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I thought the same thing when reading the article. Crypto for this particular problem seems like the proverbial sledgehammer to crack open the walnut.
by AussieWog93 5y ago
I thought the same thing when reading the article. Crypto for this particular problem seems like the proverbial sledgehammer to crack open the walnut.
- usrusr 5y agoMore like using a flotilla of Kuka industrial robotic arms to open a walnut. If financial literacy is hard, what's crypto-financial literacy?
- EdwardDiego 5y agoCryptocurrency really feels like a solution desperately in need of a problem.
- masklinn 5y ago> a solution desperately in need of a problem. Or a pyramid scheme in need of an excuse / justification.
- BrianOnHN 5y agoOr a massively multiplayer online game of hot potato.
- shadowprofile76 5y agoPlease do define how Bitcoin or Ethereum (among others) are "pyramid schemes". Cryptocurrencies have indeed been used for pyramid schemes by specific actors, but then again so has normal money, and many other things. Numerous people on this site who presumably have the intellectual faculties to know better toss that little qualification out from their mouths almost reflexively out of emotional crypto-hate, but have apparently never even read a basic encyclopedia definition of pyramid scheme structure.
- imtringued 5y agoIt doesn't matter if it is a crypto scheme or pyramid scheme. The token itself is not a product, the central distributor sells you tokens in a presale and then you have to recruit new members through marketing the token and sell them your tokens. The point is that there is no end goal. The last person to buy the token didn't get chocolate coins that he can eat.
- EdwardDiego 5y agoThe current crypto bubbles seem to be working on the "greater fool" theory, same principle can be argued to underpin MLMs - your downline are your "greater fools", and you only make money so long as you (or your existing fools can) can recruit more fools.
- deleted 5y ago[deleted]
- chii 5y agoCrypto is a solution to the "problem" of centrally controlled money. I'm just not 100% sure that it is a real problem, but those who buy it either believe it to be, or at least, want to hedge for it.
- phone8675309 5y agoIt (centrally controlled money) is a problem if you want to fleece people for their retirement money in tech support scams or ransomware and avoid having your bank account being seized when the authorities catch up with you.
- aabhay 5y agoExcept there are tons of crypto scams and governments have used the blockchain to find criminals by tracking payment flow.
- zinekeller 5y agoThat's true for Bitcoin, which its blockchain by design is open to everyone. Unfortunately, Monero seems to be the preferred cryptocurrency in this space, and tracking Monero is purposely hard.
- lottin 5y agoIsn't bitcoin centrally controlled though? Bitcoin's monetary policy is programmed into the bitcoin software. This means whoever writes (or wrote) the software controls the policy.
- davidgerard 5y agoBitcoin mining has also been centralised since about 2014 - three entities are known to control >50% of all mining, and there's no way of knowing how many of the other mining entities they have effective control over. "Decentralised" is a phantasm.
- drclau 5y agoThe problem to be solved was found some time ago: shifting money from the poor to the rich.
- bart_spoon 5y agoBitcoin certainly isn’t a solution to this. Any inflationary currency like Bitcoin favors the wealthy, as existing wealth becomes more valuable.
- Joeboy 5y agoThat's the same as what they said, isn't it?