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> "children are forced to only earn crypto onchain" What use do children have for cryptocurrencies? Buying items in World of Warcraft? > "I know children that

> "children are forced to only earn crypto onchain" What use do children have for cryptocurrencies? Buying items in World of Warcraft? > "I know children that have a few hundred $ in their joint bank account but $100k in crypto onchain and just waiting till they turn 18 so they can cash out without telling their parents." This entire post reads like some weird crypto-bro FOMO propaganda. To "cash out" they'll need a bank account which will accept their shady funds, and they'll have to prove they paid their taxes for it like everybody else. Until then, they can't do anything with it.

vmception 5y ago
> This entire post reads like some weird crypto-bro FOMO propaganda. Its intended to be devoid of opinion to the extent possible which is probably why you don't recognize it. Your thoughts on what they can do are incorrect. The only thing a child still cannot do is enter into a real world contract and have it be enforceable. But in environments that require zero, or less, or different kinds of non-contractually enforced trust, with a crypto balance sheet the children can acquire goods, services and investments, they can access capital, they can pool investments and share proceeds, they can hire and fire other real world humans, they can acquire real world assets where merchants accept crypto or use a payment processor that does. And this is what some or many are doing, the path of least resistance and beyond the wildest aspirations that any multinational trade deal could ever achieve. So I’m not sure what standard you can really rely on here aside from being unaware. If you weren't aware of a crypto centric form of wealth, where the fiat dollars are the novelty to be temporarily held, then you’re a decade behind. The only thing new here (circa the last 2-3 years) is that its much easier for the children to earn the initial crypto, given how robust that economy is. They’ll cash out when they are 18 if they need to. No different than people only taking money out of their stock and bond holdings for large purchases. Except its a hybrid where they earned the investments directly instead of having to initially purchase them.
- csmpltn 5y ago
  I'm asking for specific and concrete examples that would demonstrate what use do children have for cryptocurrencies - and you respond by using the same vague promises of a revolutionary technology intermixed with keywords from investment and financial jargons, sprinkled with a bit of FOMO propaganda on-top. Kids could buy and trade items in World of Warcraft or Club Penguin for 20 years now. They collected and traded marbles, then Magic: The Gathering, Pokemon and Yu-Gi-Oh cards. Music albums and candy. Kids will always find a "currency" to play with, depending on what's trendy and hip right now.
  - vmception 5y ago
    Children have the same use adults do. The subset of adults that use crypto natively, maybe "crypto onchain native" sounds like vague jargon to you but nothing I said were promises of a revolutionary change, this is what is happening right now. You are the one that doesn't understand and this is not the thread for you to learn that, what example would you like to see if it was? The only education offered is that children are using it, instead of spending year after year acting confused of its existence like many people I know here do. Gen Z and Gen Alpha looked at tools available and picked them up instead of attempting to interface with the caste system we normalized towards people under 18, its simple and all that's happened. So, that's different because we don't have to wait 15-20 years for new generations to enter the economy and see what happens, they are active and autonomous nodes in just a few years for better of for worse, but making an opinion about that requires noticing and acknowledging that its occurring. To really illustrate the disconnect here, an example is that What you are saying relies on you not knowing how to borrow against your crypto with a lending smart contract and purchase other things you want with it. It relies on you thinking these are buzzwords instead of actual etymology and additions to the lexicon that can coordinate people to do the same thing because they understand a shared concept, concepts you personally don't know yet. I'm not sure what answers you are looking for. But they understand that they can accumulate wealth, the majority of which can be useful for a later time, without running into the liquidity issues that accumulating marbles and trading cards have.
    - csmpltn 5y ago
      How old do you think I am? And how out-of-touch with the technology and the industry do you think I must be? Let me assure you, your presuppositions and biases don't make your points come across any better. > "Children have the same use adults do." This can't possibly be true, because kids and adults have different needs and are in different stages in life. I can't take the rest of your comment seriously when it's based on this claim. I'm still waiting for concrete examples for uses children have for cryptocurrencies, and for some proof that this is somehow different than any other fad we've had before. I'm not denying kids will find random "currencies" (reference my previous response) to play with, but I'm absolutely discarding the idea that cryptocurrencies offer anything of meaning to children. There's another comment under this very thread claiming that there's "code written by a 13 year old managing billions of capital in crypto". This too reads like typical FOMO propaganda. That somebody can "manage billions of capital in crypto" is an absolute meaningless claim, and it's easy to see how people that lack the knowledge and the context about the technology can be FOMO'd into spending money on this based on such grandiose vague statements. The reality is that anybody can start their own "blockchain" and "manage trillions of capital in crypto" if they want to (why stop at billions when you can be so much richer?). Posting these claims doesn't resolve core questions such as "what do they use the cryptocurrency for", "how do they benefit from doing this", "what is the path into 'cashing-out' and extracting value from the cryptocurrency back into the traditional financial system", "how do they get other people to participate in their ecosystem", "how do they ensure their blockchain survives years into the future", "how do they protect themselves against common pitfalls that can undermine the cryptocurrency", "how do they protect themselves against fraud" etc. Ironically, those questions don't just apply to children by the way - they apply to pretty much every other use-case of crypto being touted today.

vmception 5y ago

> This entire post reads like some weird crypto-bro FOMO propaganda. Its intended to be devoid of opinion to the extent possible which is probably why you don't recognize it. Your thoughts on what they can do are incorrect. The only thing a child still cannot do is enter into a real world contract and have it be enforceable. But in environments that require zero, or less, or different kinds of non-contractually enforced trust, with a crypto balance sheet the children can acquire goods, services and investments, they can access capital, they can pool investments and share proceeds, they can hire and fire other real world humans, they can acquire real world assets where merchants accept crypto or use a payment processor that does. And this is what some or many are doing, the path of least resistance and beyond the wildest aspirations that any multinational trade deal could ever achieve. So I’m not sure what standard you can really rely on here aside from being unaware. If you weren't aware of a crypto centric form of wealth, where the fiat dollars are the novelty to be temporarily held, then you’re a decade behind. The only thing new here (circa the last 2-3 years) is that its much easier for the children to earn the initial crypto, given how robust that economy is. They’ll cash out when they are 18 if they need to. No different than people only taking money out of their stock and bond holdings for large purchases. Except its a hybrid where they earned the investments directly instead of having to initially purchase them.

csmpltn 5y ago
I'm asking for specific and concrete examples that would demonstrate what use do children have for cryptocurrencies - and you respond by using the same vague promises of a revolutionary technology intermixed with keywords from investment and financial jargons, sprinkled with a bit of FOMO propaganda on-top. Kids could buy and trade items in World of Warcraft or Club Penguin for 20 years now. They collected and traded marbles, then Magic: The Gathering, Pokemon and Yu-Gi-Oh cards. Music albums and candy. Kids will always find a "currency" to play with, depending on what's trendy and hip right now.
- vmception 5y ago
  Children have the same use adults do. The subset of adults that use crypto natively, maybe "crypto onchain native" sounds like vague jargon to you but nothing I said were promises of a revolutionary change, this is what is happening right now. You are the one that doesn't understand and this is not the thread for you to learn that, what example would you like to see if it was? The only education offered is that children are using it, instead of spending year after year acting confused of its existence like many people I know here do. Gen Z and Gen Alpha looked at tools available and picked them up instead of attempting to interface with the caste system we normalized towards people under 18, its simple and all that's happened. So, that's different because we don't have to wait 15-20 years for new generations to enter the economy and see what happens, they are active and autonomous nodes in just a few years for better of for worse, but making an opinion about that requires noticing and acknowledging that its occurring. To really illustrate the disconnect here, an example is that What you are saying relies on you not knowing how to borrow against your crypto with a lending smart contract and purchase other things you want with it. It relies on you thinking these are buzzwords instead of actual etymology and additions to the lexicon that can coordinate people to do the same thing because they understand a shared concept, concepts you personally don't know yet. I'm not sure what answers you are looking for. But they understand that they can accumulate wealth, the majority of which can be useful for a later time, without running into the liquidity issues that accumulating marbles and trading cards have.
  - csmpltn 5y ago
    How old do you think I am? And how out-of-touch with the technology and the industry do you think I must be? Let me assure you, your presuppositions and biases don't make your points come across any better. > "Children have the same use adults do." This can't possibly be true, because kids and adults have different needs and are in different stages in life. I can't take the rest of your comment seriously when it's based on this claim. I'm still waiting for concrete examples for uses children have for cryptocurrencies, and for some proof that this is somehow different than any other fad we've had before. I'm not denying kids will find random "currencies" (reference my previous response) to play with, but I'm absolutely discarding the idea that cryptocurrencies offer anything of meaning to children. There's another comment under this very thread claiming that there's "code written by a 13 year old managing billions of capital in crypto". This too reads like typical FOMO propaganda. That somebody can "manage billions of capital in crypto" is an absolute meaningless claim, and it's easy to see how people that lack the knowledge and the context about the technology can be FOMO'd into spending money on this based on such grandiose vague statements. The reality is that anybody can start their own "blockchain" and "manage trillions of capital in crypto" if they want to (why stop at billions when you can be so much richer?). Posting these claims doesn't resolve core questions such as "what do they use the cryptocurrency for", "how do they benefit from doing this", "what is the path into 'cashing-out' and extracting value from the cryptocurrency back into the traditional financial system", "how do they get other people to participate in their ecosystem", "how do they ensure their blockchain survives years into the future", "how do they protect themselves against common pitfalls that can undermine the cryptocurrency", "how do they protect themselves against fraud" etc. Ironically, those questions don't just apply to children by the way - they apply to pretty much every other use-case of crypto being touted today.