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This is pretty clearly not a failure of cryptocurrency. Bitcoin et al. are still chugging along just fine. This is, once again, a failure of a centralized busin
by null0pointer 4y ago
This is pretty clearly not a failure of cryptocurrency. Bitcoin et al. are still chugging along just fine. This is, once again, a failure of a centralized business in which people placed way too much trust. I hope SBF, and other "crypto" company execs, are held accountable for misleading customers about their offerings. Specifically calling it crypto when it's not.
- scoofy 4y agoThis is good for Bitcoin.
- dist1ll 4y agoThat's what people don't get. FTX' spectacular failure is literally an advertisement for decentralization.
- VHRanger 4y agoBitcoin failed, though? All the proposed usecases except speculation and censorship resistant wealth transfers (eg. getting money out of Russia) have been abandoned.
- bogota 4y agoI used bitcoin to remit money to another country just yesterday.
- deltree7 4y agoWhile losing a ton of money during this process
- bogota 4y ago
- airstrike 4y agoI used PayPal to remit money to another country just yesterday
- bogota 4y ago
- martin8412 4y agoI sent EUR from one bank account in country X to another bank account in country Y the other day. It arrived in five seconds and it cost me less than 1 EUR to transfer 2k EUR.
- ZephyrBlu 4y agoI'm assuming this was in the EU and you weren't exchanging currencies?
- martin8412 4y agoCorrect.
- bogota 4y agoI have also done that. Congrats. Some places it’s easier to move money with bitcoin as even though i can send money directly they have tons of limitations in place around amount that you can send that is very low. Just because you haven’t found crypto helpful doesn’t mean it doesn’t have use cases.
- deleted 4y ago[deleted]
- clemensley 4y agoI pay all salaries in Bitcoin. Way faster, cheaper, easier than fiat.
- hn_throwaway_99 4y ago1. BTC has cratered 20% in the past couple days. I know, par for the course for crypto, but also a good example of why it doesn't share standard features of real currencies. 2. All the "not your keys, not your coins" mindless chanting misses the point. While true, a modern financial system depends on being able to have trust in financial institutions if you actually need to move money quickly. Years ago I went the "move everything to cold storage" route, and it was a major pain in the ass, not to mention slow and expensive every time you needed to move to an exchange to trade or convert to fiat. It's the equivalent of stuffing your money under your mattress - valid for emergency situations, but not for a currency you actually want to transact in. Oh, and the reason hardly anyone actually stuffs money under their mattress any more is that we've built up institutions (e.g. FDIC insurance, SIPC insurance, and the associated regulations to provide this insurance) to reliably protect depositors.
- wmf 4y agoCold storage is kind of an old concept. Now there are multisig variants and tools like Fireblocks to allow active trading without being immediately hacked.
- naasking 4y ago> 1. BTC has cratered 20% in the past couple days. I know, par for the course for crypto, but also a good example of why it doesn't share standard features of real currencies. Currencies tanking is not uncommon either. I'm not sure what you think this proves exactly.
- hn_throwaway_99 4y agoMajor fiat currencies tanking 20% in a matter of hours is extremely uncommon, that's my whole point. In the forex world moving a percent or two in a single day is considered a major, major move. In the land of crypto that's standard lunchtime volatility.
- wmf 4y agoCryptocurrency failed to be fast enough to support sophisticated DEXes. This failure created the need for FTX.
- lokar 4y agoI think you missed the point. It’s about saying “this is different, the rules don’t apply and we can do whatever we like” The actual tech is sort of irrelevant, it’s the hubris and exceptionalism
- mzs 4y agoBitcoins is not fine. It is down roughly 75% over this year.