4 ms·

What is crypto replacing really? I’ve yet to read even a fair explanation without mental gymnastics. And I’ve been waiting to the last ten years.

kgwgk 5y ago
http://jpkoning.blogspot.com/2021/03/from-circle-of-gold-to-meganets-to.html http://jpkoning.blogspot.com/2021/03/from-circle-of-gold-to-... "By solving the dishonesty and fungibility problems, bitcoin has radically dialed up the contagion factor for chain letter technology to a degree never experienced before. Bitcoin has become the first chain letter to go mainstream. It is the first chain letter to go global."
xvector 5y ago
Banks and physical currency alike. You can now transfer value simply by having a public/private key pair. No need for banks and their multi-day wire transfers. No need for KYC. You can borrow and lend on a decentralized network within minutes. Invest in markets, make purchases. All without relying on a centralized entity, and without being bound by your government. Crypto really is something beautiful to the cypherpunk in me.
- fumblebee 5y ago
  You still need KYC at entry and exit points into the crypto market (e.g. Coinbase), you still need to transfer fiat money onto exchanges via traditional payments infrastructure. The decentralised, utopian vision only works if the entire game is played there. Also, a side note, KYC is a good thing for things like AML. The ability to dispute with centralised orgs like banks is a good thing; the major issue with decentralised solutions is that there's no accountability for issues like fraud.
  - stiltzkin 5y ago
    Things like localmonero you can trade fiat and monero without KYC.
- throwastrike 5y ago
  Can you tell me more about how you can borrow money in minutes? This I want to hear.
inter_netuser 5y ago
crypto overall is a joke. Bitcoin is replacing central banks.
- arbol 5y ago
  Bitcoin is more likely going to be the Lycos to Google or MySpace to Facebook.
tim333 5y ago
I'm not sure it's replacing anything. It's more a new addition to the planet.
- mariosmuzik 5y ago
  Will change everything .
dmihal 5y ago
FinTech is a new frontend for finance Crypto & DeFi is a new backend for finance
- throwastrike 5y ago
  So you want your backend to be the most taxing and inefficient system we can possibly imagine? Are you really being intellectually honest when you say things like that?

kgwgk 5y ago

http://jpkoning.blogspot.com/2021/03/from-circle-of-gold-to-meganets-to.html http://jpkoning.blogspot.com/2021/03/from-circle-of-gold-to-... "By solving the dishonesty and fungibility problems, bitcoin has radically dialed up the contagion factor for chain letter technology to a degree never experienced before. Bitcoin has become the first chain letter to go mainstream. It is the first chain letter to go global."

xvector 5y ago

Banks and physical currency alike. You can now transfer value simply by having a public/private key pair. No need for banks and their multi-day wire transfers. No need for KYC. You can borrow and lend on a decentralized network within minutes. Invest in markets, make purchases. All without relying on a centralized entity, and without being bound by your government. Crypto really is something beautiful to the cypherpunk in me.

fumblebee 5y ago
You still need KYC at entry and exit points into the crypto market (e.g. Coinbase), you still need to transfer fiat money onto exchanges via traditional payments infrastructure. The decentralised, utopian vision only works if the entire game is played there. Also, a side note, KYC is a good thing for things like AML. The ability to dispute with centralised orgs like banks is a good thing; the major issue with decentralised solutions is that there's no accountability for issues like fraud.
- stiltzkin 5y ago
  Things like localmonero you can trade fiat and monero without KYC.
throwastrike 5y ago
Can you tell me more about how you can borrow money in minutes? This I want to hear.

inter_netuser 5y ago

crypto overall is a joke. Bitcoin is replacing central banks.

arbol 5y ago
Bitcoin is more likely going to be the Lycos to Google or MySpace to Facebook.

tim333 5y ago

I'm not sure it's replacing anything. It's more a new addition to the planet.

mariosmuzik 5y ago
Will change everything .

dmihal 5y ago

FinTech is a new frontend for finance Crypto & DeFi is a new backend for finance

throwastrike 5y ago
So you want your backend to be the most taxing and inefficient system we can possibly imagine? Are you really being intellectually honest when you say things like that?