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I have a controversial opinion. You don't need offramps.
by noman-land 5y ago
I have a controversial opinion. You don't need offramps.
- WJW 5y agoSay you are a miner. How would you buy the electricity to run your mining rigs without fiat currencies?
- epgui 5y agoPresumably the commenter is imagining that everyone would accept crypto as payment, including the energy company. This is not my opinion. My opinion is that no matter how many people and companies become excited about accepting and using crypto as a method of payment, all of them need to pay some form of tax at some point, and I'm not sure I see a reason why typical governments and / or central banks would be as enthusiastic about relinquishing their sovereignty on their own currency. I imagine that this tax will most likely need to be paid in the currency which is controlled by the government or its central bank, and this is where the off-ramp problem can no longer be avoided. I really cannot shake off the idea that cryptocurrency has just created high-tech casino chips that are not attached to any particular casino, and I'm not completely sure what problem this really solves in practice. At the end of the day, I stay away from crypto because I fully admit that I do not understand crypto: not from a technical perspective (which IMO is not that important), but from a macro-social perspective (which IMO is the most important).