5 ms·

I do thousands of transactions with thousands of people every day without committing financial crimes and without paying any fees. It's extremely valuable to my

I do thousands of transactions with thousands of people every day without committing financial crimes and without paying any fees. It's extremely valuable to my businesses. Wrenches can be used as weapons but they are also essential for plumbers.

dymk 5y ago
It’s more that you found a legitimate use for Agent Orange.
- 542458 5y ago
  Fun fact (and not to detract from your allegory), agent orange was widely used by Ontario Hydro from the fifties to late seventies to clear trees from around power lines. The people handling it weren’t really well-informed of what exactly it was or how dangerous it was, so there have been a number of lawsuits. I have an uncle who recalls being jokingly hosed down with the stuff on a hot day by a guy working a sprayer in the back of a truck. Whoops. https://www.cbc.ca/amp/1.1048075 https://www.cbc.ca/amp/1.1048075
  - Lascaille 5y ago
    Agent Orange isn't toxic (colloquially speaking) if it's manufactured properly and free of dioxins.
Cthulhu_ 5y ago
And fiat money can be used to deal drugs. I mean I don't defend crypto, the way things are going is that they'll be just as regulated and centralized as digital fiat is, and a lot of it is people getting rich, or hoping to - I mean I'm one of those people, still waiting for my handful of dogecoin to go up 10.000% so I can retire. But I also have a regular job, regular savings, and regular stonks because savings account interest is a joke.
- tenuousemphasis 5y ago
  The exchanges can be regulated, but good luck trying to regulate a global peer to peer network!
  - jonathankoren 5y ago
    You just need to regulate the end points. At some point, someone needs real money instead of robux.
    - NeutronStar 5y ago
    - tenuousemphasis 5y ago
      Those are the exchanges I mentioned. But no, if it's widely enough used, it can be an entirely self contained system.
      - jonathankoren 5y ago
        But it’s not widely used, that’s the whole problem. Say you created a business accepting exclusively cryptocurrencies. You need to ship an item? You need “dirty fiat”. Let’s say you’re only selling NFTs or services, your hosting provider wants paid in real currency. Food? Housing? Utilities? Fiat. Fiat. Fiat. Unless it’s accepted for the entire supply chain of LIFE, you’re screwed.
  - dwaite 5y ago
    Seems like a mix of port blocks and criminal penalties, while not killing cryptocurrency, would greatly hinder its overall utility and thus any associated fiscal value.
  - pid-1 5y ago
    Look at bittorrent. While it's impossible to kill it, targeting agregation platforms definitely made the protocol immensely less relevant than it was 20 years ago.
petenick 5y ago
Curious - what is your use case?
- deleted 5y ago
  [deleted]
- arcticbull 5y ago
  Folks tend not to answer this question because they know it's not a good one. Let's take bitpay, probably the largest and oldest merchant processing system for crypto transactions. They publish stats. [1] - 40% of all of their transactions globally are for prepaid gift cards. - 20% of all of their transactions globally are for "internet." - 14% of all of their transactions globally are for "vpn." So 75% of all of their transactions globally are for merchant categories closely associated with fraud. And the reason is obvious: it's slower, more expensive and less convenient than using a credit or debit card. So it self-selects. Folks who "find a way to make it work" are usually ideological, in crypto (i.e. found other people who don't care that it's impractical or criminal) or have otherwise found ways of "processing crypto transactions" (i.e. using bitpay where the merchants do not receive crypto because of course they don't why would they). [1] https://bitpay.com/stats/ https://bitpay.com/stats/
deleted 5y ago
[deleted]
rvz 5y ago
What these critics don't tell you is that the transactions of these cryptocurrencies are traceable and transparent making the majority of many cryptocurrencies pointless to use for 'committing financial crimes'. Otherwise, why do you think that these criminals are turning to privacy coins like Monero and MobileCoin, etc?

dymk 5y ago

It’s more that you found a legitimate use for Agent Orange.

542458 5y ago
Fun fact (and not to detract from your allegory), agent orange was widely used by Ontario Hydro from the fifties to late seventies to clear trees from around power lines. The people handling it weren’t really well-informed of what exactly it was or how dangerous it was, so there have been a number of lawsuits. I have an uncle who recalls being jokingly hosed down with the stuff on a hot day by a guy working a sprayer in the back of a truck. Whoops. https://www.cbc.ca/amp/1.1048075 https://www.cbc.ca/amp/1.1048075
- Lascaille 5y ago
  Agent Orange isn't toxic (colloquially speaking) if it's manufactured properly and free of dioxins.

Cthulhu_ 5y ago

And fiat money can be used to deal drugs. I mean I don't defend crypto, the way things are going is that they'll be just as regulated and centralized as digital fiat is, and a lot of it is people getting rich, or hoping to - I mean I'm one of those people, still waiting for my handful of dogecoin to go up 10.000% so I can retire. But I also have a regular job, regular savings, and regular stonks because savings account interest is a joke.

tenuousemphasis 5y ago
The exchanges can be regulated, but good luck trying to regulate a global peer to peer network!
- jonathankoren 5y ago
  You just need to regulate the end points. At some point, someone needs real money instead of robux.
  - NeutronStar 5y ago
  - tenuousemphasis 5y ago
    Those are the exchanges I mentioned. But no, if it's widely enough used, it can be an entirely self contained system.
    - jonathankoren 5y ago
      But it’s not widely used, that’s the whole problem. Say you created a business accepting exclusively cryptocurrencies. You need to ship an item? You need “dirty fiat”. Let’s say you’re only selling NFTs or services, your hosting provider wants paid in real currency. Food? Housing? Utilities? Fiat. Fiat. Fiat. Unless it’s accepted for the entire supply chain of LIFE, you’re screwed.
- dwaite 5y ago
  Seems like a mix of port blocks and criminal penalties, while not killing cryptocurrency, would greatly hinder its overall utility and thus any associated fiscal value.
- pid-1 5y ago
  Look at bittorrent. While it's impossible to kill it, targeting agregation platforms definitely made the protocol immensely less relevant than it was 20 years ago.

petenick 5y ago

Curious - what is your use case?

deleted 5y ago
[deleted]
arcticbull 5y ago
Folks tend not to answer this question because they know it's not a good one. Let's take bitpay, probably the largest and oldest merchant processing system for crypto transactions. They publish stats. [1] - 40% of all of their transactions globally are for prepaid gift cards. - 20% of all of their transactions globally are for "internet." - 14% of all of their transactions globally are for "vpn." So 75% of all of their transactions globally are for merchant categories closely associated with fraud. And the reason is obvious: it's slower, more expensive and less convenient than using a credit or debit card. So it self-selects. Folks who "find a way to make it work" are usually ideological, in crypto (i.e. found other people who don't care that it's impractical or criminal) or have otherwise found ways of "processing crypto transactions" (i.e. using bitpay where the merchants do not receive crypto because of course they don't why would they). [1] https://bitpay.com/stats/ https://bitpay.com/stats/

deleted 5y ago

[deleted]

rvz 5y ago

What these critics don't tell you is that the transactions of these cryptocurrencies are traceable and transparent making the majority of many cryptocurrencies pointless to use for 'committing financial crimes'. Otherwise, why do you think that these criminals are turning to privacy coins like Monero and MobileCoin, etc?