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i still do not like the entire concept of cryptocurrency and the blockchain. it's no more decentralised than the internet and the idea of unrestricted currency

i still do not like the entire concept of cryptocurrency and the blockchain. it's no more decentralised than the internet and the idea of unrestricted currency is bad. we have banking regulations for a reason.

Zak 5y ago
We have many of the current banking regulations because, as it turns out, the same organization claiming to securely store other peoples' money and wishing to gamble using that money is a conflict of interest. Someone has probably invented fractional reserve banking for crypto, but most crypto users don't want to deposit their crypto into such a system. Many banking regulations exist to mitigate the impact of that conflict. The other major class of banking regulation has to do with governments monitoring transfers of money. I'm not entirely convinced a weakening of their ability to do so would be a bad thing.
- headsoup 5y ago
  I think the hope of Bitcoin is for countries where regulation and corruption impact one's ability to transfer and manage their money through banks, they have a separate, isolated system not vulnerable to that. But cryptocurrency doesn't fix this, it just pretends to by throwing everything out of the window. I think what would ultimately work is a global 'bank' that implements all the safeguards the current system has without governments being able to touch them. That means it has to work within their legal frameworks, but also have high integrity and security to avoid the corruption... Which is probably fanciful, much like the idea crypto will fix it.
- Duralias 5y ago
  > governments monitoring transfers of money. Since there has been tax introduced for crypto, why couldn't the government do it for crypto as well? Most crypto I am aware of is as public as can be, if you were forced to verify your identity then they could directly track your transactions as well. And any somewhat anonymous crypto could just be made illegal, you could theoretically still use it, but you'd still have a log that says you got money from nowhere, which I think could warrant an audit if done a lot.
- AnonHP 5y ago
  > Someone has probably invented fractional reserve banking for crypto, but most crypto users don't want to deposit their crypto into such a system. Actually, by many accounts, Tether (USDT) has been based on some kind of fractional reserve (nobody can prove that or disprove that), and USDT happens to be the top (?) stablecoin in use.
rsynnott 5y ago
> it's no more decentralised than the internet Much, much less so, really. Good luck pulling something like the big Ethereum shift that produced Ethereum Classic with the internet... We still aren't even on ipv6.
- doorman38 5y ago
  Have you ever studied the undersea cables running throughout the world for telecommunications (ie the internet)?? Do you have ANY idea how many there are in almost every country in the world (with backup links going to other areas)? What in the world are you talking about?? The internet is decentralized, plain and simple. Put it to you this way, let’s say you wanted to “take the internet down”, please (short of EMP attacking the entire planet - in which case we have way bigger problems than the internet obviously), how exactly would you do that. Seriously I’d love to know. See, I happen to have worked at major internet hubs throughout the world, and you would have to simultaneously take out hundred (again across the planets) in order to even slow down the internet. Same principle goes for “truly” decentralized crypto (ie Bitcoin is the obvious example). Tell me, how exactly (even if you were the ruler of a major nation power) would you take either down? I’m dying to know….. It’s impressive how ignorance spreads like wildfire. Do your homework people. Read. Do the actual math. Use your heads. What’s wrong with all you!?!?
emsixteen 5y ago
Hardly surprising to see some attempt at an alternative rise after the absolute mess that was the last financial crisis though.

Zak 5y ago

We have many of the current banking regulations because, as it turns out, the same organization claiming to securely store other peoples' money and wishing to gamble using that money is a conflict of interest. Someone has probably invented fractional reserve banking for crypto, but most crypto users don't want to deposit their crypto into such a system. Many banking regulations exist to mitigate the impact of that conflict. The other major class of banking regulation has to do with governments monitoring transfers of money. I'm not entirely convinced a weakening of their ability to do so would be a bad thing.

headsoup 5y ago
I think the hope of Bitcoin is for countries where regulation and corruption impact one's ability to transfer and manage their money through banks, they have a separate, isolated system not vulnerable to that. But cryptocurrency doesn't fix this, it just pretends to by throwing everything out of the window. I think what would ultimately work is a global 'bank' that implements all the safeguards the current system has without governments being able to touch them. That means it has to work within their legal frameworks, but also have high integrity and security to avoid the corruption... Which is probably fanciful, much like the idea crypto will fix it.
Duralias 5y ago
> governments monitoring transfers of money. Since there has been tax introduced for crypto, why couldn't the government do it for crypto as well? Most crypto I am aware of is as public as can be, if you were forced to verify your identity then they could directly track your transactions as well. And any somewhat anonymous crypto could just be made illegal, you could theoretically still use it, but you'd still have a log that says you got money from nowhere, which I think could warrant an audit if done a lot.
AnonHP 5y ago
> Someone has probably invented fractional reserve banking for crypto, but most crypto users don't want to deposit their crypto into such a system. Actually, by many accounts, Tether (USDT) has been based on some kind of fractional reserve (nobody can prove that or disprove that), and USDT happens to be the top (?) stablecoin in use.

rsynnott 5y ago

> it's no more decentralised than the internet Much, much less so, really. Good luck pulling something like the big Ethereum shift that produced Ethereum Classic with the internet... We still aren't even on ipv6.

doorman38 5y ago
Have you ever studied the undersea cables running throughout the world for telecommunications (ie the internet)?? Do you have ANY idea how many there are in almost every country in the world (with backup links going to other areas)? What in the world are you talking about?? The internet is decentralized, plain and simple. Put it to you this way, let’s say you wanted to “take the internet down”, please (short of EMP attacking the entire planet - in which case we have way bigger problems than the internet obviously), how exactly would you do that. Seriously I’d love to know. See, I happen to have worked at major internet hubs throughout the world, and you would have to simultaneously take out hundred (again across the planets) in order to even slow down the internet. Same principle goes for “truly” decentralized crypto (ie Bitcoin is the obvious example). Tell me, how exactly (even if you were the ruler of a major nation power) would you take either down? I’m dying to know….. It’s impressive how ignorance spreads like wildfire. Do your homework people. Read. Do the actual math. Use your heads. What’s wrong with all you!?!?

emsixteen 5y ago

Hardly surprising to see some attempt at an alternative rise after the absolute mess that was the last financial crisis though.