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It's wild that people can say this on the heels of widespread systemic failure like FTX, Terra, and all the other rug pulls/scams. We tried cryptocurrency; it's

It's wild that people can say this on the heels of widespread systemic failure like FTX, Terra, and all the other rug pulls/scams. We tried cryptocurrency; it's incompatible with our societal and governmental paradigms. I was rooting for cryptocurrency 7 years ago, when it wasn't sold as "digital gold" or whatever asinine label people give it nowadays. I'll eat the crow and admit I was wrong to not anticipate the abuse of an open, distributed system. The landscape of cryptocurrency today is an irrecoverable mess, evidenced by the slipping valuation and hemorrhaging trade volume.

gardenhedge 4y ago
I'm sure there have been traditional businesses that were systemic failures and scams
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c7DJTLrn 4y ago
There are billions of dollars of cryptocurrency moving around on black markets every day. It is a massive success for shady business.
adastra22 4y ago
Those were custodial companies. The whole point of crypto is not your keys, not your coin.
- slyall 4y ago
  But Crypto is too complicated for 99% of the population to use directly. Given that exactly what is it useful for then? The Stock Market is too complicated for most people but it is pretty safe for the average citizen to participate in ( and you have many levels of "participation" according to you expertise, budget and inclination).
  - adastra22 4y ago
    Crypto is digital cash in the most literal sense. If you lose your wallet, the cash in it is gone. If you're mugged, the cash you give your attacker is gone. People secure little paper bills in their wallet/purse much better than they do their credit card info. If you set people's expectations correctly, that gets you 90% of the way there. The other 10% is the fact that securing digital data is not as easy to do as physical money. However this is where hardware wallets come in, and the user experience for hardware wallets has improved considerably over the last half decade. They just need to be more widely deployed.
    - smoldesu 4y ago
      If 90% of your argument is that we need to move the goalposts, and the other 10% says we need to rework the UX to accompany it, maybe aiming to be digital cash isn't in crypto's best interest? That's disregarding it's volatility, missing accountability and lack of meaningful regulation.
      - adastra22 4y ago
        Moving goalposts? Crypto is and always has been about self custody, from the very beginning.
- smoldesu 4y ago
  Yep, I agree. Even still, millions fell for it, and because they aren't regulated (like, say, a bank or something) they were able to fuck people over on an unprecedented scale. You can try and educate people on this truth, but it doesn't matter. FTX and Coinbase bought up the advertising, exchanges are the face of crypto for the common person. There's simply no momentum left in cryptocurrency as a software movement. An economy cannot live on HODLers and hustlers alone.

gardenhedge 4y ago

I'm sure there have been traditional businesses that were systemic failures and scams

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c7DJTLrn 4y ago

There are billions of dollars of cryptocurrency moving around on black markets every day. It is a massive success for shady business.

adastra22 4y ago

Those were custodial companies. The whole point of crypto is not your keys, not your coin.

slyall 4y ago
But Crypto is too complicated for 99% of the population to use directly. Given that exactly what is it useful for then? The Stock Market is too complicated for most people but it is pretty safe for the average citizen to participate in ( and you have many levels of "participation" according to you expertise, budget and inclination).
- adastra22 4y ago
  Crypto is digital cash in the most literal sense. If you lose your wallet, the cash in it is gone. If you're mugged, the cash you give your attacker is gone. People secure little paper bills in their wallet/purse much better than they do their credit card info. If you set people's expectations correctly, that gets you 90% of the way there. The other 10% is the fact that securing digital data is not as easy to do as physical money. However this is where hardware wallets come in, and the user experience for hardware wallets has improved considerably over the last half decade. They just need to be more widely deployed.
  - smoldesu 4y ago
    If 90% of your argument is that we need to move the goalposts, and the other 10% says we need to rework the UX to accompany it, maybe aiming to be digital cash isn't in crypto's best interest? That's disregarding it's volatility, missing accountability and lack of meaningful regulation.
    - adastra22 4y ago
      Moving goalposts? Crypto is and always has been about self custody, from the very beginning.
smoldesu 4y ago
Yep, I agree. Even still, millions fell for it, and because they aren't regulated (like, say, a bank or something) they were able to fuck people over on an unprecedented scale. You can try and educate people on this truth, but it doesn't matter. FTX and Coinbase bought up the advertising, exchanges are the face of crypto for the common person. There's simply no momentum left in cryptocurrency as a software movement. An economy cannot live on HODLers and hustlers alone.