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I agree with you entirely. You can’t have both a stable currency and a speculative investment. Stablecoins in theory should solve it but it seems that every sta
by likeabbas 4y ago
I agree with you entirely. You can’t have both a stable currency and a speculative investment. Stablecoins in theory should solve it but it seems that every stablecoin vendor is corrupt and untrustworthy. I do see value for developing countries who have no other option, but anyone in western society is going to prefer more regulated centralized financing because it comes with protections that DeFi can’t offer.
- jqpabc123 4y agoProtections are nice but I and lots of people might be willing to forgo them for sufficient other advantages such as speed or cost. But these are hard to come by now and about to become even harder. The FedNow service is in trials now and expected to go live in mid-2023 providing real time settlements 24/7/365 at a projected cost of $0.05 per transaction using real world currency. Show me a crypto solution that can approach this and offer a fuctional currency at the end. As far as I can see, it's game over for crypto in terms of legal, real world transactions.
- likeabbas 4y agoIs speed of transaction the main limitation of financial services? I’m thinking of DeFi more along the line of accessing financial products like loans or investment opportunities not available to those in every country
- jqpabc123 4y agoWhat can you really do with a loan in cryptoland? Not much --- gamble/speculate maybe?. To really make use of it, you have to convert it into real world currency. This often comes with a 1-2% transaction fee. You lose a lot of potential borrowers at this point. The fact that crypto is not a functioning currency detracts from all things crypto.