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I would actually be surprised if the whole crypto ecosystem isn’t going to implode soon. The thing is that it doesn’t create any value, it’s all a game of musi
by louwrentius 4y ago
I would actually be surprised if the whole crypto ecosystem isn’t going to implode soon.
The thing is that it doesn’t create any value, it’s all a game of musical chairs.
I don’t care VCs holding the bags, but I do care about the retail “investors” that were naive. (I don’t care about the hfsp bros).
In a few years we will look back at the crypto space and we wonder why nobody intervened like nobody intervened with Madoff, despite multiple people warning about him.
The damage the crypto space has caused is just beyond redemption. To both people and the environment.
It’s time that this stuff is regulated to death. It will also kill the crypto ransom ware pipeline because of a lack of on/off ramps.
- Synaesthesia 4y agoThe only real value it has beyond speculation is bypassing sanctions, buying drugs and sending money abroad. The speculation has really gone majorly overboard lately. Honestly the Chinese government are looking quite wise in retrospect for banning crypto.
- Saig6 4y agoDon't forget about giving tax authorities and relevant three letter organizations easy insight into said activities. Crypto is making public sector more efficient! :)
- throw6383878 4y agoCrypto is the only reliable way to pay contractors in Russia now. Saying "no real value" is quite stretch!
- usr1106 4y agoThe question is whether paying contractors in Russia is ethically any better than paying illegal drugs. Not that the contractors would all be bad people. But sanctions are there to force change. The easier it is to make sanctions ineffective the longer change will take.
- xiphias2 4y agoSanctioning a government fighting a war is very different from sanctioning people who want to engage in the economy without violence. I would argue the more the economic exchange to violence ratio is between two groups, the better it is for both groups (maybe not the leaders)
- usr1106 4y agoSo you close Putin's and a couple of other credit cards and let everyone else continue a normal life? Maybe fairer to some individuals (like those already acting in opposition), but certainly a completely ineffective sanction.
- xiphias2 4y agoThis is the first time in the history of humanity that the country leaders can be bypassed and money could be sent peer-to-peer between geographies. There is just no precedent to this (you can't send gold / USD bills on the borders, and when there are banks involved, the leaders could always stop it).
- usr1106 4y agoThis might be a nice property in some cases. However, the massive speculation and pollution caused by crypto make the overall balance look strongly negative to me.
- cesarb 4y ago> This is the first time in the history of humanity that the country leaders can be bypassed and money could be sent peer-to-peer between geographies. There is just no precedent to this [...] "Hawala as a legal concept came to be described as early as 1327, according to Schramm and Taube,[5][6] though the actual practice has existed since the 8th century [...]" https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala
- 4y ago
- black_13 4y ago
- JKCalhoun 4y agoAnd yet, for it's otherwise-no-real-value it may come to pass that even Russian contractors will say, "Нет биткоина".
- int_19h 4y agoWhen it is the only thing that can facilitate an exchange, that alone imbues it with real value.
- WeylandYutani 4y agoThe only value Russia has is what's underneath the ground. Such a cruel joke from mother Nature putting all those natural resources in the hands of a nation and people so unworthy.
- sampa 4y agoNature didn't do anything. It was all Russians who discovered and conquered that land. Read some history. "unworthy", yeah, sure.
- louwrentius 4y agoCrypto is the only reliable way to do crime is what you are arguing it seems.