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And people still wonder what problem cryptocurrencies tries to solve.

by lawn 8y ago

blowski 8y ago
I don’t think people are wondering what problems crypto currencies are trying to solve, more whether they are a good way to solve them.
snotrockets 8y ago
the underutilization of modern cpus?
- Arbalest 8y ago
  Underutilised? Modern CPUs are designed to be underutilised. Or more accurately, designed to be bursty. It isn't like they are executing NOPs at full speed. The heat they generate isn't free.
simias 8y ago
I think most of us are clear on the general idea of the "what", it's the "how" that's a bit fuzzy.
manigandham 8y ago
No, people are wondering why cryptocurrencies haven't actually solved anything yet.
- pitaj 8y ago
  KYC/AML is your answer
  - ninju 8y ago
    KYC = Know Your Customer AML = Anti-Money Laundering (for those that are not in the industry :-))
- int_19h 8y ago
  I always assumed that cryptocurrencies is exactly how SubscribeStar has solved it for their audience (if you mean "people" in general, them most of them aren't wondering about anything because they don't consider it a problem to begin with, at least until something they care about gets consistently censored). So I went and looked up their payment options. And sure enough, they have a page on that. Which has the following notice: "In order to stay compliant with our strategic credit card processing partners' policies and due to recently tightened regulations on the cryptocurrency circulation for the US-based companies, we are going to halt all support for cryptocurrency payments on this site for the time being." What is this all about? Are they saying that payment processors will refuse to work with organizations that accept cryptocurrency? But then how e.g. Coinbase works with credit cards?
  - jerguismi 8y ago
    It is quite a complex topic. For example there are credit card processing companies for cryptocurrency related companies, but they have very stricter customer onboarding processes and also higher fees. For many banks who target mainstream customers it is just easier to block all customers who deal with cryptocurrencies than to create specialized producst/risk management/compliance processes for them.
  - thefounder 8y ago
    Cryptocurreny processing is expensive as hell. Not to mention very frustrating when the client finds that the crypto bought with 1000$ values $800 on the merchant /processor payment page.
    - int_19h 8y ago
      I understand why banks don't want their credit cards used to buy cryptocurrency, and then deal with all the chargebacks. But in this case they're seemingly saying that they can't accept cryptocurrency for some service, because doing so prevents them from also accepting credit cards for that same service, where the service itself has nothing to do with either.
- jerguismi 8y ago
  How so cryptocurrencies haven't solved anything? If someone has done a transaction with cryptocurrencies that brings value to him, isn't that solving something? Your claim is just very probably totally untrue - I think Bitcoin etc have been very useful for some small group of people for quite a long time already. However the adoption just isn't that big. Somehow people seem to think that cryptocurrencies have to replace the existing financial system to be useful. Meanwhile they can be just be used by 100 people worldwide and still be useful.
  - manigandham 8y ago
    Ok, so what problem has actually been solved? Cryptocurrencies accomplish nothing that wasn't already possible before, usually faster, cheaper and safer. Just because someone uses an alternative doesn't mean it's solving a problem, and in this case it's just creating more issues.
    - jerguismi 8y ago
      I have used Bitcoin to buy various things and used it as a savings instrument, I see that it has solved problems for me. Of course I could use other tools for that, but if you think Linux is superior that doesn't invalidate someones experience who is using Windows. Generally there seems to be lots of people who don't use cryptocurrencies and think that they don't solve any problems - OK whatever, don't use them, but there are loads of people using cryptocurrencies for whatever and your opinions are not objective measure on their value.
- urza 8y ago
  Bitcoin allowed to accept donation for Wikileaks since 2011 when Visa and MC blocked them. (Nowadays they accept also more privacy preserving currencies like Monero or ZCash) Bitcoin allows people in Venezuela to avoid wealth confiscation on the borders, either when they are running away or when they are sending money back home to family. Bitcoin allows people in Iran to transact with outer world. Bitcoin allows people in India to keep their wealth in face of demonetization. There are many problems that Bitcoin solves for real people and real companies every day. Just because you aren't one of them, doesn't mean they don't exists.

And people still wonder what problem cryptocurrencies tries to solve.

by lawn 8y ago

And people still wonder what problem cryptocurrencies tries to solve.

I don’t think people are wondering what problems crypto currencies are trying to solve, more whether they are a good way to solve them.

snotrockets 8y ago

the underutilization of modern cpus?

Arbalest 8y ago
Underutilised? Modern CPUs are designed to be underutilised. Or more accurately, designed to be bursty. It isn't like they are executing NOPs at full speed. The heat they generate isn't free.

simias 8y ago

I think most of us are clear on the general idea of the "what", it's the "how" that's a bit fuzzy.

manigandham 8y ago

No, people are wondering why cryptocurrencies haven't actually solved anything yet.

pitaj 8y ago
KYC/AML is your answer
- ninju 8y ago
  KYC = Know Your Customer AML = Anti-Money Laundering (for those that are not in the industry :-))
int_19h 8y ago
I always assumed that cryptocurrencies is exactly how SubscribeStar has solved it for their audience (if you mean "people" in general, them most of them aren't wondering about anything because they don't consider it a problem to begin with, at least until something they care about gets consistently censored). So I went and looked up their payment options. And sure enough, they have a page on that. Which has the following notice: "In order to stay compliant with our strategic credit card processing partners' policies and due to recently tightened regulations on the cryptocurrency circulation for the US-based companies, we are going to halt all support for cryptocurrency payments on this site for the time being." What is this all about? Are they saying that payment processors will refuse to work with organizations that accept cryptocurrency? But then how e.g. Coinbase works with credit cards?
- jerguismi 8y ago
  It is quite a complex topic. For example there are credit card processing companies for cryptocurrency related companies, but they have very stricter customer onboarding processes and also higher fees. For many banks who target mainstream customers it is just easier to block all customers who deal with cryptocurrencies than to create specialized producst/risk management/compliance processes for them.
- thefounder 8y ago
  Cryptocurreny processing is expensive as hell. Not to mention very frustrating when the client finds that the crypto bought with 1000$ values $800 on the merchant /processor payment page.
  - int_19h 8y ago
    I understand why banks don't want their credit cards used to buy cryptocurrency, and then deal with all the chargebacks. But in this case they're seemingly saying that they can't accept cryptocurrency for some service, because doing so prevents them from also accepting credit cards for that same service, where the service itself has nothing to do with either.
jerguismi 8y ago
How so cryptocurrencies haven't solved anything? If someone has done a transaction with cryptocurrencies that brings value to him, isn't that solving something? Your claim is just very probably totally untrue - I think Bitcoin etc have been very useful for some small group of people for quite a long time already. However the adoption just isn't that big. Somehow people seem to think that cryptocurrencies have to replace the existing financial system to be useful. Meanwhile they can be just be used by 100 people worldwide and still be useful.
- manigandham 8y ago
  Ok, so what problem has actually been solved? Cryptocurrencies accomplish nothing that wasn't already possible before, usually faster, cheaper and safer. Just because someone uses an alternative doesn't mean it's solving a problem, and in this case it's just creating more issues.
  - jerguismi 8y ago
    I have used Bitcoin to buy various things and used it as a savings instrument, I see that it has solved problems for me. Of course I could use other tools for that, but if you think Linux is superior that doesn't invalidate someones experience who is using Windows. Generally there seems to be lots of people who don't use cryptocurrencies and think that they don't solve any problems - OK whatever, don't use them, but there are loads of people using cryptocurrencies for whatever and your opinions are not objective measure on their value.
urza 8y ago
Bitcoin allowed to accept donation for Wikileaks since 2011 when Visa and MC blocked them. (Nowadays they accept also more privacy preserving currencies like Monero or ZCash) Bitcoin allows people in Venezuela to avoid wealth confiscation on the borders, either when they are running away or when they are sending money back home to family. Bitcoin allows people in Iran to transact with outer world. Bitcoin allows people in India to keep their wealth in face of demonetization. There are many problems that Bitcoin solves for real people and real companies every day. Just because you aren't one of them, doesn't mean they don't exists.