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There isn't that much honest to goodness dollars disappearing though. Mainly pumping with unbacked stablecoins to create an ever increasing price to attract rea

There isn't that much honest to goodness dollars disappearing though. Mainly pumping with unbacked stablecoins to create an ever increasing price to attract real dollars so the small group of criminals (Tether and their buddies) and miners could cash out. Most normal people sucked in will never cash out any significant % of the paper millions. As to NFTs. It's wild West with wash trading and artificial (as in created by hired workers) hype again going to woe suckers with real cash. It's all sad. No one is in for the tech as the tech has already proven itself to be useless, inefficient and dirty. It's just not very interesting either. It's rejected by about anyone competent in either tech or finance. It's just the number going up making them reconsider or more often just keep their mouth shout as there isn't much to win going against cult like crypto evangelists. The whole thing has just one use case: going around financial regulations. That's it. For everything else centralized ledger would be much more efficient, faster, user friendly and better in all other aspects. It would also be a subject to regulations though and that's one thing the space can't afford to have. Amazingly though one thing the regulators acted against is much better idea of a stablecoin backed by a big player. It wouldn't be deflationary by design. It would be fast and cheap to use. It wouldn't have a group of criminals printing billions of tokens and giving them to sister corporations, the headquarters would be under US jurisdiction and users would actually benefit from real competition to dinosaur banks and credit card companies. Needles to say there wouldn't be dirty mining either. This time though the regulators acted in advance issuing stern warnings and causing many members to drop out. Let's have million dollar links to jpegs in a database maintained by dirty energy in a dirty jurisdiction pumped up by dirty individuals instead.

knownjorbist 5y ago
> The whole thing has just one use case: going around financial regulations. I don't see this as a bad thing on its own. I want to be able to earn with my money the same kind of ways that banks earn with my money. The reason I can't is because I'm not an "accredited investor". DeFi has a perfectly valid use-case and it's not just to get around those regulations.
- bluecalm 5y ago
  So you want to do something regulations currently prevent you from doing. Doesn't that prove my point? If you want to earn money the same way a bank does just buy stake in a bank. You don't want to do the business yourself as that means huge burden of complying with regulations unless it's crypto which goes around that.
  - knownjorbist 5y ago
    My point was that it's beyond simply skirting regulations, as if that is merely the goal unto itself. Something being a regulation doesn't mean it's well conceived or even ethical, and they're frequently abused by incumbents in various industries to prevent disruption and protect their golden goose. "Buying stake in a bank" does not necessarily translate to sharing in the profits a bank is already making from holding my money with them.

knownjorbist 5y ago

> The whole thing has just one use case: going around financial regulations. I don't see this as a bad thing on its own. I want to be able to earn with my money the same kind of ways that banks earn with my money. The reason I can't is because I'm not an "accredited investor". DeFi has a perfectly valid use-case and it's not just to get around those regulations.

bluecalm 5y ago
So you want to do something regulations currently prevent you from doing. Doesn't that prove my point? If you want to earn money the same way a bank does just buy stake in a bank. You don't want to do the business yourself as that means huge burden of complying with regulations unless it's crypto which goes around that.
- knownjorbist 5y ago
  My point was that it's beyond simply skirting regulations, as if that is merely the goal unto itself. Something being a regulation doesn't mean it's well conceived or even ethical, and they're frequently abused by incumbents in various industries to prevent disruption and protect their golden goose. "Buying stake in a bank" does not necessarily translate to sharing in the profits a bank is already making from holding my money with them.