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The only real use-case for crypto was doing crime. Criminals flocked to use it, but obviously the government was going to be shortly behind. I'm surprised it to
by m00x 3y ago
The only real use-case for crypto was doing crime. Criminals flocked to use it, but obviously the government was going to be shortly behind. I'm surprised it took this long to close down the exit nodes.
She could still use it to pay people that accept crypto, but most cryptocurrencies aren't great currencies since they fluctuate in value a lot.
Our current financial system has issues, but the best system for 99%+ of people.
- askinionio 3y ago>The only real use-case for crypto was doing crime. It was never any good at that, either. Cryptocurrency is somewhat hard to censor but easy to track. And in practice, people go through centralized exchanges because blockchains work so badly.
- m00x 3y agoIt isn't, but it's still much better than traditional banks.
- phone8675309 3y agoI don't know, people seem to have gotten good at buying drugs with it
- ramranch 3y agoPeople are pretty damn good at buying drugs with fiat, too.
- x-complexity 3y ago> Our current financial system has issues, but the best system for 99%+ of people. I have to violently disagree with that statement. For a good chunk of people (> 10%), the current system is a vampire on the efforts of people, draining them via transfer fees, account fees, overdraft fees & whatever new fee they can come up with today. Their failures are bailed out because "tHeY'rE tOo BiG tO fAiL", influencing politicians into using the funds of the State to give themselves a pillow to land on. They deem themselves to be above the effects of "the hand of the market" that everyone else has to go through. Screw that: They must be able to fail like the rest of us, with no soft landing given to them when they do so.
- m00x 3y agoYou've got too much wrong in that comment for me to answer to all of them, but you don't sound like you know much about the banking world. If they're charging fees, it's because it costs them something to offer these services. If they had their way, they just wouldn't offer services to poor people since it's more trouble than its worth. Neobanks like Chime are tackling that issue with pretty good success, but they're shifting the costs from consumer to merchant. Nothing is perfect, but it's pretty darn good for most.
- nradov 3y agoNo one has to pay overdraft fees. Account holders can disable overdraft on any account if they don't want it.
- littlestymaar 3y agoAnd then you pay “rejection” fees (or whatever they call the fees they charge you when a payment bounces), which are in the same ballpark…
- Femolo 3y agoThose fees pay for all the services people need. Account recovery, fraud detection, ATMs everywhere, etc.
- verdverm 3y agoThings noticably missing from the cryptoschemes...
- futurecat 3y agoIn 2017, the World Bank reported 1.7 billion people are unbanked globally. The current financial system is very far from being best for 99%+ of people.
- futurecat 3y agoChainanalysis reported in their 2023 Crypto Crime Report that only 0.24% of the volume of crypto transactions was for crime.
- nocoiner 3y agoHow does that percentage compare with non-crypto financial assets?
- junofan 3y agoIt’s thought to be a couple percent. You just make up a bunch of invoices, collect deposits from mules, buy real estate/luxury goods, then sell those to prove source of funds.
- __jonas 3y agoI would be curious how they could possibly estimate that, can you link to where they describe their methods for determining a criminal transaction?
- littlestymaar 3y agoSetting aside the fact that such a figure is obviously hard to determine reliably, keep in mind that the overwhelming majority of cryptocurrencies transactions are speculation and never leave the exchange. If you discount the speculation and just focus on the use of cryptocurrencies, then the figure is going to be appalling even if the .24% from Chainanalysis was accurate in the first place.
- hypefi 3y agoYou sound like you don't know the pains to transfer money when you live in a country that does not have $ or € as their main currency, crypto has use for a lot of people in the world and it will regain traction once the scammers and the speculators will get tired of it
- phone8675309 3y agoWhat's the timeframe on scammers and speculators deciding they don't want to make a profit from unsophisticated users/soft targets?
- Justsignedup 3y agoIf crypto is so not accepted in most places she'll get pennies on her dollar. It'll end up in company scrip all over again.
- alphanullmeric 3y agoI mean sure, if you make derivatives trading illegal, freeze bank accounts of people you disagree with and mandate transaction surveillance then anyone that wants to do what they want with their own money and not get spied on is a criminal.