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Yes but stocks are usually tied to a business producing some sort of service that people want, and therefore have value. Crypto is tied to, checks notes nothing
by INTPenis 2y ago
Yes but stocks are usually tied to a business producing some sort of service that people want, and therefore have value. Crypto is tied to, checks notes nothing.
- jen729w 2y agoI’m no shill for crypto, but you can’t with a straight face claim that all non-crypto financial instruments are ‘tied to … some sort of service that people want’. There’s a whole world of shady crap going on in the ‘legitimate’ financial space.
- INTPenis 2y agoOh absolutely. Money is the root of all evil. But crypto bros are often delusional about what intrinsical value exists in the normal market, compared to crypto coins where they invent the value. Therefore manipulation of value compared to real world markets becomes a lot more abstract.
- ColinWright 2y agoThe original saying is: "For the love of money is the root of all evil: ..." -- 1 Timothy, 6:10 It's not the money that is evil, it is the things we do because of the desire we have for it.
- brightball 2y agoYep, greed. Further correction though, it actually says “the love of money is the root of all kinds of evil.” If you really go down the rabbit hole, pride is probably the root of all evil. It’s certainly the root of greed.
- ColinWright 2y ago> it actually says “the love of money is the root of all kinds of evil.” That depends on the translation you're using[0] ... it might be interesting to go back to the original (as best we can). Also "all kinds of evil" can be interpreted in (at least) two ways, so it's ambiguous anyway. But as with all these things, it's perhaps best to use the text to spark a search for a truth, or at least a useful guiding principle. [0] https://www.biblegateway.com/verse/en/1%20Timothy%206:10 https://www.biblegateway.com/verse/en/1%20Timothy%206:10
- Natsu 2y agoYoung's literal translation is pretty good for those who don't read Koine Greek or otherwise aren't eager to break out a copy of Strong's concordance. It's interesting to see the minor difference between "a root" and "the root" for example: 9 and those wishing to be rich, do fall into temptation and a snare, and many desires, foolish and hurtful, that sink men into ruin and destruction, 10 for a root of all the evils is the love of money, which certain longing for did go astray from the faith, and themselves did pierce through with many sorrows;
- portaouflop 2y agoGod is the root of all evil, he created it after all.
- Natsu 2y agoEvil is not an object, so the verb "create" cannot be properly applied to it.
- latentsea 2y agoAt the root of all that is premature optimization.
- kfrzcode 2y agoHey, the customer is always right.....
- behringer 2y agoOne of the greatest uses of crypto is the ability to transfer any amount of money to any point on earth for next to nothing and no questions asked. That is worth more than most any other use for crypto.
- bandushrew 2y agoExcept that you cant, in a practical sense. I can sell crypto to anyone, anywhere. That cannot be used to purchase anything, anywhere. Its only useful for a very narrow subset.
- solumunus 2y agoIt can be exchanged for other currencies.
- ryan_lane 2y agoWhich requires KYC in most places, and then you're going to start getting asked about the source of those funds. You'll also need to claim it on taxes, which if lied about will cause additional issues. So, yeah, the "no questions asked" part is wrong. You can send money to anyone on earth, after a middleman takes a cut on your fiat exchange, the transfer, and the next fiat exchange, with questions asked, public for the world to see.
- behringer 2y agoYou're not being very creative if you can't find someone to buy your crypto.
- ozgrakkurt 2y agoWhy is this a problem if you are not doing anything illegal? It is much easier to send and receive money using blockchains
- ryan_lane 2y ago
- soulofmischief 2y agoHumans are the root of evil, and money is how we exert control.
- kube-system 2y agoI hate on crypto any chance I get, but crypto has damn near a monopoly in facilitating black and/or grey market electronic transactions. It is very in demand, for instance, in helping dictators evade sanctions, or helping criminals extort or trade illegally.
- DANmode 2y agoI suppose you could count Venezuelans going hungry as "criminals". But I wouldn't.
- demondemidi 2y agoOh god this gets trotted out every time someone points out the evil that crypto facilitates. Give it a rest. It pales in comparison and there are many other solutions that your argument conveniently ignores.
- fallingsquirrel 2y agoThe vast majority of bitcoin use is legal. https://www.nber.org/system/files/working_papers/w29396/w29396.pdf https://www.nber.org/system/files/working_papers/w29396/w293... > For example, illegal transactions, scams and gambling together make up less than 3% of volume. Sure there's the odd dumb criminal who doesn't understand the prosecutorial implications of an immutable public ledger. But it pales in comparison, according to the actual data.
- evilfred 2y agowash trading is rampant https://www.bloomberg.com/news/articles/2023-09-12/wash-trading-is-rampant-on-decentralized-crypto-exchanges https://www.bloomberg.com/news/articles/2023-09-12/wash-trad...
- unusualmonkey 2y agoI love how you quote that, but not other lines like: "We first document that 90% of transaction volume on the Bitcoin blockchain is not tied to economically meaningful activities". How much of the actually meaningful use is legal? E.g. buying good and services, not evading laws, regulations, sales taxes etc.
- OJFord 2y agoThat argument doesn't make sense, without taking a side, because it's not supposed to be like a share in a business. You'd do better to argue 'currencies are usually tied to a productive country with some measurable GDP and therefore [...]'.
- walterbell 2y ago> Crypto is tied to.. nothing. It's being tied to US state law, via the Uniform Commercial Code (UCC Article 12 for Digital Assets), https://www.clearygottlieb.com//news-and-insights/publication-listing/ucc-digital-asset-amendments-finalized https://www.clearygottlieb.com//news-and-insights/publicatio... Article 12 – dealing directly with the acquisition and disposition of interests (including security interests) in “controllable electronic records,” which would include Bitcoin, Ether, and a variety of other digital assets ... Control under Article 12 is designed to be a technology-neutral functional equivalent of “possession.” It generally encompasses circumstances when a party has the “private key”
- ars 2y agoDollars are also tied to nothing. A towel with the logo of a sports team also has zero intrinsic value. Same with a shiny lump of useless metal. That's because being tied to something, or having intrinsic value is not how things gain value. Things, crypto, dollars, gold, and towels, have value because people WANT them. That's it. You even touched on it: "some sort of service that people want, and therefore have value" - crypto provides a service people want, therefore by your own words it has value.
- astrange 2y agoDollars have fundamental demand because, among other things, you have to pay US sales taxes in them. > Things, crypto, dollars, gold, and towels, have value because people WANT them. That's it. People would want a lot of things if those things were free, question is what the demand curve is.
- evilfred 2y agoUS dollars are backed by the US economy and military
- roenxi 2y agoIf US dollars can be backed by a military, crypto is backed by mining networks. The mining network is a lot more productive than the US military which has vastly negative economic output. At least ASICs doesn't wander around wrecking countries in a semi-random fashion. The mining network even operates at a profit, which is much better than the US government by a huge margin. Someone thinks they are worth the money.
- darkclouds 2y ago[dead]
- from-nibly 2y agoStocks arent tied to company performance unless they have divendends. Which would mean most stocks are also tied to nothing. Except stocks have recognizable logos I guess.
- solumunus 2y agoPeople want drugs, it’s a huge industry. Drugs aren’t going away buddy.
- deleted 2y ago[deleted]
- koonsolo 2y agoCrypto is bootstrapped internet money. If you can't see the value in that, it's because you don't want to see it.
- ozgrakkurt 2y agoCryto is excellent for keeping money and transfers. Especially if you don’t live in eu our us. Big coins are getting very stable and are good long term investments depending on how you see it will go :) Bank system is terribly inefficient comparatively and it is a huge market