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This is very true for crypto. The amount of people hyped on it without understanding much about it seems crazy high to me. Granted, I recently graduated colleg
by 46756e 5y ago
This is very true for crypto. The amount of people hyped on it without understanding much about it seems crazy high to me.
Granted, I recently graduated college, so I may be bias from experience. I just have seen a giant amount of finance frat bros that pour money into Bitcoin cause “banks are like the horse and buggy”.
- hanniabu 5y agoThe amount of people that discredit it without understanding is also crazy high. Just because scams exist doesn't mean there aren't real projects and use cases.
- saagarjha 5y ago…which are?
- EvilEy3 5y agoName one. Crypto is one huge scam and pyramid. Period.
- ccortes 5y agoUSDC
- heavyset_go 5y agoSo far, the only valid use case I've seen is buying or selling things on the grey/black market.
- miohtama 5y agoRemittance is a huge use case.
- naturalauction 5y agoRemittance has (at least for me) become way easier in the last few years, using Wise (Transferwise) or even my own bank. The fees are smaller than I'd pay buying and selling crypto for way less hassle and price risk. Unless you mean circumventing capital controls, which is definitely a grey market thing.
- heavyset_go 5y agoDepends on the size of the remittance and whether the receiver is well banked, has photo ID and a smart phone. You can send $50 via Western Union for $1.25, but it might cost 10x to 20x that in BTC transaction fees alone. The receiver can pick up cash at any WU location without an ID, but the last time I checked, to cash out cryptocurrency into a currency people actually use, exchanges require bank accounts, photo IDs and smart phones with cameras that can verify identities, and they charge their owns fees on top of the network's transaction fee.
- ccortes 5y ago> The receiver can pick up cash at any WU location without an ID In which country does this happens? Makes no sense to me.
- heavyset_go 5y agoAny country, the sender just has to set a test question and the receiver has to have the transfer number and the answer.
- ccortes 5y agoInteresting. Not in my experience tho, I've sent money to 3 different countries and they all required the receiver ID
- bubbleRefuge 5y agoif there is forex involved WU takes a much bigger cut than $1.25. Tried to send $120 bucks the other day and it cost over $10 taking into account the lame ass forex rate.
- heavyset_go 5y agoRemittance to Mexico using a credit card is $1.25 and that pays out in MX$.
- miohtama 5y agoIf you call cryptocurrencies pyramid and that implies scam, then you need to call a lot of other things scams as well if new money is paying out old money. This includes notably most of pension funds which are underfunded and underyielding. Here is my post that has more discussion on the topic: https://capitalgram.com/posts/history-of-cryptocurrencies/ https://capitalgram.com/posts/history-of-cryptocurrencies/
- psychstudio 5y agoSam Altman (among others) is an investor in https://reserve.org/ https://reserve.org/. Is that a scam?
- deleted 5y ago[deleted]
- bluetwo 5y agoThere is an interesting use case, web monetization API. https://webmonetization.org https://webmonetization.org It is a proposed standard (not accepted) that allows you to use micro-payments in crypto to pay for access to sites as you browse the web. While it isn't perfect, a web free of paywalls and ads is something I would pay for, if it was easy to use, secure, and integrated into the browser. I'm not sure it will have enough momentum to become a thing, but it is an interesting idea. And, to your point, the only legit use case for crypto I have seen.
- jsutton 5y agoEthereum? This is a pretty small minded view, considering the amount of talent and resources dedicated to building blockchain and crypto infrastructure.
- ALittleLight 5y agoI like the idea of distributed computation but I've not really understood a good use case for it. I know you can use smart contacts to make tokens and NFTs and what not, but that all seems like saying a thing isn't useless because you can use it to make stuff that is useless. It's not much of a use. Do you have an example of something useful or valuable done with ethereum?
- deleted 5y ago[deleted]
- OnuRC 5y agoEntire financial system is a bigger scam and pumped by unlimited fiat printing that lend to certain people/banks/business at no cost. What are you talking about?
- Nasrudith 5y agoThey are an especially pathological manifestation of Buzzword Zombies who shamble around brainlessly suggesting use of their golden hammer in all contexts. Actual finance graduated though? What the fuck were they doing in class all of those years to even think of the two as comparable?! For one let me know when I can get a mortgage or auto loan from bitcoin itself.