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I still don’t understand what a fully realized crypto ecosystem would allow people to do that isn’t already being done well by standard technology. Like it or n
by Shawnj2 3y ago
I still don’t understand what a fully realized crypto ecosystem would allow people to do that isn’t already being done well by standard technology. Like it or not, for most people doing most things, the government or large companies are suitable enough of a store of trust which is the problem crypto solves by being decentralized. I think it’s a neat technology for tech people but I still struggle to see why normal people doing most things would want to pay for things with bitcoin.
- leashless 3y agoSo the argument is twofold. 1) governments didn’t get to print money at will until they went off the gold standard, and the financial regime we have now is worse than the gold era. (Highly dubious, I don’t buy this entirely) 2) blockchain done right gives hub-and-spoke efficiency without creating hegemons like VISA, SWIFT and PayPal to boss around their users with impunity. This I believe entirely.
- Shawnj2 3y agoThere are still significant fees doing transactions over blockchain and those giant hegemonies are what allow things like charge backs and fraud detection while if somone hacks your wallet and steals all your crypto, it’s gone forever. It’s great if you’re trying to launder money or pay for sketchy things but I still don’t get the draw for the average person, just decentralization is not that valuable
- leashless 3y agoThink in terms of antimonopoly — VISA charges outrageous fees for decades because they’re the hub through which all payments go.
- Shawnj2 3y agoPeople use VISA because they like the convenience and assurance it gives them over cash or a bank transfer, both of which don’t have a fee. Crypto both has neither and is more expensive per transaction.