Crypto has become the ultimate swamp asset
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Crypto has become the ultimate swamp asset
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Re: Crypto has become the ultimate swamp asset
#2Re: Crypto has become the ultimate swamp asset
#3[dead]
Re: Crypto has become the ultimate swamp asset
#4Crypto was a huge mistake. It should have been rigorously regulated right out of the gate to the point of being unusable for anyone. I have yet to see a use case that doesn’t amount to buying drugs or defrauding rubes.
Re: Crypto has become the ultimate swamp asset
#5That's the thing where if you have significant assets your family members get kidnapped until you irreversibly transfer those assets to criminals, right?
I'm not sure how crypto continues to gain mainstream adoption in the face of that, no matter how much excitement there is for it in the current US administration.
My previous argument was that a technology where losing your password means you lose your net worth was incompatible with how human beings actually work. This kidnapping thing appears to be getting a whole lot more media coverage than that.
Re: Crypto has become the ultimate swamp asset
#6Crypto was a huge mistake. It should have been rigorously regulated right out of the gate to the point of being unusable for anyone. I have yet to see a use case that doesn’t amount to buying drugs or defrauding rubes.
Money laundering is also a pretty large use case (https://www.justice.gov/usao-dc/pr/additional-12-defendants-...)
Re: Crypto has become the ultimate swamp asset
#7Crypto was a huge mistake. It should have been rigorously regulated right out of the gate to the point of being unusable for anyone. I have yet to see a use case that doesn’t amount to buying drugs or defrauding rubes.
Sending money without government interference to relatives living in countries with strict foreign exchange controls (Argentina, Lebanon, Turkey...) is one quite legit use case.
Re: Crypto has become the ultimate swamp asset
#8Crypto was a huge mistake. It should have been rigorously regulated right out of the gate to the point of being unusable for anyone. I have yet to see a use case that doesn’t amount to buying drugs or defrauding rubes.
It's useful for evading illegal US sanctions, and sometimes also works just as a payment method. I paid a hosting provider with it earlier this year, and that actually worked well.
Re: Crypto has become the ultimate swamp asset
#9Crypto was a huge mistake. It should have been rigorously regulated right out of the gate to the point of being unusable for anyone. I have yet to see a use case that doesn’t amount to buying drugs or defrauding rubes.
Who should regulate it? Due to its nature it is inherently extremely hard to regulate.
Re: Crypto has become the ultimate swamp asset
#10Crypto was a huge mistake. It should have been rigorously regulated right out of the gate to the point of being unusable for anyone. I have yet to see a use case that doesn’t amount to buying drugs or defrauding rubes.
Sending money without government interference to relatives living in countries with strict foreign exchange controls (Argentina, Lebanon, Turkey...) is one quite legit use case.
Legit from whose perspective though? Around an authoritarian government maybe widely viewed as reasonable/justified, but doesn't sound legitimate to those governments