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What I expected to read about in this article, was about people using cryptocurrencies for something. But it's only briefly touched upon at the end of the artic

by mhitza 5y ago

What I expected to read about in this article, was about people using cryptocurrencies for something. But it's only briefly touched upon at the end of the article in a paragraph > The increasing demand for cryptocurrency mining in Lebanon has prompted many shops across the country to accept payments in USDT, which is a cryptocurrency with a value that is meant to mirror the value of the US dollar. How many? What can you buy? How often are they used? Demographics, any insight? Otherwise this "turn to cryptocurrency" article seems to be just about an increase of local miners. The only two interesting aspects on that topic are that: - hotels might connect to data mining operations to provide surplus electricity "bandwidth", as their occupancy is lower due to the pandemic - Lebanon has an iffy electricity grid, and households are starting (have been for a while now?) to feel as consumers the extra strain on the grid caused by miners.

jfk13 5y ago
So as usual, the cryptocurrency story here is that a few people may be finding an opportunity to make money, while it's acting as an overall negative for the society in general.
- birracerveza 5y ago
  - onaworkcomputer 5y ago
    The comment you were responding to was summarizing/editorializing its parent, not presenting new information.
  - Inityx 5y ago
    Source https://www.youtube.com/watch?v=YQ_xWvX1n9g https://www.youtube.com/watch?v=YQ_xWvX1n9g
    - vmception 5y ago
      - mirntyfirty 5y ago
        This makes no sense as crypto doesn’t have the same feature set as currency. It is like comparing a small number of razor scooters to the transportation network. They don’t belong in the same sentence.
        vmception 5y ago
        correct, it has an overlapping feature set of currencies and most other asset classes simultaneously
        mirntyfirty 5y ago
        That is also meaningless. I have an overlapping feature set with Jeff Bezos in that I’m alive and have eyebrows. This doesn’t mean that there are meaningful financial comparisons. What is your crypto position and why have you taken that position?
        vmception 5y ago
        >That is also meaningless. I have an overlapping feature set with Jeff Bezos in that I’m alive and have eyebrows. This doesn’t mean that there are meaningful financial comparisons. oh I didn't realize you were trying to reinforce a perspective on that, in this case there also are an overlapping set of financial comparisons as well, that are inherently tied to the overlapping feature sets the only lacking thing is that a government isn't the one pushing for demand of the intermediary asset that is used to purchase other assets, and the people that are typically do not have an ability to control supply and demand or have a debt market to distort with a central bank (quoting the above because I was responding before your edit) > What is your crypto position and why have you taken that position? and for after your edit, you might be in the wrong decade for your perspective, in my world what you're asking is like trying to prove I can't be a good source about US equities (or perhaps, currencies) based on whether I owned a stock (or a dollar) at some time in time and don't really debate about their mere existence - as opposed to acknowledging their existence and availability and would maybe debate about a specific one if compelled
- actually_a_dog 5y ago
  That is an all too common story in general these days.
- aaaaaaaaata 5y ago
  Are they trying to make money, or protect what they already had, and need?
duxup 5y ago
Crytocurrency seems to have an extra amount of spamy / blog spam / low quality news sources surrounding it compared to other topics.
- whimsicalism 5y ago
  That may be true, but I don't think applies to al-monitor.
  - duxup 5y ago
    Yeah I meant generally. I don't know that site well enough to say. Although that particular story is pretty content free as it relates to the title.
- jfk13 5y ago
  Used to be that shilling snake-oil (or penny stocks) to gullible citizens required you to spend significant time and effort (and money) to be present in person. And the reach of any given huckster was limited by the strength of their voice and the number of handbills they could pass out. The wonder of the internet is that now they can do it to a virtually unlimited degree, for minimal effort/outlay. No wonder we're drowning in it.
  - erdos4d 5y ago
    > for minimal effort/outlay. Could you explain this part? I've always seen internet publicity the same as traditional, its a pay to play game and rich people have it locked up.
skc 5y ago
Yep. I also find it very disingenuous how crypto enthusiasts use people in third world countries under oppressive regimes as their go to "why crypto matters" example while they themselves are only actually only in it for a big payday.
- tomatowurst 5y ago
  For the incumbents and newcomers it is impossible to exit without another huge ROI (10x, 100x) since crypto billionaires cannot cash out to billions of US dollars. They need to routinely pump & dump and hope that the music doesn't stop. Somebody doing taxes this year is going to be on the hook for last year's BTC prices, and by god, they need it at least 100% ROI just to break even after paying taxes in the US.
  - samatman 5y ago
    Capital gains are paid on cash, not on unrealized gains against unsold assets. So someone doing taxes this year either sold at a profit and has gains to pay on cash, sold at a loss and has no tax to pay, or bought and held, again, no taxes to pay. There's no being "on the hook for last year's BTC prices" in any of these.
- scottiebarnes 5y ago
  The part you're missing is that those people also believe "first world" countries are at risk of having the same things happen: hyperinflation, debt crises, confiscation of wealth/assets. And if the risk of those things goes up, a rational person increases their bets as a hedge. Because the payday does go up, but only because everything around it is collapsing. The difference is that you don't think those things could ever happen here; in our peaceful, stable, bourgeois society.
  - deleted 5y ago
    [deleted]
- twoxproblematic 5y ago

by mhitza 5y ago

jfk13 5y ago

So as usual, the cryptocurrency story here is that a few people may be finding an opportunity to make money, while it's acting as an overall negative for the society in general.

birracerveza 5y ago
- onaworkcomputer 5y ago
  The comment you were responding to was summarizing/editorializing its parent, not presenting new information.
- Inityx 5y ago
  Source https://www.youtube.com/watch?v=YQ_xWvX1n9g https://www.youtube.com/watch?v=YQ_xWvX1n9g
  - vmception 5y ago
    - mirntyfirty 5y ago
      This makes no sense as crypto doesn’t have the same feature set as currency. It is like comparing a small number of razor scooters to the transportation network. They don’t belong in the same sentence.
      - vmception 5y ago
        correct, it has an overlapping feature set of currencies and most other asset classes simultaneously
        mirntyfirty 5y ago
        That is also meaningless. I have an overlapping feature set with Jeff Bezos in that I’m alive and have eyebrows. This doesn’t mean that there are meaningful financial comparisons. What is your crypto position and why have you taken that position?
        vmception 5y ago
        >That is also meaningless. I have an overlapping feature set with Jeff Bezos in that I’m alive and have eyebrows. This doesn’t mean that there are meaningful financial comparisons. oh I didn't realize you were trying to reinforce a perspective on that, in this case there also are an overlapping set of financial comparisons as well, that are inherently tied to the overlapping feature sets the only lacking thing is that a government isn't the one pushing for demand of the intermediary asset that is used to purchase other assets, and the people that are typically do not have an ability to control supply and demand or have a debt market to distort with a central bank (quoting the above because I was responding before your edit) > What is your crypto position and why have you taken that position? and for after your edit, you might be in the wrong decade for your perspective, in my world what you're asking is like trying to prove I can't be a good source about US equities (or perhaps, currencies) based on whether I owned a stock (or a dollar) at some time in time and don't really debate about their mere existence - as opposed to acknowledging their existence and availability and would maybe debate about a specific one if compelled
actually_a_dog 5y ago
That is an all too common story in general these days.
aaaaaaaaata 5y ago
Are they trying to make money, or protect what they already had, and need?

duxup 5y ago

Crytocurrency seems to have an extra amount of spamy / blog spam / low quality news sources surrounding it compared to other topics.

whimsicalism 5y ago
That may be true, but I don't think applies to al-monitor.
- duxup 5y ago
  Yeah I meant generally. I don't know that site well enough to say. Although that particular story is pretty content free as it relates to the title.
jfk13 5y ago
Used to be that shilling snake-oil (or penny stocks) to gullible citizens required you to spend significant time and effort (and money) to be present in person. And the reach of any given huckster was limited by the strength of their voice and the number of handbills they could pass out. The wonder of the internet is that now they can do it to a virtually unlimited degree, for minimal effort/outlay. No wonder we're drowning in it.
- erdos4d 5y ago
  > for minimal effort/outlay. Could you explain this part? I've always seen internet publicity the same as traditional, its a pay to play game and rich people have it locked up.

skc 5y ago

Yep. I also find it very disingenuous how crypto enthusiasts use people in third world countries under oppressive regimes as their go to "why crypto matters" example while they themselves are only actually only in it for a big payday.

tomatowurst 5y ago
For the incumbents and newcomers it is impossible to exit without another huge ROI (10x, 100x) since crypto billionaires cannot cash out to billions of US dollars. They need to routinely pump & dump and hope that the music doesn't stop. Somebody doing taxes this year is going to be on the hook for last year's BTC prices, and by god, they need it at least 100% ROI just to break even after paying taxes in the US.
- samatman 5y ago
  Capital gains are paid on cash, not on unrealized gains against unsold assets. So someone doing taxes this year either sold at a profit and has gains to pay on cash, sold at a loss and has no tax to pay, or bought and held, again, no taxes to pay. There's no being "on the hook for last year's BTC prices" in any of these.
scottiebarnes 5y ago
The part you're missing is that those people also believe "first world" countries are at risk of having the same things happen: hyperinflation, debt crises, confiscation of wealth/assets. And if the risk of those things goes up, a rational person increases their bets as a hedge. Because the payday does go up, but only because everything around it is collapsing. The difference is that you don't think those things could ever happen here; in our peaceful, stable, bourgeois society.
- deleted 5y ago
  [deleted]
twoxproblematic 5y ago