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Can anyone name at least one positive effect Crypto has had?
by ivanstegic 3y ago
Can anyone name at least one positive effect Crypto has had?
- buzzert 3y agoCan anyone name at least one positive effect Money has had?
- capitalsigma 3y agoMoney allows for economic specialization, leading to greater productivity. You don't build an economy that produces cell phones when you're stuck bartering goats for wheat.
- lcnPylGDnU4H9OF 3y agoI feel like this is not answering the spirit of their question. What is bad about Crypto which isn't some nth-order effect of Money? - When a layperson is scammed out of their Crypto the problem is that they lost Money because they used Money to buy the Crypto. (Yes, given the current ecosystem it is easier for my grandmother to be convinced to transfer all of her Crypto such that she can't get it back but that's bad because she's losing Money.) - People are incentivized to run machines which "mine" Crypto -- but otherwise do nothing externally useful while also causing other negative externalities such as carbon emissions -- because the Crypto can be sold for Money.
- romafirst3 3y agoSure. I can walk into a shop anywhere in the world and exchange money (in the local currency) for goods.
- munk-a 3y agoIt allows me to farm something that I harvest in the fall and buy fish in the spring. There are a plethora of other examples but common mediums of exchange are essential to allow specialization and the society we live in.
- ajmurmann 3y agoI understand that some people in places like Argentina and Venezuela that struggled with very high inflation were able to shelter some of their money. It also can be nice for transferring money internationally.
- Spivak 3y agoI'm actually kinda surprised anyone was willing to be the other end of that transaction. Why would anyone swap your bolivar for bitcoin when you're doing it because you know the bolivar will soon be worth a lot less?
- tmpz22 3y ago> Why would anyone swap your bolivar for bitcoin Public money -> Venture Capitalist extracting fees -> FinTech startup middleman extracting fees -> Individual sheltering volatile currency Public money loses everyone else wins. Wealth inequality expands.
- ebiester 3y agoThink about remittances. One side wants Bolivars because their family is sending them money to live. The official exchange rate is dictated by the country and is a flat out lie. It is an illegal transaction, but not an immoral one.
- drdaeman 3y agoAs far as I know, it's not how it works. They essentially swapped USD for BTC. When the currency is crashing down like that, people try to discard it by bying something else (goods or other currencies). As I get it, exchanges were limited, so those who had better access to foreign currencies used this as an opportunity and provided services to those who weren't.
- barbariangrunge 3y agois it easier? How do you report the transaction for taxes?
- 3y ago
- Mistletoe 3y agoYes, governments are thinking about the consequences of constantly inflating their money supply. One very positive effect crypto has had is that it made this formerly poor cancer researcher with a pitiful retirement fund have hope for the future and not constantly lose his money to inflation and wages that haven't kept up with it.
- jrflowers 3y agoThis is a good point. You won at gambling, therefore everyone should gamble.
- reaperducer 3y agoOne very positive effect crypto has had is that it made this formerly poor cancer researcher with a pitiful retirement fund have hope for the future and not constantly lose his money to inflation and wages that haven't kept up with it. So, pretty much the same effect as traditional investing, or buying lottery tickets?
- shlubbert 3y agoI've heard it works pretty well for buying drugs online.
- realYitzi 3y agoIt got us GPU's powerful enough to train large models.
- ryanfreeborn 3y ago- Fucked up predatory remittance money shops, and forced them to lower their fees and actually start competing. - Offered a more stable unit of exchange for people in places where fiat was not usable. - Cheaper alternative method for fast, large transactions. Forced big banks that traditionally accommodated these transactions to innovate.