4 ms·

How? If I want a unit of any cryptocurrency, I have to hand over an equal value of USD to obtain it. My employer can't pay me in crypto because they only have

by AvAn12 5y ago

How? If I want a unit of any cryptocurrency, I have to hand over an equal value of USD to obtain it. My employer can't pay me in crypto because they only have USD flowing in to their business in exchange for their products and services. What you describe would require basically the entire economy to somehow abandon its fiat currency and switch to crypto - - - I think if this scenario is supposed to be taken remotely seriously, you have to explain how that scenario is supposed to develop - something more than hope that in the future...

eric_cc 5y ago
> What you describe would require basically the entire economy to somehow abandon its fiat currency and switch to crypto - - - I think if this scenario is supposed to be taken remotely seriously, you have to explain how that scenario is supposed to develop Gradually, then Suddenly Unfortunately I believe we get there via chaos, winners, and losers. I don’t believe the transition will be equitable and clean because I don’t see any way that would be possible. And yet, it’ll be worth it in order to have sound money.
koonsolo 5y ago
> My Maybe you should try to look further than yourself. Miners are getting paid in crypto, crypto exchanges are getting paid in crypto. It just has to start somewhere. Investors with crypto staking are getting paid in crypto, or hodlers see their assets increase in value. Diamonds are getting bought with crypto: https://www.cnbc.com/2022/02/10/billion-year-old-black-diamond-bought-with-cryptocurrency-for-4point3m.html https://www.cnbc.com/2022/02/10/billion-year-old-black-diamo... Houses in Dubai are getting bought with crypto. I would say crypto is already kickstarted, let's just see how far it can take us.
- crispyambulance 5y ago
  > I would say crypto is already kickstarted, let's just see how far it can take us. It will take us only up to the point where we can no longer convert crypto into actual currency (you know, "money"). After that whoever has crypto will be left "holding the bag", and all the boiler-room operators will have long-ago cashed out. I wish we could just have digital currency that is traceable, secure, and stable without all the insane hyper-libertarian social-Darwinist scammer stuff.
  - deleted 5y ago
    [deleted]
  - eric_cc 5y ago
    > actual currency What is actual currency and why does it have value? And do you feel "actual currency" is perfect as-is with no room for any improvement?
    - crispyambulance 5y ago
      Nothing is perfect. But if we're going to talk about "room for improvement" crypto is much farther from being perfect than the US dollar, Euro, Yen and virtually any other fiat currency that seem to have so many issues according to the crypto enthusiasts. In fact, crypto currency can't even function as a currency at this point. Not even close.
    - AvAn12 5y ago
      Currency, as a concept, is very precisely defined and also exhaustively studied. Actual currency is also controlled by policy-makers and regulatory regimes in every country on earth. Actual currency is a complex concept but one that has been with human civilization for as long as it has been around. One decent definition here: https://en.wikipedia.org/wiki/Currency https://en.wikipedia.org/wiki/Currency Of course if you are asking as a rhetorical question - there is room for improvement. BUT - there have been millennia of variations on the concept, experiments, and many failures. As recent history, why don't you read about the United States prior to the Federal Reserve Act. Each state (or even smaller jurisdictions or communities) could produce their own currencies. Company towns operated on their own scrip (analogous to their own chains). How was that? Imagine taking a trip from Town A to Town B and discovering that your money is not accepted at the Town B tavern and inn. Or, is accepted but at a 50% discount to Town B's currency. Which is not accepted for purchase in town A. That was reality in the US and in other places too. Actual modern fiat currency is still imperfect, as is every cryptocurrency, every computer, and every other thing devised by humans. But. Somehow we have around $90 trillion (equivalent) of economic activity on our humble and imperfect planet, operating on fiat currency systems. So, I'd ask back, (1) what are the shortcomings of this amazingly successful world economy that operates on fiat currencies and (2) how, precisely, does cryptocurrency improve upon these shortcomings, WITHOUT creating negative externalities that negate proposed benefit?
- AvAn12 5y ago
  What you are describing is not employment. Rather, you are describing activities that produce crypto. For example, miners are getting paid in crypto. OK, but what are they using to buy the computers they use and to pay electric bills and the like? I'm guessing is is hard currency...
  - koonsolo 5y ago

by AvAn12 5y ago

eric_cc 5y ago

> What you describe would require basically the entire economy to somehow abandon its fiat currency and switch to crypto - - - I think if this scenario is supposed to be taken remotely seriously, you have to explain how that scenario is supposed to develop Gradually, then Suddenly Unfortunately I believe we get there via chaos, winners, and losers. I don’t believe the transition will be equitable and clean because I don’t see any way that would be possible. And yet, it’ll be worth it in order to have sound money.

koonsolo 5y ago

> My Maybe you should try to look further than yourself. Miners are getting paid in crypto, crypto exchanges are getting paid in crypto. It just has to start somewhere. Investors with crypto staking are getting paid in crypto, or hodlers see their assets increase in value. Diamonds are getting bought with crypto: https://www.cnbc.com/2022/02/10/billion-year-old-black-diamond-bought-with-cryptocurrency-for-4point3m.html https://www.cnbc.com/2022/02/10/billion-year-old-black-diamo... Houses in Dubai are getting bought with crypto. I would say crypto is already kickstarted, let's just see how far it can take us.

crispyambulance 5y ago
> I would say crypto is already kickstarted, let's just see how far it can take us. It will take us only up to the point where we can no longer convert crypto into actual currency (you know, "money"). After that whoever has crypto will be left "holding the bag", and all the boiler-room operators will have long-ago cashed out. I wish we could just have digital currency that is traceable, secure, and stable without all the insane hyper-libertarian social-Darwinist scammer stuff.
- deleted 5y ago
  [deleted]
- eric_cc 5y ago
  > actual currency What is actual currency and why does it have value? And do you feel "actual currency" is perfect as-is with no room for any improvement?
  - crispyambulance 5y ago
    Nothing is perfect. But if we're going to talk about "room for improvement" crypto is much farther from being perfect than the US dollar, Euro, Yen and virtually any other fiat currency that seem to have so many issues according to the crypto enthusiasts. In fact, crypto currency can't even function as a currency at this point. Not even close.
  - AvAn12 5y ago
    Currency, as a concept, is very precisely defined and also exhaustively studied. Actual currency is also controlled by policy-makers and regulatory regimes in every country on earth. Actual currency is a complex concept but one that has been with human civilization for as long as it has been around. One decent definition here: https://en.wikipedia.org/wiki/Currency https://en.wikipedia.org/wiki/Currency Of course if you are asking as a rhetorical question - there is room for improvement. BUT - there have been millennia of variations on the concept, experiments, and many failures. As recent history, why don't you read about the United States prior to the Federal Reserve Act. Each state (or even smaller jurisdictions or communities) could produce their own currencies. Company towns operated on their own scrip (analogous to their own chains). How was that? Imagine taking a trip from Town A to Town B and discovering that your money is not accepted at the Town B tavern and inn. Or, is accepted but at a 50% discount to Town B's currency. Which is not accepted for purchase in town A. That was reality in the US and in other places too. Actual modern fiat currency is still imperfect, as is every cryptocurrency, every computer, and every other thing devised by humans. But. Somehow we have around $90 trillion (equivalent) of economic activity on our humble and imperfect planet, operating on fiat currency systems. So, I'd ask back, (1) what are the shortcomings of this amazingly successful world economy that operates on fiat currencies and (2) how, precisely, does cryptocurrency improve upon these shortcomings, WITHOUT creating negative externalities that negate proposed benefit?
AvAn12 5y ago
What you are describing is not employment. Rather, you are describing activities that produce crypto. For example, miners are getting paid in crypto. OK, but what are they using to buy the computers they use and to pay electric bills and the like? I'm guessing is is hard currency...
- koonsolo 5y ago