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Blockchains don't compete with banks, they compete with stock markets and other exchanges. Basically Bitcoin exists because nerds wanted to play Wolf of Wall S

Blockchains don't compete with banks, they compete with stock markets and other exchanges. Basically Bitcoin exists because nerds wanted to play Wolf of Wall Street and thought the government was holding them down.

MichaelZuo 2y ago
Blockchains compete with the existing financial system, which is largely held together by the major central banks and commercial banks. And because of poor timing as mentioned, they just seem like a shabby deal since nowadays it’s entirely possible to get nearly all the benefits in the existing system without the drawbacks.
- otabdeveloper4 2y ago
  > Blockchains compete with the existing financial system Nobody actually uses blockchains for accounts or money transfers. (Nobody as in actually nobody.) Lots of people use blockchains for speculation purposes, though.
  - MichaelZuo 2y ago
    Who said the existing financial system is limited to "accounts or money transfers"?
  - TZubiri 2y ago
    Wrong. Usd Stablecoins (tether) are very popular in my country. Salaries are paid with that shit
    - bitxbitxbitcoin 2y ago
      The people who say nobody uses blockchains for actual money are showing their privilege.
makingstuffs 2y ago
Bitcoin was literally created as a P2P replacement for the financial industry. The title of its white paper is “Bitcoin: A Peer-to-Peer Electronic Cash System”[0]. How is that not ‘competing with banks’? [0] https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf
- otabdeveloper4 2y ago
  > Bitcoin was literally created as a P2P replacement for the financial industry. No, that was "literally" the user-facing justification. But it was created as a get-rich-quick scheme for nerds.
  - TZubiri 2y ago
    That is both a cynical take and an anachronistic one. Sure you can argue that currently it is only used for get rich quick schemes. But to argue that it was get rich quick schemes from the start is innecessary. Also while get rich quick schemes are a problem with crypto, and there are crypto securities that evade regulation, there's also tax evasion, cybersecurity ransomware payments, drug trade, and not an insignificant amount of real legitimate transactions. You can again argue that the real transactions serve to pool illegitimate usecases with legitimate ones, like an xkcd mirror on the Tor network. But that would be a more nuanced and accurate take.

MichaelZuo 2y ago

Blockchains compete with the existing financial system, which is largely held together by the major central banks and commercial banks. And because of poor timing as mentioned, they just seem like a shabby deal since nowadays it’s entirely possible to get nearly all the benefits in the existing system without the drawbacks.

otabdeveloper4 2y ago
> Blockchains compete with the existing financial system Nobody actually uses blockchains for accounts or money transfers. (Nobody as in actually nobody.) Lots of people use blockchains for speculation purposes, though.
- MichaelZuo 2y ago
  Who said the existing financial system is limited to "accounts or money transfers"?
- TZubiri 2y ago
  Wrong. Usd Stablecoins (tether) are very popular in my country. Salaries are paid with that shit
  - bitxbitxbitcoin 2y ago
    The people who say nobody uses blockchains for actual money are showing their privilege.

makingstuffs 2y ago

Bitcoin was literally created as a P2P replacement for the financial industry. The title of its white paper is “Bitcoin: A Peer-to-Peer Electronic Cash System”[0]. How is that not ‘competing with banks’? [0] https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf

otabdeveloper4 2y ago
> Bitcoin was literally created as a P2P replacement for the financial industry. No, that was "literally" the user-facing justification. But it was created as a get-rich-quick scheme for nerds.
- TZubiri 2y ago
  That is both a cynical take and an anachronistic one. Sure you can argue that currently it is only used for get rich quick schemes. But to argue that it was get rich quick schemes from the start is innecessary. Also while get rich quick schemes are a problem with crypto, and there are crypto securities that evade regulation, there's also tax evasion, cybersecurity ransomware payments, drug trade, and not an insignificant amount of real legitimate transactions. You can again argue that the real transactions serve to pool illegitimate usecases with legitimate ones, like an xkcd mirror on the Tor network. But that would be a more nuanced and accurate take.