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Crypto is a tradable asset, and like any other tradable asset you can make money with it. In other words you can make money with money, just like a bank, only d

by wyck 5y ago

Crypto is a tradable asset, and like any other tradable asset you can make money with it. In other words you can make money with money, just like a bank, only decentralized. It's not about the technology of the banks or crypto per se, but the primary function of what banks actually do, which is save or lend money (really both). If you think crypto currency was created to buy hamburgers, or make your energy bill more efficient to pay, as the saying goes " you can't see the forest for the trees". When was the last time you used bond certificate to pay for dinner? The fact that people are making money and lots of it in crypto using traditional financial instruments is all the proof you need to know that it has a use case.

wolverine876 5y ago
> The fact that people are making money and lots of it in crypto using traditional financial instruments is all the proof you need to know that it has a use case. It's happening therefore it must work? That's a dangerous attitude, especially in financial markets. People have done that with tulips and lots of other things; those really weren't use cases in a meaningful sense.
- gaspard234 5y ago
  I agree with OP. I started off my career at a derivatives trading firm in NYC. There were thousands of other firms making billions of dollars doing the same thing for even more esoteric financial instruments. And I'm a realest, they were just shuffling numbers around to get rich. Payments and transactions are not the value, fintech automation with Defi is where the money is.
- wyck 5y ago
  >It's happening therefore it must work? Yes exactly, use cases are not important. This is how wall street works, giving the same features to citizens instead of large financial firms is an important distinction, and the reason why, unlike tulips, it will not fade away.
  - danaris 5y ago
    "Whether it's useful is not important, only whether we can make money off of it" is one of the more dangerous attitudes to come out of Wall Street in recent decades.
    - wyck 5y ago
      > Whether it's useful is not important, only whether we can make money off of it I never said that. Emotions, morals, and use cases have no place when you look logically at what blockchain is, at it's very heart it's pure math. People certainly make money using math, but that not the point. No matter how much people try to add their own bullshit on top of blockchain, it's human nature to measure value and use economic agents. Both math and blockchain have to same primary function, ascertaining truth, which is the most important factor in economics.

by wyck 5y ago

wolverine876 5y ago

> The fact that people are making money and lots of it in crypto using traditional financial instruments is all the proof you need to know that it has a use case. It's happening therefore it must work? That's a dangerous attitude, especially in financial markets. People have done that with tulips and lots of other things; those really weren't use cases in a meaningful sense.

gaspard234 5y ago
I agree with OP. I started off my career at a derivatives trading firm in NYC. There were thousands of other firms making billions of dollars doing the same thing for even more esoteric financial instruments. And I'm a realest, they were just shuffling numbers around to get rich. Payments and transactions are not the value, fintech automation with Defi is where the money is.
wyck 5y ago
>It's happening therefore it must work? Yes exactly, use cases are not important. This is how wall street works, giving the same features to citizens instead of large financial firms is an important distinction, and the reason why, unlike tulips, it will not fade away.
- danaris 5y ago
  "Whether it's useful is not important, only whether we can make money off of it" is one of the more dangerous attitudes to come out of Wall Street in recent decades.
  - wyck 5y ago
    > Whether it's useful is not important, only whether we can make money off of it I never said that. Emotions, morals, and use cases have no place when you look logically at what blockchain is, at it's very heart it's pure math. People certainly make money using math, but that not the point. No matter how much people try to add their own bullshit on top of blockchain, it's human nature to measure value and use economic agents. Both math and blockchain have to same primary function, ascertaining truth, which is the most important factor in economics.