5 ms·

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in

It is known for years that centralised exchanges can do this with custodial wallets. Not exactly the discovery of the century. Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. But no, let's rush into the comments section and scream our heads off and create panic that it is 'exchanges === all crypto is scam'. When it is really a case of what happens when you store your crypto on an exchange rather than a non-custodial wallet.

anuraaga 4y ago
> When it is really a case of what happens when you store you crypto on an exchange rather than a non-custodial wallet. In this case, what would happen would likely be pay extremely high gas fees or wait very long for the transaction to be picked up, isn't it? I think what gets people making these comments is there really is no crypto free lunch yet that includes stable UX and fees.
dgfitz 4y ago
- colesantiago 4y ago
  What does this mean? Stripe Crypto is a scam because they happen to be using cryptocurrencies? Maybe Stripe should stop their crypto endeavors because they have a crypto offering which means it's a scam.
  - dgfitz 4y ago
    I have no idea how you made this mental leap. I don't understand the question.
    - colesantiago 4y ago
      Not a mental leap. If you are saying 'ALL crypto is a scam' this also includes all and any crypto offerings by any company. Stripe, Coinbase, FTX, Binance, Moneygram etc are included. Not to mention the 'DeFi' space as well.
      - postalrat 4y ago
        Those companies aren't immune from getting suckered in to a scam.
        colesantiago 4y ago
        They are merely facilitating, participating and offering the services in the crypto scam no? Stripe went in to Bitcoin, exited Bitcoin, then invested into a shitcoin called 'Stellar' and went back into crypto again supporting crypto exchanges like FTX, NFTs and offering crypto payments with 'Polygon'. That is hardly getting 'suckered in'. I would argue that they are 100% fully complicit in the crypto scam. Since we agree that 'crypto is all a scam', it should mean that Stripe, Coinbase and all the other companies that have crypto operations should be called out for their participation in the scam and they should immediately shut down their operations since 'all crypto is a scam' right?
        deleted 4y ago
        [deleted]
        postalrat 4y ago
        The reality is that all crypto are shitcoins. And when everything is a shitcoin then the term doesn't mean anything.
      - dgfitz 4y ago
        Stripe and Moneygram have a business model that can exist outside of crypto. The others you listed enable people to be scammed. I won't go so far as to call them a scam company themselves.
  - tirpen 4y ago
    > Maybe Stripe stop their crypto endeavors They probably should, yes. It makes them look sketchy and less trustworthy by association.
- seanw444 4y ago
  Now that is hyperbole. There are still good actors out there. Monero is doing its job dutifully. Don't know much about Zcash, but it seems to be doing well.
  - dgfitz 4y ago
    > Monero is doing its job dutifully. What is its job? How often do you think goods and services are paid for with Monero? How often do you think the coin is used purely as a speculative asset?
    - seanw444 4y ago
      Being what Bitcoin was supposed to be. Minimal transaction fees, maximum privacy, no need for extra layers. It's certainly used far less often for small-scale, personal transactions. Businesses mostly don't support it yet. I'm hoping that will change. The only company I do business with that supports Monero is Mullvad, and that was only a recent addition. The media is certainly doing a good job of pinning the "Monero = bad guy naughty money" connotation to it. That connotation means it's doing its job though. If organized crime thinks it's secure and private enough, then it's definitely good enough for me. I honestly can't answer the speculative asset usage part with any empirical evidence, but it seems to be used speculatively no where near as much as Bitcoin and Ethereum. I don't see crypto hype-guys chanting "MO-NER-O!" at all really in comparison to the other two.
    - pcthrowaway 4y ago
      To be fair, there are probably more goods bought and sold with monero than any other crypto (outside of maybe BTC) Although those goods are predominantly illegal drugs.
  - amelius 4y ago
    Perhaps this is how to phrase it better: When a cryptocurrency is mainly used for speculation rather than payment, it's a scam.
    - seanw444 4y ago
_aavaa_ 4y ago
> Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. They can, but if you'd like to convert that into fiat (I know a dirty word) you will most likely need an exchange.
- PinguTS 4y ago
  Not only fiat. You need them also to convert it into any other crypto.
  - rglullis 4y ago
    Here you go, a whole list of decentralized crypto exchanges: https://www.coingecko.com/en/dex https://www.coingecko.com/en/dex
    - PinguTS 4y ago
      You mean a list of distributed exchanges. Its like a list of all the small shop money exchanges that exists. But it doesn't mean its decentralized. It also means you always need a trusted third party for the exchange. Wasn't crypto about going rid of those trusted third parties?
      - rglullis 4y ago
        No, I mean actual decentralized exchanges. They are applications running on the blockchain. There is no owner, no physical location, no entity controlling access. All you need to do is have a crypto wallet and execute the contracts.
        throwaway2048 4y ago
        no automatic blockchain contract can provide you with USD
        4y ago
deleted 4y ago
[deleted]
JustLurking2022 4y ago
The only reason the price went into the stratosphere was the millions of speculators using custodial wallets. So it seems that many (likely most?) users didn't actually care about the "feature" of being able to self-host - what they actually wanted was a higher yielding bank account. Hence the reason so many people don't really believe it has much of a future as a fiat replacement.

anuraaga 4y ago

> When it is really a case of what happens when you store you crypto on an exchange rather than a non-custodial wallet. In this case, what would happen would likely be pay extremely high gas fees or wait very long for the transaction to be picked up, isn't it? I think what gets people making these comments is there really is no crypto free lunch yet that includes stable UX and fees.

dgfitz 4y ago

colesantiago 4y ago
What does this mean? Stripe Crypto is a scam because they happen to be using cryptocurrencies? Maybe Stripe should stop their crypto endeavors because they have a crypto offering which means it's a scam.
- dgfitz 4y ago
  I have no idea how you made this mental leap. I don't understand the question.
  - colesantiago 4y ago
    Not a mental leap. If you are saying 'ALL crypto is a scam' this also includes all and any crypto offerings by any company. Stripe, Coinbase, FTX, Binance, Moneygram etc are included. Not to mention the 'DeFi' space as well.
    - postalrat 4y ago
      Those companies aren't immune from getting suckered in to a scam.
      - colesantiago 4y ago
        They are merely facilitating, participating and offering the services in the crypto scam no? Stripe went in to Bitcoin, exited Bitcoin, then invested into a shitcoin called 'Stellar' and went back into crypto again supporting crypto exchanges like FTX, NFTs and offering crypto payments with 'Polygon'. That is hardly getting 'suckered in'. I would argue that they are 100% fully complicit in the crypto scam. Since we agree that 'crypto is all a scam', it should mean that Stripe, Coinbase and all the other companies that have crypto operations should be called out for their participation in the scam and they should immediately shut down their operations since 'all crypto is a scam' right?
        deleted 4y ago
        [deleted]
        postalrat 4y ago
        The reality is that all crypto are shitcoins. And when everything is a shitcoin then the term doesn't mean anything.
    - dgfitz 4y ago
      Stripe and Moneygram have a business model that can exist outside of crypto. The others you listed enable people to be scammed. I won't go so far as to call them a scam company themselves.
- tirpen 4y ago
  > Maybe Stripe stop their crypto endeavors They probably should, yes. It makes them look sketchy and less trustworthy by association.
seanw444 4y ago
Now that is hyperbole. There are still good actors out there. Monero is doing its job dutifully. Don't know much about Zcash, but it seems to be doing well.
- dgfitz 4y ago
  > Monero is doing its job dutifully. What is its job? How often do you think goods and services are paid for with Monero? How often do you think the coin is used purely as a speculative asset?
  - seanw444 4y ago
    Being what Bitcoin was supposed to be. Minimal transaction fees, maximum privacy, no need for extra layers. It's certainly used far less often for small-scale, personal transactions. Businesses mostly don't support it yet. I'm hoping that will change. The only company I do business with that supports Monero is Mullvad, and that was only a recent addition. The media is certainly doing a good job of pinning the "Monero = bad guy naughty money" connotation to it. That connotation means it's doing its job though. If organized crime thinks it's secure and private enough, then it's definitely good enough for me. I honestly can't answer the speculative asset usage part with any empirical evidence, but it seems to be used speculatively no where near as much as Bitcoin and Ethereum. I don't see crypto hype-guys chanting "MO-NER-O!" at all really in comparison to the other two.
  - pcthrowaway 4y ago
    To be fair, there are probably more goods bought and sold with monero than any other crypto (outside of maybe BTC) Although those goods are predominantly illegal drugs.
- amelius 4y ago
  Perhaps this is how to phrase it better: When a cryptocurrency is mainly used for speculation rather than payment, it's a scam.
  - seanw444 4y ago

_aavaa_ 4y ago

> Cryptocurrencies can be held in offline wallets i.e non-custodial hardware or software wallets, like Metamask, Trust Wallet, Ledger Nano, Tezos etc. They can, but if you'd like to convert that into fiat (I know a dirty word) you will most likely need an exchange.

PinguTS 4y ago
Not only fiat. You need them also to convert it into any other crypto.
- rglullis 4y ago
  Here you go, a whole list of decentralized crypto exchanges: https://www.coingecko.com/en/dex https://www.coingecko.com/en/dex
  - PinguTS 4y ago
    You mean a list of distributed exchanges. Its like a list of all the small shop money exchanges that exists. But it doesn't mean its decentralized. It also means you always need a trusted third party for the exchange. Wasn't crypto about going rid of those trusted third parties?
    - rglullis 4y ago
      No, I mean actual decentralized exchanges. They are applications running on the blockchain. There is no owner, no physical location, no entity controlling access. All you need to do is have a crypto wallet and execute the contracts.
      - throwaway2048 4y ago
        no automatic blockchain contract can provide you with USD
        4y ago

deleted 4y ago

[deleted]

JustLurking2022 4y ago

The only reason the price went into the stratosphere was the millions of speculators using custodial wallets. So it seems that many (likely most?) users didn't actually care about the "feature" of being able to self-host - what they actually wanted was a higher yielding bank account. Hence the reason so many people don't really believe it has much of a future as a fiat replacement.