4 ms·
That’s a fun site.
by appplication 3y ago
That’s a fun site.
- moose_man 3y agoCrypto is a scam (including Bitcoin) anybody treating it otherwise is overly credulous or in on the scam. Maybe it started out with better intentions but it is irredeemable.
- cft 3y agoAnd so is economic growth by printing USDs. Let's see which one collapses first.
- moose_man 3y agoI'm not sure if you're betting on the collapse of the USD, the collapse of economic growth or the collapse of the US economy.
- alchemist1e9 3y agoFor discussion purposed just a few historical fiat currencies, since your confidence in USD seems a bit overblown, especially for a currency whose issuer is now spending more on interest payments than their military, an indicator of possible future instability as a store of value. 1. German Weimar Republic (Germany) - The German Mark, introduced in 1924 after World War I, was originally intended to replace the hyperinflated German Papiermark. However, the Great Depression and military reparations led to massive deficit spending, resulting in hyperinflation starting around 1921. By 1923, one US dollar equaled approximately 4.2 trillion Reichsmarks. 2. French Revolutionary Franc (France) - After the French Revolution in the late 18th century, France's new revolutionary government issued the assignats, which were paper money used as part of a monetary reform program. Initially, these notes held value due to their being backed by goods such as grain; however, excessive printing eventually led to severe hyperinflation between 1796 and 1797, where prices rose exponentially. 3. Hungarian Pengő (Hungary) - Introduced in 1946, the Hungarian pengő suffered from rampant inflation due to economic mismanagement and Marshall Plan aid exchange rates. Between 1945 and 1946, the exchange rate for one US dollar was set at HUF 52, but due to various factors, including nationalization, hyperinflation reached an estimated 44 quadrillions to the US dollar by 1946. 4. Zimbabwean Dollar (Zimbabwe) - Succeeding the British colonial Rhodesian dollar, Zimbabwe adopted its own fiat currency, the Zimbabwean dollar, upon independence in 1980. Hyperinflation began in the mid-1970s, and by November 2004, it had become virtually worthless, forcing the country to abandon it. 5. Mexican Peso (Mexico) - Following the Mexican-American war, Mexico faced significant debt. To finance the national debt, a silver peso coin was minted. Despite its initial value, hyperinflation struck, and by the late 19th century, the Mexican peso became almost worthless. Numerous attempts at currency stabilization failed until the introduction of the "El Banco" gold standard in 1914.
- niceice 3y agoWhy do you say Bitcoin is a scam? It rather seems like the opposite; an altruistic gift to humanity. An anonymous programmer produced a decentralized currency that solved the double spend problem and didn't even sell his coins.
- moose_man 3y agoThis is either expert level trolling or =|
- spywaregorilla 3y agohe didn't sell his coins in that wallet >_>
- spankalee 3y agoIt's a Ponzi scheme, just distributed.
- barnabee 3y agoIt’s more important to have an unstoppable digital store of value than to stop people getting scammed. Sure would be nice to have fewer scammers, and we should try. I, too, detest many of the actors in the space, the whole number-go-up get-rich-quick culture, and much more. But it’s a sideshow. The reality is I’m not giving up digital assets I completely control (preferably private ones) any more than I’m giving up strong encryption, e2e encrypted comms, or the right to run whatever software I like on my computers. I’m not the only one. It’s really irrelevant if you or anyone else considers it irredeemable. What does that even mean? There’s not even a single coherent “it” to be irredeemable.
- moose_man 3y agoBy "it" I mean the scam ridden shell of what was once cryptocurrency. The parasite has consumed the host.
- barnabee 3y agoNot really, you just have to look a bit harder. Perhaps a greater percentage of the people, projects, and attention are part of the “parasite” as you put it, but that was my point: while it is bad, and something we should work to minimise, it’s may be a price we have to pay for something that at its core is very important.
- __MatrixMan__ 3y agoWhat makes you think that the kids of tomorrow are going to give a damn about today's notions of what's valuable? Using an unstoppable ledger doesn't make the underlying values any more legitimate than they were before. I do think that creating a censorship resistant place for data is more important than preventing people from being scammed, but when I think about what ought to go there, I come up with nothing so status-quo-preserving as abstractions that ensure the continuity of asset ownership. It's like you hate banks so much that you went and built one just to show-em.
- barnabee 3y ago
- xenospn 3y agoThis is the only correct interpretation of the crypto ecosystem. There are no positives.
- mrb 3y agoCryptocurrency, when used as intended, is pretty boring. Send funds from A to B. Done. yawn. You won't see headlines about it. The news that make it to your eyeballs are always sensational: fraud, crime, scams, etc. So if your exposure to crypto is only through the media, as opposed to actually using it yourself, it is logical for you to associate crypto with fraud.
- eli 3y agoit’s also not a particularly good way to send money from one person to another
- colecut 3y agoIt's absolutely the fastest way to send larger sums of money.
- deleted 3y ago[deleted]
- eli 3y ago1) that’s very rarely the most important feature to me and 2) no it isn’t. Moving crypto around is fast but I don’t want crypto, I want money I can spend. USD -> crypto -> USD is not fast. There are faster ways to send money you can’t spend.
- alchemist1e9 3y agoI have a crypto debit card I can fund as needed and spend anywhere. In fact for me it’s faster and easier than any bank. It can be sent to anyone in the world and with a stack of a few different crypto debit cards can be spent immediately in pretty much any country in the world with their local currency. Yes currently the exchange fees are not great on those cards for exchanging to fiat, but the trend is down and improving.
- 3y ago
- jd3 3y agoI couldn't believe my eyes when I first stumbled upon https://dci.mit.edu/ https://dci.mit.edu/
- __MatrixMan__ 3y agoSee also: https://cbr.stanford.edu/research.html https://cbr.stanford.edu/research.html
- l0ng1nu5 3y agoFiat currency is a scam (including the USD) anybody treating it otherwise is overly credulous or in on the scam. Maybe it started out with better intentions but it is irredeemable. reply
- alchemist1e9 3y agoYes yes. I’m sure 15 years later you will be saying the same thing even when Bitcoin is showing up on reserve holdings of major central banks. I believe Bitcoin is around the 16th largest currency in the world today and it’s daily transaction volume indicates extensive real world use. But don’t worry you can keep ranting about how Bitcoin is a scam, you or others like you were 10 years ago, and will be in another 10 years. I have a hunch it’s a phenomenon somehow related to how socialists are still ranting about socialism 200 years now, the most failed ideas in human history, yet according to them never been done “correctly”, this is some collectivist mindset equivalent in reverse, ranting about how big a failure one of the most successful ideas in human history is.