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The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers
by WFHRenaissance 4y ago
The issue here is actually pretty easy to grok. Crypto is a new market, so there is a historical amount of information asymmetry between consumers and producers. This brings a lot of scammers to the space. A lot of crypto is definitely bullshit, but there are some use-cases that I admire that aren’t just gambling on Shit coins.
- jankyxenon 4y agoWhat are the adopted and realistic use cases?
- WFHRenaissance 4y agoSee reply.
- piva00 4y ago> Smart contracts, DAOs, payments, self-sovereign identity, tokenization of real world assets, a few security use-cases, operating markets for prediction and asset-trade outside the control of external authorities (libertarian wet dream stuff), insurance and legal arbitration outside of the control of external authorities (more wet dreaming, but it’s happening), supply chain / provenance of assets… None of this has proven any value in the real world. Libertarian wet dreams are the other side of the coin of communists' wet dreams: utopian, not based on reality, not feasible in our current reality. Legal arbitration is only possible under a legal system, that is under a government, that has a military and other enforcement powers. Some bits proving that a contract is valid won't change that... As usual from the cryptospace, it's all techno-babble built on a house of cards that hasn't given anything to reality except an easier way to transfer funds without KYC, so basically it's a wet dream for criminal activities: scams, drug deals and so on. Ring me up when all these wet dreams become a reality, they've been repeated ad nauseam for quite a few years already and nothing has really materialised.
- sk0g 4y ago> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?
- OmahaBoy69 4y agoOnline poker and buying drugs on the dark web
- WFHRenaissance 4y agoThis and more :)
- patmcc 4y agoBuying drugs, laundering money, ransomware, there are literally dozens. Oh, did you want legal ones?
- bogota 4y agoYep that is it. It’s certainly not massively easier to do cross country transactions with it and much cheaper… Its massively telling how much this and other forums completely neglect that a world outside the west exists.
- WFHRenaissance 4y agoShouts out to bogota
- tluyben2 4y agoPeople buy illegal prescription drugs with their credit cards. Almost no one uses crypto.
- latchkey 4y agoNah, USD is still king there.
- white_dragon88 4y agoIt has only one use. To circumvent the global fiat currency system and artificially blow up the value of an arbitrary data point in a get rich quick scheme
- WFHRenaissance 4y agoDisagree although I agree that circumventing institutions that control fiat is a stated goal
- deleted 4y ago[deleted]
- minimaxir 4y ago> A lot of crypto is definitely bullshit, but you’d be an idiot to ignore the realistic and adopted use-cases. If crypto was self-regulating to disincentivize said bullshit, then it wouldn't be an issue. Instead, the bullshit is a feature, not a bug, and thus overshadows any legit use cases of crypto by association.
- WFHRenaissance 4y agoDisagree. You’re being too short-sighted.
- HFguy 4y ago"you’d be an idiot to ignore the realistic and adopted use-cases" Which are really what?
- WFHRenaissance 4y agoSee reply.
- edgelordfan 4y ago
- mw888 4y agoWell said. This encapsulates a mature position most crypto skeptics will continue ignoring in favor of harping on tired arguments and cherry picked stories from centralized disasters which larp as open and decentralized.