. We have this well established thing called a credit score which is handled by the credit card agency and resolves trust issues for the merchant entirely. If a person suspects identity theft, they can put a hold on a card, preventing further use. Cards have expiration dates and period…
Then why do merchants (especially startups) suffer so much from the credit card fraud problem?
https://hn.algolia.com/?query=credit%20card%20fraud&sort=byP...
Re: Cryptocurrencies: looking beyond the hype
#6I think they make good data stores.
Re: Cryptocurrencies: looking beyond the hype
#7it is hard to identify a specific economic problem which they currently solve Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes? Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. Transferring money internationally without additional costs. Portfolio optimizat…
> Transferring money internationally without additional costs.
nope
> Portfolio optimization
nope. i still await an explanation using MPT that shows why someone should hold non-zero cryptoassets. It's like saying I should hold euros because it stabilizes my portfolio. Euros are not a productive asset dude.
Re: Cryptocurrencies: looking beyond the hype
#8it is hard to identify a specific economic problem which they currently solve Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes? Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. Transferring money internationally without additional costs. Portfolio optimizat…
> Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. We have this well established thing called a credit score which is handled by the credit card agency and resolves trust issues for the merchant entirely. If a person suspects identity theft, they can put a hold on a card, preventing further use. Cards have expiration dates and period…
>We have this well established thing called a credit score which is handled by the credit card agency and resolves trust issues for the merchant entirely.
We have this well established phenomenon called 'data breaches' which has compromised nearly everyone's credit/personal data.
Your info is on the dark web. Lots of databases that can be cross correlated. Banks increasingly don't know who they're dealing with, fraud is increasing.
Re: Cryptocurrencies: looking beyond the hype
#9it is hard to identify a specific economic problem which they currently solve Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes? Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. Transferring money internationally without additional costs. Portfolio optimizat…
Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes?
Most cryptocurrency isnt anonymous, and certainly Bitcoin isn’t. In fact it’s arguable that the public ledger nature makes it far less anonymous than almost anything else. What it is, is easier to launder, hence the extortionist wet dreams. Why is it a feature of a currency to have the most utility for thieves and other criminals?
Receiving money without being exposed to the danger of fraud.
Depends on the currency. There was a recent 51% attack, and the many many fraudulent ICO’s, exist scams, and exchange “robberies” to provide counterexamples. As a bonus, no insurance! Hooray...
Receiving money via Credit Card is surprisingly risky for the merchant.
It really isn’t.
Transferring money internationally without additional costs.
Transaction fees exist for crypto actually.
Let’s also remember that all of this “utility” comes at the low low cost of an ungodly amount of wasted energy.
Re: Cryptocurrencies: looking beyond the hype
#10it is hard to identify a specific economic problem which they currently solve Receiving, owning and spending money anonymously. Remember when extortionists had to be paid with a suitcase full of banknotes? Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant. Transferring money internationally without additional costs. Portfolio optimizat…
> Receiving money without being exposed to the danger of fraud. Receiving money via Credit Card is surprisingly risky for the merchant.
I'm pretty sure cryptocurrencies just move the risks around, rather than eliminating them. Currently, the vendor is on the hook for stolen credit cards. With cryptocurrencies, the currency owner is on the hook. You could accomplish the same shift in the burden of risks with a legislative change if you wanted: it's just that credit card owners don't want that.