5 ms·

Crypto is like casino tokens. Worth a lot inside the casino. Very limited value outside.

by MilaM 5y ago

classified 5y ago
And as with any other casino, the house is the only consistent and long-term winner. People bringing in the real money are just suckers, even if they score once in a blue moon. And since there is no actual value attached, every win requires an equal amount of loss elsewhere.
cube00 5y ago
Unfortunately we don't know who the majority owner of this casino is.
- bb88 5y ago
  We don't need to. It's heavily regulated.
  - forty 5y ago
    Heavily regulated by whoever can put enough resources to have the majority of computation.
    - BongoMcCat 5y ago
      Are you talking about casino or bitcoin now?
hnarn 5y ago
I’m not exactly a proponent of crypto currencies, but this description seems like it holds true for any currency in the world, regardless of whether it’s crypto, fiat or natural. It’s not like you can carry dollars or a nugget of gold and expect any human being anywhere in the world to accept it as legal tender, and as long as that is true every type of payment is dependent on a “casino”, they just vary in size.
- eldelshell 5y ago
  There are this things called "Exchanges" in every airport in the world. With the US dollar, Euro and some others, the world is your casino (following the comparison) and you can trade all of them. Same with gold and silver (although this are a bit harder to trade). Hell, try to pay a taxi in Djibouti, Sao Paolo or Islamabad with a BTC or USD and see which they'll accept and which will get you kicked out.
  - vmception 5y ago
    > try to pay a taxi in Djibouti, Sao Paolo or Islamabad with a BTC or USD and see which they'll accept and which will get you kicked out. Even though the "merchant adoption" meme is the least interesting part of any asset, currency or potential payment method, the question is where does the goal post move when you can do that? Can you give us a preview of what your next goal post is?
    - WastingMyTime89 5y ago
      I mean that’s the definition of currency not really moving the goal post: store of value, unit of account and mean of exchange. At this point, I am not sure bitcoin even ticks one. It’s an asset with a volatile price. It is not a currency.
      - MCneill27 5y ago
        Bitcoin !== Cryptocurrency But yes, I agree with you about BTC.
  - hnarn 5y ago
    There's no need to be snarky, I know perfectly well that exchanges exist which isn't contrary to what I wrote in any way. I said: > every type of payment is dependent on a “casino”, they just vary in size So yes, in general terms it's easier to pay with USD than BTC because the “casino” is larger. That's exactly what I wrote. The point is that you cannot carry only USD and expect to be able to pay with it anywhere in the world, just as you cannot carry BTC or silver bars anywhere and expect to be able to pay with them. “The world” is most definitely not your casino with cash USD, EUR or any other major currency if you are not in an area of the world where they are commonly accepted.

Crypto is like casino tokens. Worth a lot inside the casino. Very limited value outside.

by MilaM 5y ago

Crypto is like casino tokens. Worth a lot inside the casino. Very limited value outside.

And as with any other casino, the house is the only consistent and long-term winner. People bringing in the real money are just suckers, even if they score once in a blue moon. And since there is no actual value attached, every win requires an equal amount of loss elsewhere.

cube00 5y ago

Unfortunately we don't know who the majority owner of this casino is.

bb88 5y ago
We don't need to. It's heavily regulated.
- forty 5y ago
  Heavily regulated by whoever can put enough resources to have the majority of computation.
  - BongoMcCat 5y ago
    Are you talking about casino or bitcoin now?

hnarn 5y ago

I’m not exactly a proponent of crypto currencies, but this description seems like it holds true for any currency in the world, regardless of whether it’s crypto, fiat or natural. It’s not like you can carry dollars or a nugget of gold and expect any human being anywhere in the world to accept it as legal tender, and as long as that is true every type of payment is dependent on a “casino”, they just vary in size.

eldelshell 5y ago
There are this things called "Exchanges" in every airport in the world. With the US dollar, Euro and some others, the world is your casino (following the comparison) and you can trade all of them. Same with gold and silver (although this are a bit harder to trade). Hell, try to pay a taxi in Djibouti, Sao Paolo or Islamabad with a BTC or USD and see which they'll accept and which will get you kicked out.
- vmception 5y ago
  > try to pay a taxi in Djibouti, Sao Paolo or Islamabad with a BTC or USD and see which they'll accept and which will get you kicked out. Even though the "merchant adoption" meme is the least interesting part of any asset, currency or potential payment method, the question is where does the goal post move when you can do that? Can you give us a preview of what your next goal post is?
  - WastingMyTime89 5y ago
    I mean that’s the definition of currency not really moving the goal post: store of value, unit of account and mean of exchange. At this point, I am not sure bitcoin even ticks one. It’s an asset with a volatile price. It is not a currency.
    - MCneill27 5y ago
      Bitcoin !== Cryptocurrency But yes, I agree with you about BTC.
- hnarn 5y ago
  There's no need to be snarky, I know perfectly well that exchanges exist which isn't contrary to what I wrote in any way. I said: > every type of payment is dependent on a “casino”, they just vary in size So yes, in general terms it's easier to pay with USD than BTC because the “casino” is larger. That's exactly what I wrote. The point is that you cannot carry only USD and expect to be able to pay with it anywhere in the world, just as you cannot carry BTC or silver bars anywhere and expect to be able to pay with them. “The world” is most definitely not your casino with cash USD, EUR or any other major currency if you are not in an area of the world where they are commonly accepted.