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Crypto is used as a commodity and for scams, very rarely as a currency. Given that transferring crypto is hard, slower, more expensive, riskier, public, and mor

Crypto is used as a commodity and for scams, very rarely as a currency. Given that transferring crypto is hard, slower, more expensive, riskier, public, and more wasteful than real banking, I don’t see why these would be related.

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MildlySerious 5y ago
> Given that transferring crypto is hard, slower, more expensive, riskier, public, and more wasteful than real banking, I don’t see why these would be related. This is partially true, but I think a bad blanket statement. Bitcoin has outperformed all other asset classes over the last decade. You can get crypto credit cards that remove all complexity you aren't forced to deal with anyway. And even if that wasn't the case. Banking is hard, too, so that's a moot argument. Ethereum and others are moving away from proof-of-work. Upgrades like taproot and zkrollups improve privacy and can be used today.
koonsolo 5y ago
I don't think you are up to date. There are "cash" crypto's out there such as Nano, with sub second transactions, 0 fees, and can run the network on the power of a single windmill.
wyager 5y ago
> Given that transferring crypto is hard, slower, more expensive, riskier, public, and more wasteful than real banking Literally none of this is true except maybe "riskier".
rrrrrrrrrrrryan 5y ago
You're right that our existing digital payment systems are far better than crypto for most transactions, and that crypto (and cold hard cash) dominate black market transactions, but there's a really interesting class of transactions that don't fall into either of these groups: stuff that's technically legal, but sketchy enough that no big corporations want to touch them. Crypto is increasingly being used as a digital payment workaround for areas that Visa and MasterCard try to avoid, like pornography and donations to controversial organizations. It's probably just a sliver of overall crypto transactions, but this is very much the use case that justifies the bitcoin-as-a-currency model. Pornography is to Bitcoin as "Linux ISOs" are to BitTorrent.
anonymoushn 5y ago
Transferring SPL USDC is easier, faster, less wasteful, and less expensive than transferring dollars in a bank account.

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MildlySerious 5y ago

> Given that transferring crypto is hard, slower, more expensive, riskier, public, and more wasteful than real banking, I don’t see why these would be related. This is partially true, but I think a bad blanket statement. Bitcoin has outperformed all other asset classes over the last decade. You can get crypto credit cards that remove all complexity you aren't forced to deal with anyway. And even if that wasn't the case. Banking is hard, too, so that's a moot argument. Ethereum and others are moving away from proof-of-work. Upgrades like taproot and zkrollups improve privacy and can be used today.

koonsolo 5y ago

I don't think you are up to date. There are "cash" crypto's out there such as Nano, with sub second transactions, 0 fees, and can run the network on the power of a single windmill.

wyager 5y ago

> Given that transferring crypto is hard, slower, more expensive, riskier, public, and more wasteful than real banking Literally none of this is true except maybe "riskier".

rrrrrrrrrrrryan 5y ago

You're right that our existing digital payment systems are far better than crypto for most transactions, and that crypto (and cold hard cash) dominate black market transactions, but there's a really interesting class of transactions that don't fall into either of these groups: stuff that's technically legal, but sketchy enough that no big corporations want to touch them. Crypto is increasingly being used as a digital payment workaround for areas that Visa and MasterCard try to avoid, like pornography and donations to controversial organizations. It's probably just a sliver of overall crypto transactions, but this is very much the use case that justifies the bitcoin-as-a-currency model. Pornography is to Bitcoin as "Linux ISOs" are to BitTorrent.

anonymoushn 5y ago

Transferring SPL USDC is easier, faster, less wasteful, and less expensive than transferring dollars in a bank account.