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I feel that no one is using crypto currency for it's original intended purpose, and in the way it would benefit the citizens of the world the most - as liquid c

I feel that no one is using crypto currency for it's original intended purpose, and in the way it would benefit the citizens of the world the most - as liquid currency for regular & cross-border transactions. Everyone just seems to want to use it like gold, to store wealth or speculate with. This is stupid. But alas.

dylkil 6y ago
>Everyone just seems to want to use it like gold, to store wealth or speculate with. Except ethereum has a decentralized composable financial ecosystem gaining traction as we speak with over $15b locked up. [1]https://blog.coinbase.com/a-beginners-guide-to-decentralized-finance-defi-574c68ff43c4?gi=137fd23cc28f https://blog.coinbase.com/a-beginners-guide-to-decentralized... [2]https://defipulse.com/ https://defipulse.com/
twox2 6y ago
Well, it's very useful for LARGE and semi-clandestine cross-border transactions, but yes it's not a liquid currency. It's more of a separate economy. It's just programmable money so it's really the beginnings of a new financial system that is a bit divorced from our current one. It's not panacea for the world financial problems, but it's cool and fun.
busterarm 6y ago
> in the way it would benefit the citizens of the world the most - as liquid currency for regular & cross-border transactions. Hawala has succeeded in performing that role for centuries.
- ichbinwiederda 6y ago
  Yes but Hawala it is the anti-thesis of crypto. Crypto is born out of the dream of cyberpunks to have a trustless society.
  - louwrentius 6y ago
    That's funny, Bruce Schneier has written something on that topic. https://www.schneier.com/essays/archives/2019/02/theres_no_good_reaso.html https://www.schneier.com/essays/archives/2019/02/theres_no_g...
  - zadler 6y ago
    Cypherpunks* https://en.m.wikipedia.org/wiki/Cypherpunk https://en.m.wikipedia.org/wiki/Cypherpunk
  - busterarm 6y ago
    That's why it's no surprise that crypto has mostly sucked at a role that Hawala has been filling just fine.
RamshackleJ 6y ago
Iran is using btc to settle international trade transactions[1]. Using a gold backed coupon for settling trade has been talked about for a really long time by a bunch of people. If you're confused why people are speculating about crypto they might know something you don't. The rewiring of the global economy off of the USD _is_ coming, the USD introduces counter-party risk (albiet small for most people) and if btc can avoid that its an improvement. 1 https://news.bitcoin.com/iran-bitcoin-sanctions-inflation/#:~:text=0-,Iran%20Adopts%20Bitcoin%20for%20International%20Trade%20Amid%20Heavy%20Sanctions%2C%20Falling,imposed%20by%20the%20U.S.%20government https://news.bitcoin.com/iran-bitcoin-sanctions-inflation/#:....
worldsayshi 6y ago
> Everyone just seems to want to use it like gold, to store wealth or speculate with. This is stupid. Isn't this to be expected when there's no way to balance the currency value by adjusting the supply dynamically?
dmihal 6y ago
I get paid in stablecoins on Ethereum. Then, I deposit them in lending protocols like Aave to earn ~6% interest. Would you say that I'm using them for their original intended purpose?
- RikNieu 6y ago
  A lot more so than most! Is this your regular and main form of income?

dylkil 6y ago

>Everyone just seems to want to use it like gold, to store wealth or speculate with. Except ethereum has a decentralized composable financial ecosystem gaining traction as we speak with over $15b locked up. [1]https://blog.coinbase.com/a-beginners-guide-to-decentralized-finance-defi-574c68ff43c4?gi=137fd23cc28f https://blog.coinbase.com/a-beginners-guide-to-decentralized... [2]https://defipulse.com/ https://defipulse.com/

twox2 6y ago

Well, it's very useful for LARGE and semi-clandestine cross-border transactions, but yes it's not a liquid currency. It's more of a separate economy. It's just programmable money so it's really the beginnings of a new financial system that is a bit divorced from our current one. It's not panacea for the world financial problems, but it's cool and fun.

busterarm 6y ago

> in the way it would benefit the citizens of the world the most - as liquid currency for regular & cross-border transactions. Hawala has succeeded in performing that role for centuries.

ichbinwiederda 6y ago
Yes but Hawala it is the anti-thesis of crypto. Crypto is born out of the dream of cyberpunks to have a trustless society.
- louwrentius 6y ago
  That's funny, Bruce Schneier has written something on that topic. https://www.schneier.com/essays/archives/2019/02/theres_no_good_reaso.html https://www.schneier.com/essays/archives/2019/02/theres_no_g...
- zadler 6y ago
  Cypherpunks* https://en.m.wikipedia.org/wiki/Cypherpunk https://en.m.wikipedia.org/wiki/Cypherpunk
- busterarm 6y ago
  That's why it's no surprise that crypto has mostly sucked at a role that Hawala has been filling just fine.

RamshackleJ 6y ago

Iran is using btc to settle international trade transactions[1]. Using a gold backed coupon for settling trade has been talked about for a really long time by a bunch of people. If you're confused why people are speculating about crypto they might know something you don't. The rewiring of the global economy off of the USD _is_ coming, the USD introduces counter-party risk (albiet small for most people) and if btc can avoid that its an improvement. 1 https://news.bitcoin.com/iran-bitcoin-sanctions-inflation/#:~:text=0-,Iran%20Adopts%20Bitcoin%20for%20International%20Trade%20Amid%20Heavy%20Sanctions%2C%20Falling,imposed%20by%20the%20U.S.%20government https://news.bitcoin.com/iran-bitcoin-sanctions-inflation/#:....

worldsayshi 6y ago

> Everyone just seems to want to use it like gold, to store wealth or speculate with. This is stupid. Isn't this to be expected when there's no way to balance the currency value by adjusting the supply dynamically?

dmihal 6y ago

I get paid in stablecoins on Ethereum. Then, I deposit them in lending protocols like Aave to earn ~6% interest. Would you say that I'm using them for their original intended purpose?

RikNieu 6y ago
A lot more so than most! Is this your regular and main form of income?