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You can keep telling yourself that, but there's enough utility and momentum behind it that it is not going anywhere. I'm saying this as a person with no stake
by fullstop 1y ago
You can keep telling yourself that, but there's enough utility and momentum behind it that it is not going anywhere. I'm saying this as a person with no stake in the matter, just observing from the sidelines.
- aprilthird2021 1y agoWhat is the utility behind it? I don't see people using to actually do any transactions because of the volatility and fluctuating transaction fees. Scams can have momentum behind them
- aaronax 1y agoTrue fiscal self-sovereignty. Albeit quite volatile.
- aprilthird2021 1y agoYou can't have this if you are a citizen of any country
- fullstop 1y agoAgain, I'm going to mention that I'm looking at this from the sidelines. I would argue that people make more purchases with Bitcoin than they do with gold.
- ceejayoz 1y agoGold is similarly worthless as a currency. Which is why we don't use it as one any more. It has plenty of utility, though. Open up any electronic device.
- yreg 1y agoThere are people who use crypto for transactions. Stablecoins are stable and for some people the fees are far lower than any alternatives.
- aprilthird2021 1y agoI'm not much aware of this type of use case, but is that really the future of crypto? Stablecoins for countries hit by sanctions, etc.?
- ceejayoz 1y agoBernie Madoff's investments had a lot of utility and momentum for decades, too.
- fullstop 1y agoThis is true but his records were well hidden, and the Bitcoin ledger is public.
- ceejayoz 1y agoNothing in the Bitcoin ledger will tell you when someone's doing wash trading to manipulate the price.
- fullstop 1y agoWash trading still happens in the NYSE, despite being illegal.
- andirk 1y agoInteresting point about wash trading being somewhat untraceable. How about a coin that connects a hash whatever to each chunk of the token as it moves around so every coin has a backstory written into the blockchain. And that sounds like current fiat banking.
- ggandv 1y agoDitto baseball cards.
- fullstop 1y agoYou can't send baseball cards instantly across the world and you have no guarantee of their authenticity.
- lern_too_spel 1y agoYou can sell ownership across the world instantly, and you can use a centralized authority for authenticity and grading. Done. All for less cost than crypto and without enabling DPRK to steal your card with no recourse. This is exactly what happened with gold, and then people realized that basing money on gold was stupid, so now we have the system we have today. Cryptofools are two financial revolutions behind modernity.
- fullstop 1y agoI hear what you are saying and you're putting an awful lot of trust in that centralized authority. We used to back our money with precious metals, but no longer do so. The dollar is now backed by aircraft carriers, jets, and military might.
- lern_too_spel 1y ago> you're putting an awful lot of trust in that centralized authority. No, I'm putting my trust in the rule of law. > The dollar is now backed by aircraft carriers, jets, and military might. It is mainly backed by trust in government monetary policy. Otherwise, what is the GBP backed by? The Royal Navy isn't what it used to be.
- askl 1y agoTbh, I just made this comment because I thought it would be funny to use your username in it. (Doesn't mean my opinion is something else, though)
- fullstop 1y agoHa, I was wondering. Thanks for the chuckle. :-)
- freejazz 1y agoReally? Seems more like the scams that keep it going? What's the utility that is keeping it going?