4 ms·
Please name a use for crypto which is not "buying questionable substances from the internet" or "like stocks, except that I can make more of them with my GPU".
by evol262 5y ago
Please name a use for crypto which is not "buying questionable substances from the internet" or "like stocks, except that I can make more of them with my GPU".
They are, in every way, of less value to the economy than traditional fiat currency.
* They have no guarantees or equivalent to the FDIC
* Their value similarly unpinned to anything (for the sake of argument, let's ignore basketed currency, since crypto is not comparble to that and less table than those) other than investor confidence like FOREX
* They are not tax havens
* Their "production" consumes as much energy as some medium-sized nation-states
* Chasing the hype has exacerbated the chip shortage as "peak capitalism" has encouraged fabs to produce GPUs for maximize profits at the expense of, say, chips for cars with their limited supplies
Not everyone who uses crypto is a dark hat crypto-libertarian hacker. Few people who clamor for crypto have good reasons to use it other than "why not have it as an option for people who want it?" or "I wanna do this stuff without being tracked".
- jokethrowaway 5y agoUnfortunately it's mostly speculators. We need way more crypto-libertarian hackers.
- matheusmoreira 5y ago> Few people who clamor for crypto have good reasons to use it other than [...] "I wanna do this stuff without being tracked". Why do you need more? This is a perfectly valid reason for cryptocurrency to exist. All digital transactions should work like physical cash. Banks and credit card companies analyzing your transactions should be literally impossible. Payment processors should not even exist much less act like the financial gatekeepers they are today.