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While it may be hard to see in first world countries, imagine being in a third world country and having a place you can store value that can't be debased by you

by ru552 3y ago

While it may be hard to see in first world countries, imagine being in a third world country and having a place you can store value that can't be debased by your crackpot dictator. That's huge.

ProjectArcturis 3y ago
Why hasn't it been adopted in those places then?
igsomething 3y ago
It is always the same debate in any cryptocurrency thread. People from economically free countries cannot understand cryptocurrencies because they are not meant for them and label them as scam. They cannot understand what 85% income tax is, authoritarian governments freezing (or emptying!) bank accounts for no reason, etc.
- JohnFen 3y ago
  I disagree. I think people in economically free countries can and do understand this. But, as you point out, cryptocurrencies don't have a great deal of utility to people who don't have to interact with economically oppressed countries.
oh_sigh 3y ago
It can't be debased by a crackpot dictator but it can be debased by the crackpot market. If you "stored value" from 2021 in BTC, you'd only have about half of that value right now. Granted, if you "stored value" from 10 months ago, you'd have 50% more than you put in. But, I think those big swings make it a poor instrument for most people to view it as a real way to store value.
- gosub100 3y ago
  It sucks because in theory all the "smart contacts" exist to create an instrument that holds its value. But that whole space has been saturated by wannabes, grifters and imitators. With all the day traders out there, I'm sure you could find a counterparty for a 5% X-year CD (dollar pegged, let's say). And I'm sure somewhere on the cryptosphere this exists, but good luck distinguishing it from a rugpull.
  - mrguyorama 3y ago
    >But that whole space has been saturated by wannabes, grifters and imitators. You are missing the extremely important point that crypto is saturated by these types exactly and explicitly because of design decisions that are inherent in crypto! The lack of transaction reversal is an explicit choice and explicitly empowers fraudulent activity over legitimate. What business or individual wants to lock up any value/cash/work they have in a system with zero recourse for fucking up?
    - gosub100 3y ago
      I don't disagree with you. I think it's a strange case where the tech-smart "code is law" proponents really think, in their minds, that it's invincible "because encryption!", and every time a new heist/scam occurs they dig their heels in deeper and say "that's different, it wasn't the _crypto_ that failed..." Even if it wasn't for elaborate rug-pulls, you could still lose everything to an evil-maid with a $5 key logger. That is just untenable.

by ru552 3y ago

While it may be hard to see in first world countries, imagine being in a third world country and having a place you can store value that can't be debased by your crackpot dictator. That's huge.

ProjectArcturis 3y ago

Why hasn't it been adopted in those places then?

igsomething 3y ago

It is always the same debate in any cryptocurrency thread. People from economically free countries cannot understand cryptocurrencies because they are not meant for them and label them as scam. They cannot understand what 85% income tax is, authoritarian governments freezing (or emptying!) bank accounts for no reason, etc.

JohnFen 3y ago
I disagree. I think people in economically free countries can and do understand this. But, as you point out, cryptocurrencies don't have a great deal of utility to people who don't have to interact with economically oppressed countries.

oh_sigh 3y ago

It can't be debased by a crackpot dictator but it can be debased by the crackpot market. If you "stored value" from 2021 in BTC, you'd only have about half of that value right now. Granted, if you "stored value" from 10 months ago, you'd have 50% more than you put in. But, I think those big swings make it a poor instrument for most people to view it as a real way to store value.

gosub100 3y ago
It sucks because in theory all the "smart contacts" exist to create an instrument that holds its value. But that whole space has been saturated by wannabes, grifters and imitators. With all the day traders out there, I'm sure you could find a counterparty for a 5% X-year CD (dollar pegged, let's say). And I'm sure somewhere on the cryptosphere this exists, but good luck distinguishing it from a rugpull.
- mrguyorama 3y ago
  >But that whole space has been saturated by wannabes, grifters and imitators. You are missing the extremely important point that crypto is saturated by these types exactly and explicitly because of design decisions that are inherent in crypto! The lack of transaction reversal is an explicit choice and explicitly empowers fraudulent activity over legitimate. What business or individual wants to lock up any value/cash/work they have in a system with zero recourse for fucking up?
  - gosub100 3y ago
    I don't disagree with you. I think it's a strange case where the tech-smart "code is law" proponents really think, in their minds, that it's invincible "because encryption!", and every time a new heist/scam occurs they dig their heels in deeper and say "that's different, it wasn't the _crypto_ that failed..." Even if it wasn't for elaborate rug-pulls, you could still lose everything to an evil-maid with a $5 key logger. That is just untenable.