4 ms·
traditional payment processors wield undo influence and control over businesses: just look at the past onlyfans drama. Moving away from a duopoly that censors
by smabie 5y ago
traditional payment processors wield undo influence and control over businesses: just look at the past onlyfans drama.
Moving away from a duopoly that censors legal businesses it doesn't like is definitely valuable, and also something a stable coin could facilitate.
Moving money around onchain is orders of magnitudes easier than using the tradfi systems.
Most crypto firms (trading firms, VCs, protocols, etc) are exclusively using crypto to invest in deals, pay employees, etc. It really is so much better.
And I say this as someone who works in crypto for purely practical purposes (ie making money) and does not buy into the idea of crypto utopia.
- Daishiman 5y agoAnd yet you can't buy anything with crypto, as evidenced by an entire thread full of solutions that either, a) nobody uses, b) are terribly difficult to implement as a layman, or c) are possibly vehicles for fraud. As a guy who had no fear compiling Gentoo kernels 15 years ago, saying you can actually use BTC to pay for things is about a feasible as saying that 2005 was the year of the Linux desktop.
- lottin 5y agoUsing bitcoin as currency makes no economic sense. In the same way that using a foreign currency in your own country makes no economic sense. That's because using any other currency other that the local currency incurs transaction costs (not to be confused with transaction fees) that could be avoided by using the local currency. So people who use bitcoin as currency tend to do it for ideological reasons or to prove that it can be done. There's nothing practical or economically advantageous about it.