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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 cr

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.
- colesantiago 4y ago
  We both know the whole point of the crypto use case is to become an alternative or a replacement to fiat, to which it isn't and cannot be. Speculation is not a legitimate use case for something that aims to become a currency. If I am trying to buy a loaf of bread with a crypto token and the price plummets and fluctuates wildly for no reason that is backed by nothing, it is not useful at all. You can try and justify crypto all you want, However and objectively speaking, there are far too many pyramid schemes, far too many ponzi schemes, scams, rugpulls and ransomware crypto payments, unregistered ICOs that crypto is harbouring to even take seriously after 15 years of its existence. I'm glad the crackdown is happening.
  - ZGDUwpqEWpUZ 4y ago
    Are you older than 15?
    - colesantiago 4y ago
      Are you struggling to make a point here? You could just say a relevant point rather than failing to make a point like crypto.
      - ZGDUwpqEWpUZ 4y ago
        It was a genuine question, and from your response I'm guessing the answer is "no". If you're wondering what provoked the question, it was the crying about "unregistered" ICOs - at that point it was clear that you're either a child or an adult with a child-like need for external authority to make you feel safe. Pro-tip going forward in life: try not to throw out the baby with the bathwater.
        colesantiago 4y ago
        It's an irrelevant question and doesn't change my point at all. In fact crypto bros like yourself are the ones asking for regulatory clarity, to which it is you that is in need of an external authority to save you from yourselves. Because crypto and it's industry clearly cannot save itself, that's why it needs regulation. With or without regulation crypto will collapse anyway.
        ZGDUwpqEWpUZ 4y ago
        I didn't choose 15 at random. It's unclear why you think putting words in my mouth is going to achieve anything. ICOs don't need any special regulations, existing contract law is fine. Finally, I'm not sure why you've written "regulatory clarity" there. Of course we'd like the authorities to act in a predicable way, but that's an orthagonal issue to how restrictive those regulations should be. It feels like you're just throwing out phrases you don't quite understand.

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.

colesantiago 4y ago
We both know the whole point of the crypto use case is to become an alternative or a replacement to fiat, to which it isn't and cannot be. Speculation is not a legitimate use case for something that aims to become a currency. If I am trying to buy a loaf of bread with a crypto token and the price plummets and fluctuates wildly for no reason that is backed by nothing, it is not useful at all. You can try and justify crypto all you want, However and objectively speaking, there are far too many pyramid schemes, far too many ponzi schemes, scams, rugpulls and ransomware crypto payments, unregistered ICOs that crypto is harbouring to even take seriously after 15 years of its existence. I'm glad the crackdown is happening.
- ZGDUwpqEWpUZ 4y ago
  Are you older than 15?
  - colesantiago 4y ago
    Are you struggling to make a point here? You could just say a relevant point rather than failing to make a point like crypto.
    - ZGDUwpqEWpUZ 4y ago
      It was a genuine question, and from your response I'm guessing the answer is "no". If you're wondering what provoked the question, it was the crying about "unregistered" ICOs - at that point it was clear that you're either a child or an adult with a child-like need for external authority to make you feel safe. Pro-tip going forward in life: try not to throw out the baby with the bathwater.
      - colesantiago 4y ago
        It's an irrelevant question and doesn't change my point at all. In fact crypto bros like yourself are the ones asking for regulatory clarity, to which it is you that is in need of an external authority to save you from yourselves. Because crypto and it's industry clearly cannot save itself, that's why it needs regulation. With or without regulation crypto will collapse anyway.
        ZGDUwpqEWpUZ 4y ago
        I didn't choose 15 at random. It's unclear why you think putting words in my mouth is going to achieve anything. ICOs don't need any special regulations, existing contract law is fine. Finally, I'm not sure why you've written "regulatory clarity" there. Of course we'd like the authorities to act in a predicable way, but that's an orthagonal issue to how restrictive those regulations should be. It feels like you're just throwing out phrases you don't quite understand.