5 ms·

Celsius = centralised, terra = centralised, FTX = centralised... The point is stop trusting centralised wolf in sheeps clothing.. same goes for ethereum with P

by edwnj 4y ago

Celsius = centralised, terra = centralised, FTX = centralised... The point is stop trusting centralised wolf in sheeps clothing.. same goes for ethereum with Proof Of Stake.. ur just reinventing central banking (but private).. The only truly decentralised coin is bitcoin..

methodical 4y ago
and bitcoin has exorbitant transaction fees, slow transaction times, massive power usage for relatively little throughput, etc., etc. time to end the crypto social experiment and go back to using the traditional banking system which has safeguards in place to prevent people from being continuously taken advantage of. oh wait, nobody was really using crypto for anything other than a FOMO investment anyways
- londons_explore 4y ago
  Bitcoin transaction fees are ~5 cents right now. Granted it's still slow...
  - UnlockedSecrets 4y ago
    According to this chart it is showing as still being about $1-$1.4 per transaction on average in the past month which is alot more then 5 cents? https://www.blockchain.com/explorer/charts/fees-usd-per-transaction https://www.blockchain.com/explorer/charts/fees-usd-per-tran...
    - chromatin 4y ago
      Exchanges pay massive (often 10X required) fees for whatever reason. Real transactions are much cheaper. Try https://mempool.space/ https://mempool.space/
- machina_ex_deus 4y ago
  By taken advantage of, you mean like becoming a debt slave paying off mortgage on overvalued house because of a housing bubble they blew out of proportion yet nobody was held accountable for?
  - methodical 4y ago
    No- by taken advantage of I mean like putting your life savings into a 20% APR yield crypto savings account and getting rugpulled the next week. Funny how you reference being taken advantage of in standard financial institutions as having debt but it is just as easy if not easier to take out loans in the crypto space that people have no chance in hell of paying off. Regardless, that's unrelated to what I was talking about, which was about people getting conned day in and day out in the crypto space. At the very least, this is minimized in the regular financial market which has safeguards in place to protect consumers. Is this system perfect? No. Is it 100x better and safer than the current state of crypto because of lessons of the past and the laws put in place because of them? Yes. If you believe that crypto is in any regard better than the traditional banking system (which it seems you do), please state those claims explicitly.
    - machina_ex_deus 4y ago
      I definitely don't think crypto is in any way "better" as an investment (you can look at my other comments here), but I definitely think the destruction as misery caused by traditional finance was so much higher. Crypto is extremely speculative and risky and everyone knows it. Housing on the other hand, get extremely favorable regulation that's unjustified in my opinion. You got the Fed buying mortgage backed securities. In my view, what is going on in traditional finance is morally wrong much more than in crypto. Unlike crypto were the bubble doesn't effect me, I need to work and pay higher rent and my freedom is restricted as a direct consequences of the evils of traditional finance wether I'm participating in their bubble directly or not. Many of the things you call "safeguards" of traditional finance are greater evils than nothing at all. Especially safeguards of collateralization, like mortgage. (And don't get me wrong - I'm very capitalistic in my world view. You can just hardly call capitalism the way the Fed and mortgage dealers acted, and central banking is the bane of modern capitalism).
- chromatin 4y ago
  > bitcoin has exorbitant transaction fees, Basic transaction cost at this time is est $0.05, or 54 cents for high priority. > slow transaction times If by slow you mean ~10 minutes, it turns out this is a strength (Solana is not scalable; Ethereum will also likely grow in an unbounded fashion making individual node-running infeasible); and layer 2 solutions such as Lightning Network enable sub-second Bitcoin transactions.
- edwnj 4y ago
  the transaction fees, the verification and throughput limitations are fundamental technical tradeoffs required for a truly decentralised store of value. The people and technologies claiming to have "fixed" or "improved" upon bitcoin are often making different trade offs they lie about. This is why I like solana, they make no pretence of being decentralised. btw fiat is 1000x worse. You don't see it on the news because you're forced through coercen to bail out & insure these bad actors. The current US bank reserve requirement is 10%.. the only reason there isn't a bank run is FDIC. The whole thing is an incestious mess that creates our current world of cantillionaires..
SantalBlush 4y ago
The people using those exchanges largely don't care about the alleged original use case for crypto. They're just trying to get rich.
xyzzy4747 4y ago
>The only truly decentralised coin is bitcoin.. And Monero IMO
rezistik 4y ago
Yeah but the collapse of those exchanges drove down the price of the coins. Even if its your keys and your coins those coins become worth less money than they were before.
- edwnj 4y ago
  If u look at the past decade, the real coins survive. Its the venture backed ponzis that die.. Basically no exchange should be holding enough to cause a collapse of the coin. With bitcoin this will never happen, there was multiple collapses at times where liquidity & ramps were non existent.. and bitcoin still survived to go up multiples.
- edwnj 4y ago
  also this is a temporarily problem technical problem. Solutions such as AUMs and DEXs are being built up asap.
voldacar 4y ago
Monero is a superior currency to btc in every way.
- tromp 4y ago
  It's not superior; it just makes different tradeoffs [1]. [1] https://phyro.github.io/grinvestigation/why_grin.html https://phyro.github.io/grinvestigation/why_grin.html
  - hi5eyes 4y ago
    weird how the only currency dnms use is monero, meanwhile everyone knows what grin is winkwink
MrMan 4y ago
decentralized is an antisocial child's fantasy a wish against a world that doesnt make sense to them a desire to turn away from human society a hoarder's dream
- lanstin 4y ago
  I think it is the last item that motivates the rich folks desire for a store of value that doesn't rest on providing funds for the rest of society to borrow. The rich would keep their wealth out of circulation while the society withers due to lack of investment in the work and inventions of that society.
- kayamon 4y ago
  lol how dare you hoard all that money in your bank account

by edwnj 4y ago

methodical 4y ago

and bitcoin has exorbitant transaction fees, slow transaction times, massive power usage for relatively little throughput, etc., etc. time to end the crypto social experiment and go back to using the traditional banking system which has safeguards in place to prevent people from being continuously taken advantage of. oh wait, nobody was really using crypto for anything other than a FOMO investment anyways

londons_explore 4y ago
Bitcoin transaction fees are ~5 cents right now. Granted it's still slow...
- UnlockedSecrets 4y ago
  According to this chart it is showing as still being about $1-$1.4 per transaction on average in the past month which is alot more then 5 cents? https://www.blockchain.com/explorer/charts/fees-usd-per-transaction https://www.blockchain.com/explorer/charts/fees-usd-per-tran...
  - chromatin 4y ago
    Exchanges pay massive (often 10X required) fees for whatever reason. Real transactions are much cheaper. Try https://mempool.space/ https://mempool.space/
machina_ex_deus 4y ago
By taken advantage of, you mean like becoming a debt slave paying off mortgage on overvalued house because of a housing bubble they blew out of proportion yet nobody was held accountable for?
- methodical 4y ago
  No- by taken advantage of I mean like putting your life savings into a 20% APR yield crypto savings account and getting rugpulled the next week. Funny how you reference being taken advantage of in standard financial institutions as having debt but it is just as easy if not easier to take out loans in the crypto space that people have no chance in hell of paying off. Regardless, that's unrelated to what I was talking about, which was about people getting conned day in and day out in the crypto space. At the very least, this is minimized in the regular financial market which has safeguards in place to protect consumers. Is this system perfect? No. Is it 100x better and safer than the current state of crypto because of lessons of the past and the laws put in place because of them? Yes. If you believe that crypto is in any regard better than the traditional banking system (which it seems you do), please state those claims explicitly.
  - machina_ex_deus 4y ago
    I definitely don't think crypto is in any way "better" as an investment (you can look at my other comments here), but I definitely think the destruction as misery caused by traditional finance was so much higher. Crypto is extremely speculative and risky and everyone knows it. Housing on the other hand, get extremely favorable regulation that's unjustified in my opinion. You got the Fed buying mortgage backed securities. In my view, what is going on in traditional finance is morally wrong much more than in crypto. Unlike crypto were the bubble doesn't effect me, I need to work and pay higher rent and my freedom is restricted as a direct consequences of the evils of traditional finance wether I'm participating in their bubble directly or not. Many of the things you call "safeguards" of traditional finance are greater evils than nothing at all. Especially safeguards of collateralization, like mortgage. (And don't get me wrong - I'm very capitalistic in my world view. You can just hardly call capitalism the way the Fed and mortgage dealers acted, and central banking is the bane of modern capitalism).
chromatin 4y ago
> bitcoin has exorbitant transaction fees, Basic transaction cost at this time is est $0.05, or 54 cents for high priority. > slow transaction times If by slow you mean ~10 minutes, it turns out this is a strength (Solana is not scalable; Ethereum will also likely grow in an unbounded fashion making individual node-running infeasible); and layer 2 solutions such as Lightning Network enable sub-second Bitcoin transactions.
edwnj 4y ago
the transaction fees, the verification and throughput limitations are fundamental technical tradeoffs required for a truly decentralised store of value. The people and technologies claiming to have "fixed" or "improved" upon bitcoin are often making different trade offs they lie about. This is why I like solana, they make no pretence of being decentralised. btw fiat is 1000x worse. You don't see it on the news because you're forced through coercen to bail out & insure these bad actors. The current US bank reserve requirement is 10%.. the only reason there isn't a bank run is FDIC. The whole thing is an incestious mess that creates our current world of cantillionaires..

SantalBlush 4y ago

The people using those exchanges largely don't care about the alleged original use case for crypto. They're just trying to get rich.

xyzzy4747 4y ago

>The only truly decentralised coin is bitcoin.. And Monero IMO

rezistik 4y ago

Yeah but the collapse of those exchanges drove down the price of the coins. Even if its your keys and your coins those coins become worth less money than they were before.

edwnj 4y ago
If u look at the past decade, the real coins survive. Its the venture backed ponzis that die.. Basically no exchange should be holding enough to cause a collapse of the coin. With bitcoin this will never happen, there was multiple collapses at times where liquidity & ramps were non existent.. and bitcoin still survived to go up multiples.
edwnj 4y ago
also this is a temporarily problem technical problem. Solutions such as AUMs and DEXs are being built up asap.

voldacar 4y ago

Monero is a superior currency to btc in every way.

tromp 4y ago
It's not superior; it just makes different tradeoffs [1]. [1] https://phyro.github.io/grinvestigation/why_grin.html https://phyro.github.io/grinvestigation/why_grin.html
- hi5eyes 4y ago
  weird how the only currency dnms use is monero, meanwhile everyone knows what grin is winkwink

MrMan 4y ago

decentralized is an antisocial child's fantasy a wish against a world that doesnt make sense to them a desire to turn away from human society a hoarder's dream

lanstin 4y ago
I think it is the last item that motivates the rich folks desire for a store of value that doesn't rest on providing funds for the rest of society to borrow. The rich would keep their wealth out of circulation while the society withers due to lack of investment in the work and inventions of that society.
kayamon 4y ago
lol how dare you hoard all that money in your bank account