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I think its important to note that while these things are largely true (though i'd say that banks have tight control over states [5+ time felonious JPM and frie
by cinquemb 5y ago
I think its important to note that while these things are largely true (though i'd say that banks have tight control over states [5+ time felonious JPM and friends, constant bailouts, etc]… esp weaker/smaller states…), there are instances today where people trade goods and services with crypto without "cashing out" (esp more so than a decade ago) through centralized exchanges.
A variety of credit/debt based decentralized stablecoins and dexes will take over in the long run from centralized exchanges and bank account onramp. Even centralized exchanges are trying to get exposure to defi protocols now that will eventually obsolete them for traditional functions for all but the tech laggards.
- bparsons 5y agoThis is true in El Salvador, where bitcoin has the explicit endorsement of the state. Elsewhere, other than dark web drugs and jpegs of apes, what exactly are people buying with crypto?
- cinquemb 5y agoJust because some (most?) people now in most places may buy only drugs/nfts (and whatever real or imagined things of contested value [eye of the beholder…]) hasn't stopped me personally from accepting eth/btc for dev work and swapping for cash in my local jurisdiction(s) (or in some cases, paying in stablecoins [dai] for food from a friend who has a few of their own stores accepted it).