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I have a special immunity to crypto scams. I simply never have and never will purchase any kind of crypto "currency" until someone can articulate, at a bare min
by mdoms 5y ago
I have a special immunity to crypto scams. I simply never have and never will purchase any kind of crypto "currency" until someone can articulate, at a bare minimum, one advantage it confers to me over and above "normal" currency in day to day usage. Bonus points if that benefit even comes close to offsetting the environmental carnage the ecosystem wreaks.
- cmckn 5y agoI think crypto folks generally consider the (possibly) getting rich part to be the killer feature.
- masterof0 5y ago^^ this, I'm not a crypto maxi, but for what I have seen so far, the main point of all of those coins, is to get earlier, and hope that someone *cough* Elon *cough* pump it , so we can finally escape the rat race.
- dehrmann 5y agoCould just buy lotto tickets or put $10k on 00. At least those are regulated.
- notch656a 5y agoIt needn't provide an advantage in day-to-day usage, just some niche advantage that works at least once. For instance, buying metal bullion from a major online vendor such as APMEX, you can avoid credit card fees or long wait for a check/ACH/wire(faster than previous two but still takes hours) to clear by paying in crypto. It's basically <30min clearing for any arbitrary large amount. The closest you can get to that without crypto through most major bullion vendors is a wire, which depending on your bank is anywhere from free (rare) to $25+. Sometimes the crypto fees are waived, other times they're merely much closer to check price than credit price.
- dehrmann 5y agoIf you're buying physical metal and can wait a few days for it to ship, you can wait a day for the ACH payment to clear. Bitcoin is also very volatile, so you can end up losing out on the spread, but not notice it.
- notch656a 5y ago> you can wait a day for the ACH payment to clear. It adds an additional 1-2 days at least to shipping. Do you enjoy having your money gone additional time without any underlying asset in hand, adding to your counterparty risk? This is one of the reasons why Amazon delivery logistics has succeeded, consumers LIKE to have their goods faster. You don't think it's valid that some people use crypto to get their goods a day or two sooner for in many cases essentially the same price (or if they already had crypto, cheaper because they didn't have to convert back to fiat themselves). >Bitcoin is also very volatile, so you can end up losing out on the spread, but not notice it. The price in BTC(or LTC, BCH, etc) is locked for 15 minutes when you check out. If BTC or whatever you're using gains value you could merely choose not to execute the trade; when I missed the window there was no penalty it just cancelled the invoice. There's no way you can possibly have an unexpected loss. If you have fiat on an exchange and you needed crypto, you can choose to buy it right then in that 15 minute window to make sure your price is locked in.
- dehrmann 5y ago> locked for 15 minutes I wonder if there's an arbitrage opportunity, here.
- mdoms 5y agoOk so first I have to incur the CC fees while obtaining the crypto, and then I can avoid them at purchase time (but still have to pay Tx fees / gas / whatever over the top). Cool cool really neat stuff.
- notch656a 5y ago
- knicholes 5y agoLower fees than wiring money internationally.
- notch656a 5y agoBut Wise is almost free for int'l transfer and the unbanked can go fuck themselves! /s
- tppiotrowski 5y agoWise handily beats BTC/ETH fees
- vmception 5y agowait till you read their terms of service of prohibited kinds of business, and that's just at the corporate level that has nothing to do with countries of operation.
- chewyland 5y agoCost me 28 cents to wire my BMW dealer the full cost of my brand new BMW GS. I used Wise. I'm in BG.
- notch656a 5y agoMore or less a wash with litecoin or monero then, both of which have transaction fees in the single digit of pennies. BTW, you have my jealousy on the bike. Congrats :)
- vmception 5y agoI got one even better! Converting transactions that would be international wires, into domestic wires which definitely will occur same day, circumventing multiple levels of potential scrutiny and operator error. There is no way to quantify how much this has happened using crypto assets.
- deleted 5y ago[deleted]
- psychlops 5y agoThat immunity will protect you from using all sorts of investment losses from electric cars to typewriters. Until they become mainstream or fail.
- mdoms 5y agoI don't think there's much chance of a boom in typewriters...? And I'm not sure how my cryptocurrency skepticism affects investments in electric cars.
- N00bN00b 5y agoI've been using it for well over 10 years now. Sometimes I want to spend money on things that I think are morally right, but the credit card companies/paypal won't let me buy. You can search for lists. I'm doing things that aren't even on most lists (things like buying medication - not drugs - at a discount). A good consumer will never be in that situation, they'll stick to the paths well traveled and stick to whatever laws they happen to think exist and apply to them (often without actually checking those laws or applying civil disobedience to laws they don't agree with). An independent mind will sooner or later get into situations of wanting to do things that the established corporations don't want you to do and then you'll find out how little you can actually do with your corporate approved currency.
- rabite 5y agothe US effectively doubled the supply of normal currency in the past year, other currencies have followed suit. the only thing that has ever doubled in a year about bitcoin is the difficulty of finding new bitcoin.