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AI had tangible use cases even when it wasn't developed to the point where it could be applied to those. The problems AI is used to solve, existed before the te

AI had tangible use cases even when it wasn't developed to the point where it could be applied to those. The problems AI is used to solve, existed before the technology to solve them. Bitcoin, and all the other "crypto"-tokens, have been looking for a problem to solve for 14 years.

medo-bear 3y ago
A problem to solve? It is not uncommon for companies to loose over 2% of revenue in banking fees and other enforced banking inefficiencies for transactions that could be handled much more cheaply and efficently with crypto solutions
- simiones 3y ago
  Yes, because both BTC and ETH are well known for how cheap transactions are.
  - nwienert 3y ago
    Typically less than half a percent, often lower.
    - simiones 3y ago
      As far as I see, average ETH gas prices have been between ~20 and ~170 USD in the last few months. So, by my understanding (happy to be corrected) for a 1k USD transaction, that's between 2% and 17%. It does get pretty good if you're transacting huge sums. It's abysmal for day-to-day payments.
      - medo-bear 3y ago
        do you have any experience sending eth?
- usrbinbash 3y ago
  > not uncommon for companies to loose over 2% of revenue in banking fees and other enforced banking inefficiencies Do you have a source for that number? And even forgetting that "crypto" comes with both delays and transaction fees, it is also known to be able to lose most of it's value basically overnight. So unless companies want to wake up bankrupt, they'd have to constantly change real money into tokens and back again for their transactions. I wonder how efficient that would be.
  - medo-bear 3y ago
    not more than my experience, which you can trust or not. if it means anything to you my experience relates to banks in the EU. i also deal alot in multiple currencies crypto delays are minutes to hours. banking delays are a matter of days. just this week i needed to do a significant transfer with my bank. because i did the transfer after 16:30 (in branch!) i needed to wait until 06:00 for the transfer to happen because it was outside transfer hours. if some crypto coin functioned like this it would be laughed at
Arkhaine_kupo 3y ago
It's the new money, I mean it's an investment, I mean it's a store of value, it is a tech backbone for web 3.0, it is an online deed... Soon they will find something it is reaaaally good at. Might solve some prime number conjecture by accident if they solve enough sudokus, I mean hashes.
- nwienert 3y ago
  You make some great points. Money, investments, banks, programmable money, decentralized organizations, VC where investors don't need accreditation (great for the little guy, bad for the 1%), deeds, remittances, prediction markets. Even capturing a fraction of a fraction of those would be a massive. I used it quite a few times lately to pay open source contributors in countries that don't have access to Paypal. Paid my rent when Venmo blocked my account temporarily and I had to wait 2 weeks for checks to come in the mail. Used it for Mullvad VPN. Used it to get MJ on a market at far higher quality and better price than locally in Cali. Was super useful. Paypal in and of itself makes the case, no need for any more.
  - Arkhaine_kupo 3y ago
    > You make some great points. I am sad to hear that. I was mocking the crypto attempts to legitimise their business proporisiton. All of them have failed, because fundamentally their product does not solve any real problem and once it interacts with the real world it has the same problems as those industries have. Essentially crypto is like most libertarian communities, they eventually end up inventing regulations, governance and many of the same systems that we currently have, but only after fucking up themselves. > Even capturing a fraction of a fraction of those would be a massive. The risk of fraud outstrips any of the advantages, also the risk of lack of regulation on the financial system has brought us great hits like the 2008 banking crisis. Giving VC access to anyone based on crypto is gonna be a gold rush of fraud, To the Moon tm slogans and other nonsense that will bankrupt as many people as possible before imploding.
  - deleted 3y ago
    [deleted]
super256 3y ago
I recently paid a lawyer I had to hire in the US with USDC, rather than paying 40€+ on top of exchange fees for each time I wire him money. Another use case is domains and servers. When big companies like Porkbun, namecheap and vultr offer their services to be bought via Bitcoin there is probably some demand.
- gtirloni 3y ago
  That demand comes from scammers and other fun activities.
  - the_sleaze9 3y ago
    Source?
  - andirk 3y ago
    I have bought domains with bitcoin when they offer. I heard someone used USD for a domain, and it turns out USD is used by scammers!
    - gtirloni 3y ago
      Was it done out of curiosity a few times or do you use Bitcoin as a currency daily? Do you know anyone using Bitcoin as a currency daily? How many people do you think are using Bitcoin as a currency for legal business VS the number of people using it to speculate on its price and/or shady activities? I'd love to be proved wrong but unfortunately neither of us will be able to collect this information so I guess we have to agree to disagree and live inside our little bubbles.
      - andirk 3y ago
        I use it as a currency kind of to encourage its use. I have several USD accounts to use depending on the merchant, and a couple BTC accounts as well, and I use the BTC whenever offered. My understanding is not many people use BTC as a purchasing goods currency. BTC buys are probably mostly a speculative bet that BTC will become more used and more useful in the future, just like any stonk albeit weirder. I am only challenging the usefulness of a statement like "BTC is a criminal currency" that is fully applicable to USD just the same.

medo-bear 3y ago

A problem to solve? It is not uncommon for companies to loose over 2% of revenue in banking fees and other enforced banking inefficiencies for transactions that could be handled much more cheaply and efficently with crypto solutions

simiones 3y ago
Yes, because both BTC and ETH are well known for how cheap transactions are.
- nwienert 3y ago
  Typically less than half a percent, often lower.
  - simiones 3y ago
    As far as I see, average ETH gas prices have been between ~20 and ~170 USD in the last few months. So, by my understanding (happy to be corrected) for a 1k USD transaction, that's between 2% and 17%. It does get pretty good if you're transacting huge sums. It's abysmal for day-to-day payments.
    - medo-bear 3y ago
      do you have any experience sending eth?
usrbinbash 3y ago
> not uncommon for companies to loose over 2% of revenue in banking fees and other enforced banking inefficiencies Do you have a source for that number? And even forgetting that "crypto" comes with both delays and transaction fees, it is also known to be able to lose most of it's value basically overnight. So unless companies want to wake up bankrupt, they'd have to constantly change real money into tokens and back again for their transactions. I wonder how efficient that would be.
- medo-bear 3y ago
  not more than my experience, which you can trust or not. if it means anything to you my experience relates to banks in the EU. i also deal alot in multiple currencies crypto delays are minutes to hours. banking delays are a matter of days. just this week i needed to do a significant transfer with my bank. because i did the transfer after 16:30 (in branch!) i needed to wait until 06:00 for the transfer to happen because it was outside transfer hours. if some crypto coin functioned like this it would be laughed at

Arkhaine_kupo 3y ago

It's the new money, I mean it's an investment, I mean it's a store of value, it is a tech backbone for web 3.0, it is an online deed... Soon they will find something it is reaaaally good at. Might solve some prime number conjecture by accident if they solve enough sudokus, I mean hashes.

nwienert 3y ago
You make some great points. Money, investments, banks, programmable money, decentralized organizations, VC where investors don't need accreditation (great for the little guy, bad for the 1%), deeds, remittances, prediction markets. Even capturing a fraction of a fraction of those would be a massive. I used it quite a few times lately to pay open source contributors in countries that don't have access to Paypal. Paid my rent when Venmo blocked my account temporarily and I had to wait 2 weeks for checks to come in the mail. Used it for Mullvad VPN. Used it to get MJ on a market at far higher quality and better price than locally in Cali. Was super useful. Paypal in and of itself makes the case, no need for any more.
- Arkhaine_kupo 3y ago
  > You make some great points. I am sad to hear that. I was mocking the crypto attempts to legitimise their business proporisiton. All of them have failed, because fundamentally their product does not solve any real problem and once it interacts with the real world it has the same problems as those industries have. Essentially crypto is like most libertarian communities, they eventually end up inventing regulations, governance and many of the same systems that we currently have, but only after fucking up themselves. > Even capturing a fraction of a fraction of those would be a massive. The risk of fraud outstrips any of the advantages, also the risk of lack of regulation on the financial system has brought us great hits like the 2008 banking crisis. Giving VC access to anyone based on crypto is gonna be a gold rush of fraud, To the Moon tm slogans and other nonsense that will bankrupt as many people as possible before imploding.
- deleted 3y ago
  [deleted]

super256 3y ago

I recently paid a lawyer I had to hire in the US with USDC, rather than paying 40€+ on top of exchange fees for each time I wire him money. Another use case is domains and servers. When big companies like Porkbun, namecheap and vultr offer their services to be bought via Bitcoin there is probably some demand.

gtirloni 3y ago
That demand comes from scammers and other fun activities.
- the_sleaze9 3y ago
  Source?
- andirk 3y ago
  I have bought domains with bitcoin when they offer. I heard someone used USD for a domain, and it turns out USD is used by scammers!
  - gtirloni 3y ago
    Was it done out of curiosity a few times or do you use Bitcoin as a currency daily? Do you know anyone using Bitcoin as a currency daily? How many people do you think are using Bitcoin as a currency for legal business VS the number of people using it to speculate on its price and/or shady activities? I'd love to be proved wrong but unfortunately neither of us will be able to collect this information so I guess we have to agree to disagree and live inside our little bubbles.
    - andirk 3y ago
      I use it as a currency kind of to encourage its use. I have several USD accounts to use depending on the merchant, and a couple BTC accounts as well, and I use the BTC whenever offered. My understanding is not many people use BTC as a purchasing goods currency. BTC buys are probably mostly a speculative bet that BTC will become more used and more useful in the future, just like any stonk albeit weirder. I am only challenging the usefulness of a statement like "BTC is a criminal currency" that is fully applicable to USD just the same.