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> For anyone wondering, the purpose of crypto is not to be a store of value, but to be a currency. I have zero skin in the game and I couldn’t care less if btc
by rajup 4y ago
> For anyone wondering, the purpose of crypto is not to be a store of value, but to be a currency.
I have zero skin in the game and I couldn’t care less if btc goes to zero or 1 million. But btc seems to be terrible even as a currency with terrible transaction processing times and overheads.
- polio 4y agoIt's worse than fiat, but that isn't an alternative if you're a North Korean hacker, a ransomware artist, or an international drug dealer. Crypto does well at facilitating these use cases.
- 35amxn35 4y agoIt's true. It's also helpful when you live in an authoritarian/corrupt country. Same as cash. The day cash is banned, it's completely over.
- imtringued 4y agoIf cash is banned and a central bank gets the funny idea of setting the short term negative interest rate to -5% permanently, then corruption would disappear because the return on money obtained via corruption is no longer guaranteed to be positive unless it helps the economy more than the initial corruption damaged it. A few years later cash with demurrage fees would be implemented.
- 35amxn35 4y agoYou're right, but that's the cost of decentralization. No way around it.