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I suspect that this article is a propaganda piece that promotes these (false) ideas: - crypto is for criminals - it does not give you full control (false, cus

I suspect that this article is a propaganda piece that promotes these (false) ideas: - crypto is for criminals - it does not give you full control (false, custodial services don't) - it is possible to ban all fiat exits If you struggle with the last point, take a look at kycnot.me list.

bdcravens 3y ago
Correct, you can't ban all fiat exits. However, this also undermines the argument for crypto about government control of fiat, since many of the exits of last resort rely on dealing with cash.
thephyber 3y ago
“… to ban all fiat exits” This doesn’t matter. Every fiat exit that is banned creates more friction. Like a shopping cart that has left the parking lot and has the wheels locked, the transaction system becomes so difficult to use that it approaches impossible to use. If someone is banned from taking a loan from all regulated banks then they are forced to deal with loan sharks / organized crime. That loss of competition and choice comes with additional friction and strings attached to every transaction. Worse transaction fees, less security, less scrupulous counterparties, less convenience of location, less liquidity (one OnlyFans creator in the story was making $500k/mo), etc. It’s not only the fiat exits that ban specific users. Cryptocurrency exchanges are known to ban transactions to certain addresses / wallets for reasons including (but not limited to) fraud, scams, sanctions. I imagine some of the exchanges that try to follow US law also do some basic due diligence and ban some addresses based on sex work. If the sex worker’s customers can’t easily transfer the crypto to their addresses, the same problem remains.
acdha 3y ago
Just because you find something inconvenient for marketing purpose doesn’t mean it’s propaganda. These are real people hitting exactly the problems cryptocurrency sales guys said they could avoid by using it, and they deserve the respect of not having their lived experience dismissed outright. If you want to help cryptocurrency, put your time into fixing the problems rstger than still more empty marketing.
- Justsignedup 3y ago
  > "crypto will bring freedom from oppressive financial systems" < "crypto has the same problems" > "propaganda" LOL. I have yet to see a real world use case for crypto that isn't about getting around legal restrictions in the financial space which usually are used to fund north Korea or a drug cartel.
  - acdha 3y ago
    Yeah, my metric for whether cryptocurrencies were useful is the continued existence of PayPal. Anyone selling things has horror stories about them so the bar is pretty low to compete with them, but the blockchain pitch of “slower, costs more, less safe but at least it’s hard to use” hasn’t met even that level.
    - Justsignedup 3y ago
      Wow. This is the perfect way to describe it. If you're worse than PayPal how do you even compete?

bdcravens 3y ago

Correct, you can't ban all fiat exits. However, this also undermines the argument for crypto about government control of fiat, since many of the exits of last resort rely on dealing with cash.

thephyber 3y ago

“… to ban all fiat exits” This doesn’t matter. Every fiat exit that is banned creates more friction. Like a shopping cart that has left the parking lot and has the wheels locked, the transaction system becomes so difficult to use that it approaches impossible to use. If someone is banned from taking a loan from all regulated banks then they are forced to deal with loan sharks / organized crime. That loss of competition and choice comes with additional friction and strings attached to every transaction. Worse transaction fees, less security, less scrupulous counterparties, less convenience of location, less liquidity (one OnlyFans creator in the story was making $500k/mo), etc. It’s not only the fiat exits that ban specific users. Cryptocurrency exchanges are known to ban transactions to certain addresses / wallets for reasons including (but not limited to) fraud, scams, sanctions. I imagine some of the exchanges that try to follow US law also do some basic due diligence and ban some addresses based on sex work. If the sex worker’s customers can’t easily transfer the crypto to their addresses, the same problem remains.

acdha 3y ago

Just because you find something inconvenient for marketing purpose doesn’t mean it’s propaganda. These are real people hitting exactly the problems cryptocurrency sales guys said they could avoid by using it, and they deserve the respect of not having their lived experience dismissed outright. If you want to help cryptocurrency, put your time into fixing the problems rstger than still more empty marketing.

Justsignedup 3y ago
> "crypto will bring freedom from oppressive financial systems" < "crypto has the same problems" > "propaganda" LOL. I have yet to see a real world use case for crypto that isn't about getting around legal restrictions in the financial space which usually are used to fund north Korea or a drug cartel.
- acdha 3y ago
  Yeah, my metric for whether cryptocurrencies were useful is the continued existence of PayPal. Anyone selling things has horror stories about them so the bar is pretty low to compete with them, but the blockchain pitch of “slower, costs more, less safe but at least it’s hard to use” hasn’t met even that level.
  - Justsignedup 3y ago
    Wow. This is the perfect way to describe it. If you're worse than PayPal how do you even compete?