4 ms·

Difference here is I don't think the government is going to step in and regulate them so they're safer. I think the government is going to treat this all as fra

by a2tech 4y ago

Difference here is I don't think the government is going to step in and regulate them so they're safer. I think the government is going to treat this all as fraud eventually

gonzo41 4y ago
As they should, Don't get my started on NFT's. I firmly believe crypto is useless. Unlike gold (with metallic and useful properties) or other floated currencies that map back to an economy. Crypto essentially represents spent energy. If crypto, esp BTC was able to be back converted into the energy used to produce it, that'd be great. But it can't so it's just a net negative IMO.
- throwaway0x7E6 4y ago
  >Unlike gold (with metallic and useful properties) gold was useless for 99.5% of human history, until the advent of electronics
  - rscho 4y ago
    Jewels?
    - jtbayly 4y ago
      I think you mean jewelry, which is what I was going to mention. (Jewels being the pretty rocks that get set in the gold.)
  - gonzo41 4y ago
    Yes, but we have electronics now don't we. So it's useful.
  - onychomys 4y ago
    It may not have been useful, but people from all time periods and all corners of the globe agree that it sure is pretty. That appeal counts for something.
  - dragontamer 4y ago
    Gold was a corrosion free metal that held it's shape with jewelers. Even Silver corrodes. Gold never corrodes. It's excessively stable, malleable, and perfect for art pieces. Since Gold is excessively stable, there are no worries about rashes or itchiness if you wear it all day. In an age before modern plastics, that is basically miraculous.
    - trompetenaccoun 4y ago
      Exactly. Gold still has these properties btw ;) If people don't understand stone age economics and why gold was seen as valuable even before modern electronics, oh boy... How do they make sense of more modern concepts? We often discuss a lack of education, especially in terms of science and technology. The situation regarding economics education is so dire most aren't even aware there is an issue.
    - throwaway0x7E6 4y ago
      >jewelry >art pieces yeah, so exactly like I said, it was pretty much useless >In an age before modern plastics, that is basically miraculous. have you heard about glass?
      - virtualritz 4y ago
        Jewellery is a store of value with additional attached utility. Have you ever worked with glass vs gold? Dropped a piece of art(isanal good) made of glass and see it shatter and one made of gold and not much happening to it? That's just two of dozens of reasons why your comparison makes no sense.
        throwaway0x7E6 4y ago
        >Jewellery is a store of value with additional attached utility. we're in the bi-hourly crypto hate thread. the threshold for being useful is set to "is it necessary for basic survival?". "a store of value with additional attached utility" doesn't make the cut, and must be banned to atone for our carbon sins >Have you ever worked with glass vs gold? the post above compares gold to plastics
- deleted 4y ago
  [deleted]
- eurasiantiger 4y ago
  >Crypto essentially represents spent energy All traded goods and services essentially represent spent energy.
  - bentcorner 4y ago
    Sure, but you can't eat a hash.
  - otikik 4y ago
    You can eat an apple. And plant its seeds. It is spent energy, but it has intrinsic value. Crypto is only valuable if you can find a bigger fool, and you are not the one holding the proverbial hot potato.
dimmke 4y ago
I've been thinking about how the original vision for cryptocurrency was basically "once this exists, governments will fail because they can't tax it" and how far reality had strayed from that. It only gained popularity by people hoping to get rich in regular currency from the value changing. It morphed into being basically another type of security that gets traded and rises and falls with the general stock market. And that's ignoring all the scam and theft that has happened. I used to feel bad I didn't buy bitcoin when I was younger, but these days I feel good that I stayed away from cryptocurrency in general.
- kobalsky 4y ago
  > I've been thinking about how the original vision for cryptocurrency was basically "once this exists, governments will fail because they can't tax it" and how far reality had strayed from that. mind if a propose this as an example of a strawman on wikipedia? it doesn't get any better
czbond 4y ago
The market crash is going to be used by the government to show why the new U.S. Federal digital coin is the path forward.

by a2tech 4y ago

Difference here is I don't think the government is going to step in and regulate them so they're safer. I think the government is going to treat this all as fraud eventually

gonzo41 4y ago

As they should, Don't get my started on NFT's. I firmly believe crypto is useless. Unlike gold (with metallic and useful properties) or other floated currencies that map back to an economy. Crypto essentially represents spent energy. If crypto, esp BTC was able to be back converted into the energy used to produce it, that'd be great. But it can't so it's just a net negative IMO.

throwaway0x7E6 4y ago
>Unlike gold (with metallic and useful properties) gold was useless for 99.5% of human history, until the advent of electronics
- rscho 4y ago
  Jewels?
  - jtbayly 4y ago
    I think you mean jewelry, which is what I was going to mention. (Jewels being the pretty rocks that get set in the gold.)
- gonzo41 4y ago
  Yes, but we have electronics now don't we. So it's useful.
- onychomys 4y ago
  It may not have been useful, but people from all time periods and all corners of the globe agree that it sure is pretty. That appeal counts for something.
- dragontamer 4y ago
  Gold was a corrosion free metal that held it's shape with jewelers. Even Silver corrodes. Gold never corrodes. It's excessively stable, malleable, and perfect for art pieces. Since Gold is excessively stable, there are no worries about rashes or itchiness if you wear it all day. In an age before modern plastics, that is basically miraculous.
  - trompetenaccoun 4y ago
    Exactly. Gold still has these properties btw ;) If people don't understand stone age economics and why gold was seen as valuable even before modern electronics, oh boy... How do they make sense of more modern concepts? We often discuss a lack of education, especially in terms of science and technology. The situation regarding economics education is so dire most aren't even aware there is an issue.
  - throwaway0x7E6 4y ago
    >jewelry >art pieces yeah, so exactly like I said, it was pretty much useless >In an age before modern plastics, that is basically miraculous. have you heard about glass?
    - virtualritz 4y ago
      Jewellery is a store of value with additional attached utility. Have you ever worked with glass vs gold? Dropped a piece of art(isanal good) made of glass and see it shatter and one made of gold and not much happening to it? That's just two of dozens of reasons why your comparison makes no sense.
      - throwaway0x7E6 4y ago
        >Jewellery is a store of value with additional attached utility. we're in the bi-hourly crypto hate thread. the threshold for being useful is set to "is it necessary for basic survival?". "a store of value with additional attached utility" doesn't make the cut, and must be banned to atone for our carbon sins >Have you ever worked with glass vs gold? the post above compares gold to plastics
deleted 4y ago
[deleted]
eurasiantiger 4y ago
>Crypto essentially represents spent energy All traded goods and services essentially represent spent energy.
- bentcorner 4y ago
  Sure, but you can't eat a hash.
- otikik 4y ago
  You can eat an apple. And plant its seeds. It is spent energy, but it has intrinsic value. Crypto is only valuable if you can find a bigger fool, and you are not the one holding the proverbial hot potato.

dimmke 4y ago

I've been thinking about how the original vision for cryptocurrency was basically "once this exists, governments will fail because they can't tax it" and how far reality had strayed from that. It only gained popularity by people hoping to get rich in regular currency from the value changing. It morphed into being basically another type of security that gets traded and rises and falls with the general stock market. And that's ignoring all the scam and theft that has happened. I used to feel bad I didn't buy bitcoin when I was younger, but these days I feel good that I stayed away from cryptocurrency in general.

kobalsky 4y ago
> I've been thinking about how the original vision for cryptocurrency was basically "once this exists, governments will fail because they can't tax it" and how far reality had strayed from that. mind if a propose this as an example of a strawman on wikipedia? it doesn't get any better

czbond 4y ago

The market crash is going to be used by the government to show why the new U.S. Federal digital coin is the path forward.