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Crytocurrencies are effectively useless without centralized exchanges. Change my mind. Social media doesn't need to interop between centralized and decentraliz

by Xorlev 5y ago

Crytocurrencies are effectively useless without centralized exchanges. Change my mind. Social media doesn't need to interop between centralized and decentralized, but currencies do if they want to be useable. At the end of the day, someone will want to actually _buy_ something, and unfortunately I can't go to Petco and use my Dogecoin to buy dogfood.

emerongi 5y ago
I will add my own: cryptocurrencies are useless without a legal framework, which requires a central entity with power ensuring that there is fairness, i.e. the government. Change my mind. P.S. Banking will also still be needed. In any case, these are social issues and Decentralized Woo Hoo is a great name for it, as decentralization does not solve any of these issues. There is value to "digital cash", but not in the capacity that all these projects claim.
deleted 5y ago
[deleted]
k__ 5y ago
Right now that is obviously true. If I want to pay for something, I need Euros here in Germany. But if I can pay with crypto that could change. DAI and MIM are some examples of decentralized stable coins that could be used for payment.
loceng 5y ago
Yup, because if shit hits the fan and you're up against a tyrannical government you have a lot more problems to worry about than exchanging goods for money via a physical crypto wallet (because they'll have already blocked communications by the time they're after you on the ground).
tata71 5y ago
Yes, you can. https://www.bitrefill.com/buy/petco-usa/?hl=en https://www.bitrefill.com/buy/petco-usa/?hl=en They don't have it at the payment terminal directly yet, because of the stigma you and others still have against cryptocurrency. But after this cycle, the news will have normalized it enough that you WILL pay for your dog food and Taco Bell with Dogecoin — I'd bet 10 DOGE on it.
- Xorlev 5y ago
  You're correct, I am opposed to crytocurrencies as implemented today. I'm horrified that we spend tons of resources and energy doing effectively useless work. Maybe a Folding at Home coin would be more palatable. I'd also argue that bitrefill is, yet again, centralization being needed to make it useful. Once defi is accepted everywhere, suddenly people will want the law and central authorities to perform chargebacks, and end up reinventing our exact same system.
koonsolo 5y ago
> Crytocurrencies are effectively useless without centralized exchanges. Change my mind. https://99bitcoins.com/bitcoin/who-accepts/ https://99bitcoins.com/bitcoin/who-accepts/ > use my Dogecoin to buy dogfood. https://bitcoinist.com/doge-for-dogs-burger-king-brazil-now-accepts-dogecoin-for-dog-food/ https://bitcoinist.com/doge-for-dogs-burger-king-brazil-now-... https://imgur.com/kR1aNcP https://imgur.com/kR1aNcP ... Maybe not "Change my mind", but definitely a "Prove me wrong"

by Xorlev 5y ago

emerongi 5y ago

I will add my own: cryptocurrencies are useless without a legal framework, which requires a central entity with power ensuring that there is fairness, i.e. the government. Change my mind. P.S. Banking will also still be needed. In any case, these are social issues and Decentralized Woo Hoo is a great name for it, as decentralization does not solve any of these issues. There is value to "digital cash", but not in the capacity that all these projects claim.

deleted 5y ago

[deleted]

k__ 5y ago

Right now that is obviously true. If I want to pay for something, I need Euros here in Germany. But if I can pay with crypto that could change. DAI and MIM are some examples of decentralized stable coins that could be used for payment.

loceng 5y ago

Yup, because if shit hits the fan and you're up against a tyrannical government you have a lot more problems to worry about than exchanging goods for money via a physical crypto wallet (because they'll have already blocked communications by the time they're after you on the ground).

tata71 5y ago

Yes, you can. https://www.bitrefill.com/buy/petco-usa/?hl=en https://www.bitrefill.com/buy/petco-usa/?hl=en They don't have it at the payment terminal directly yet, because of the stigma you and others still have against cryptocurrency. But after this cycle, the news will have normalized it enough that you WILL pay for your dog food and Taco Bell with Dogecoin — I'd bet 10 DOGE on it.

Xorlev 5y ago
You're correct, I am opposed to crytocurrencies as implemented today. I'm horrified that we spend tons of resources and energy doing effectively useless work. Maybe a Folding at Home coin would be more palatable. I'd also argue that bitrefill is, yet again, centralization being needed to make it useful. Once defi is accepted everywhere, suddenly people will want the law and central authorities to perform chargebacks, and end up reinventing our exact same system.

koonsolo 5y ago

> Crytocurrencies are effectively useless without centralized exchanges. Change my mind. https://99bitcoins.com/bitcoin/who-accepts/ https://99bitcoins.com/bitcoin/who-accepts/ > use my Dogecoin to buy dogfood. https://bitcoinist.com/doge-for-dogs-burger-king-brazil-now-accepts-dogecoin-for-dog-food/ https://bitcoinist.com/doge-for-dogs-burger-king-brazil-now-... https://imgur.com/kR1aNcP https://imgur.com/kR1aNcP ... Maybe not "Change my mind", but definitely a "Prove me wrong"