13 ms·

Good. Crypto has no use case at all and the exchanges harboring these speculative tokens needs to be destroyed.

by colesantiago 4y ago

repomies69 4y ago
They are only ceasing to operate in US, they will continue to serve rest of the world (95.75% of world population).
- colesantiago 4y ago
  Usually (and in almost all cases) the world follows the US so will be not surprised when governments will completely ban crypto into the dark web.
  - yashg 4y ago
    When it comes to crypto regulations though, US is lagging behind. Crypto is already taxed as gambling in India and is pretty much out of popular discourse. Just one season of crypto platforms advertising on India's biggest sporting league (IPL) made the regulators sit up and take notice of the shady practices and put an end to it. I believe crypto is very much dead in China as well.
- Mizoguchi 4y ago
  The US has 20% of the global crypto market and it's responsible for 40% of all transactions. That's pretty significant.
gear54rus 4y ago
[flagged]
- teekert 4y ago
  I like the podcasting 2.0 ecosystem. With boosting and satoshi streaming. Cool usecases of the btc lightning network if you ask me.
wslh 4y ago
Ignoring that I don't agree with you, don't you think the current financial system is a complete mess? From the technical side to the trust side.
- colesantiago 4y ago
  We should not be replacing a system with a completely destructive and even worse one which is crypto. Government backed money is the worst form of money, except all the others have been tried including crypto.
  - BLKNSLVR 4y ago
    On the timescale of money, crypto has not existed long enough to say it's been "tried" (or at least not long enough to say it's not worth continuing the experiment / continuing to try). What it has done, which seems to exist outside the blinkered view, is that for a number of years now, bitcoin and some other cryptocurrencies have been very successful at being transferable between two parties no matter their geographical location and without a third party acting as intermediary or authority. For those who participate, this is an exchange of value. For those who don't participate it should be at least seen as a half decent proof of concept of something that could be used as an exchange of value (money).
    - colesantiago 4y ago
      > proof of concept Yet this 'proof of concept' is too slow to be used in the real world after 15+ years with little to nobody using it at all. UPI has been available for 6 years with almost 700 million users and is expanding their network globally. So even by trying to send money, there is no need for crypto at all for this case as this has already been improved and done by the current system. You might as well use Wise, UPI and other regulated money transfer services that exist in current system. I look forward to FedNow removing even more need for crypto to exist.
- short_sells_poo 4y ago
  While the crypto industry has shown itself to be a pillar of ethics, engineering and usability?
yieldcrv 4y ago
financial services, for speculation, is the biggest industry on the planet saying “no use case” and “speculative” in the same sentence is always hilarious, yeah, service the speculators its financial services and entertainment, the latter of which is also a big sector and valuable to humans
- colesantiago 4y ago
  I'm not sure what use case is a speculative pyramid scheme like crypto, where there is no intrinsic value at all. It is a morally repugnant gambling speculative vice which destroys lives and is even worse than fiat. Not to mention Bitcoin and the like burning the planet trying to solve useless puzzles.
  - yieldcrv 4y ago
    speculation is a use case, you’re grasping for a distinction that’s not found, and if you find it you’ll simultaneously be talking about 99% of all transactional activity in the world economy. yes, gambling is a big industry too, why do you keep naming use cases that have validation of their value?
    - colesantiago 4y ago
      What can you do with speculation other than causing people to lose their life savings? What good is there in a so called currency based on fictitious tokens created out of thin air and backed by completely nothing and adding nothing useful to society? Even Nvidia agrees: https://www.theguardian.com/technology/2023/mar/26/cryptocurrencies-add-nothing-useful-to-society-nvidia-chatbots-processing-crypto-mining https://www.theguardian.com/technology/2023/mar/26/cryptocur... At least gambling is regulated where as crypto is a unregulated decentralised wild west where there is no protections whatsoever. Where is the use case in people losing money in a pyramid scheme using crypto tokens?
      - lcnPylGDnU4H9OF 4y ago
        I'm not convinced you know what you're trying to ask. What do you mean by "use case" other than the reasons for which people want something? The person you're responding to said that people want it so they can speculate and gamble with it. You can dislike these vices all you want but you're seeming to speak to some objectivity which you haven't done much to explain.
alphanullmeric 4y ago
Crypto does a pretty great job of keeping your hands off of other people’s money, is that a problem?
- colesantiago 4y ago
  But it does an even better job of losing your money, a problem for millions of people.
  - alphanullmeric 4y ago
    Which is completely irrelevant because you’re free to use whatever currency you want, crypto or not. This discussion is about whether or not you have the right to make it illegal for me to do the same.
    - colesantiago 4y ago
      > Which is completely irrelevant because you’re free to use whatever currency you want, crypto or not. Free to use any regulated currency. Crypto is completely unregulated and too volatile to be used as a currency. It will be made illegal very quickly in a few years time, we already have India and China clamping down so you won't have to wait that long. Inevitably, we will see when the governments of the world band together to push crypto into the dark web and you'll never be able to cash out your crypto tokens into the real world through exchanges. Once again, another easy way to lose your money.
      - alphanullmeric 4y ago
        Oh no, how will you ever survive without regulating other people’s money. Hardest part about business is minding your own, however difficult it may be for people like you to keep your hands out of other people’s wallets.
        colesantiago 4y ago
        > Hardest part about business is minding your own, however difficult it may be for people like you to keep your hands out of other people’s wallets. Except if you are in the crypto exchange business and you need to unload your fake tokens for real cash, just like how FTX and other failed exchanges took everyone's money from their wallets when they failed. When will you stop running from exchange to exchange to try cash out your tokens because of a bank run?

Good. Crypto has no use case at all and the exchanges harboring these speculative tokens needs to be destroyed.

repomies69 4y ago

They are only ceasing to operate in US, they will continue to serve rest of the world (95.75% of world population).

colesantiago 4y ago
Usually (and in almost all cases) the world follows the US so will be not surprised when governments will completely ban crypto into the dark web.
- yashg 4y ago
  When it comes to crypto regulations though, US is lagging behind. Crypto is already taxed as gambling in India and is pretty much out of popular discourse. Just one season of crypto platforms advertising on India's biggest sporting league (IPL) made the regulators sit up and take notice of the shady practices and put an end to it. I believe crypto is very much dead in China as well.
Mizoguchi 4y ago
The US has 20% of the global crypto market and it's responsible for 40% of all transactions. That's pretty significant.

gear54rus 4y ago

[flagged]

teekert 4y ago
I like the podcasting 2.0 ecosystem. With boosting and satoshi streaming. Cool usecases of the btc lightning network if you ask me.

wslh 4y ago

Ignoring that I don't agree with you, don't you think the current financial system is a complete mess? From the technical side to the trust side.

colesantiago 4y ago
We should not be replacing a system with a completely destructive and even worse one which is crypto. Government backed money is the worst form of money, except all the others have been tried including crypto.
- BLKNSLVR 4y ago
  On the timescale of money, crypto has not existed long enough to say it's been "tried" (or at least not long enough to say it's not worth continuing the experiment / continuing to try). What it has done, which seems to exist outside the blinkered view, is that for a number of years now, bitcoin and some other cryptocurrencies have been very successful at being transferable between two parties no matter their geographical location and without a third party acting as intermediary or authority. For those who participate, this is an exchange of value. For those who don't participate it should be at least seen as a half decent proof of concept of something that could be used as an exchange of value (money).
  - colesantiago 4y ago
    > proof of concept Yet this 'proof of concept' is too slow to be used in the real world after 15+ years with little to nobody using it at all. UPI has been available for 6 years with almost 700 million users and is expanding their network globally. So even by trying to send money, there is no need for crypto at all for this case as this has already been improved and done by the current system. You might as well use Wise, UPI and other regulated money transfer services that exist in current system. I look forward to FedNow removing even more need for crypto to exist.
short_sells_poo 4y ago
While the crypto industry has shown itself to be a pillar of ethics, engineering and usability?

yieldcrv 4y ago

financial services, for speculation, is the biggest industry on the planet saying “no use case” and “speculative” in the same sentence is always hilarious, yeah, service the speculators its financial services and entertainment, the latter of which is also a big sector and valuable to humans

colesantiago 4y ago
I'm not sure what use case is a speculative pyramid scheme like crypto, where there is no intrinsic value at all. It is a morally repugnant gambling speculative vice which destroys lives and is even worse than fiat. Not to mention Bitcoin and the like burning the planet trying to solve useless puzzles.
- yieldcrv 4y ago
  speculation is a use case, you’re grasping for a distinction that’s not found, and if you find it you’ll simultaneously be talking about 99% of all transactional activity in the world economy. yes, gambling is a big industry too, why do you keep naming use cases that have validation of their value?
  - colesantiago 4y ago
    What can you do with speculation other than causing people to lose their life savings? What good is there in a so called currency based on fictitious tokens created out of thin air and backed by completely nothing and adding nothing useful to society? Even Nvidia agrees: https://www.theguardian.com/technology/2023/mar/26/cryptocurrencies-add-nothing-useful-to-society-nvidia-chatbots-processing-crypto-mining https://www.theguardian.com/technology/2023/mar/26/cryptocur... At least gambling is regulated where as crypto is a unregulated decentralised wild west where there is no protections whatsoever. Where is the use case in people losing money in a pyramid scheme using crypto tokens?
    - lcnPylGDnU4H9OF 4y ago
      I'm not convinced you know what you're trying to ask. What do you mean by "use case" other than the reasons for which people want something? The person you're responding to said that people want it so they can speculate and gamble with it. You can dislike these vices all you want but you're seeming to speak to some objectivity which you haven't done much to explain.

alphanullmeric 4y ago

Crypto does a pretty great job of keeping your hands off of other people’s money, is that a problem?

colesantiago 4y ago
But it does an even better job of losing your money, a problem for millions of people.
- alphanullmeric 4y ago
  Which is completely irrelevant because you’re free to use whatever currency you want, crypto or not. This discussion is about whether or not you have the right to make it illegal for me to do the same.
  - colesantiago 4y ago
    > Which is completely irrelevant because you’re free to use whatever currency you want, crypto or not. Free to use any regulated currency. Crypto is completely unregulated and too volatile to be used as a currency. It will be made illegal very quickly in a few years time, we already have India and China clamping down so you won't have to wait that long. Inevitably, we will see when the governments of the world band together to push crypto into the dark web and you'll never be able to cash out your crypto tokens into the real world through exchanges. Once again, another easy way to lose your money.
    - alphanullmeric 4y ago
      Oh no, how will you ever survive without regulating other people’s money. Hardest part about business is minding your own, however difficult it may be for people like you to keep your hands out of other people’s wallets.
      - colesantiago 4y ago
        > Hardest part about business is minding your own, however difficult it may be for people like you to keep your hands out of other people’s wallets. Except if you are in the crypto exchange business and you need to unload your fake tokens for real cash, just like how FTX and other failed exchanges took everyone's money from their wallets when they failed. When will you stop running from exchange to exchange to try cash out your tokens because of a bank run?