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it's not like these onramps served the real purpose of digital currency. People don't buy bitcoin in order to pay for services, they buy it to speculate. Bitc

by seydor 3y ago

it's not like these onramps served the real purpose of digital currency. People don't buy bitcoin in order to pay for services, they buy it to speculate. Bitcoin could succeed even without onramps; digital workers can easily accept bitcoin if they care, which over time will be traded with goods in the physical world with other people who care. That's grass roots deployment, not VC-backed "legitimate" ponzi exchanges. I do however understand why people are mad. To me it seems that crypto is to GenZ what Real estate was to boomers. It's about building generational wealth in a time of extreme inequality where most other avenues have been closed. It may come back for that, but it has to be built outside the confines of state-regulated money systems

hirako2000 3y ago
The offramp / onramp is necessary so long as we have two systems, we need a gate between the two, even if crypto had 10 times its current level of trading transactions, as in trading of good or services for crypto, there would still be a large imbalance where more income would be taking fiat in. Adoption is happening, surely less so or far slower in the developed nations like in the US, but is not contracting globally. Unless all fiat currencies were to suddenly collapse, the bridge is needed. And, even if the wildest adoption was to take place, there will likely still be centralised issuers here and there, some countries sitting on paper money which would make off ramping a very long term need. Interesting comment, I like the parallel with the boomers era. Crypto may just take over once throw genX take over in far greater numbers, get elected, and the few old recalcitrant putting obstacle get cornered.
- seydor 3y ago
  If bitcoin was valued, banks would create the onramps. The current, speculation -based exchanges are putting the cart before the horse
  - jrm4 3y ago
    "Valued" is carrying a lot of weight there. Crypto's stated PURPOSE is to get around traditional banks; that banks don't like it doesn't actually equal "not valued."

by seydor 3y ago

hirako2000 3y ago

The offramp / onramp is necessary so long as we have two systems, we need a gate between the two, even if crypto had 10 times its current level of trading transactions, as in trading of good or services for crypto, there would still be a large imbalance where more income would be taking fiat in. Adoption is happening, surely less so or far slower in the developed nations like in the US, but is not contracting globally. Unless all fiat currencies were to suddenly collapse, the bridge is needed. And, even if the wildest adoption was to take place, there will likely still be centralised issuers here and there, some countries sitting on paper money which would make off ramping a very long term need. Interesting comment, I like the parallel with the boomers era. Crypto may just take over once throw genX take over in far greater numbers, get elected, and the few old recalcitrant putting obstacle get cornered.

seydor 3y ago
If bitcoin was valued, banks would create the onramps. The current, speculation -based exchanges are putting the cart before the horse
- jrm4 3y ago
  "Valued" is carrying a lot of weight there. Crypto's stated PURPOSE is to get around traditional banks; that banks don't like it doesn't actually equal "not valued."