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Coinbase is identical to a bank because it holds customer funds. Your comment isn't quite the dunk you think it is. Blockchains allow money to be held anonymous

by woah 1y ago

Coinbase is identical to a bank because it holds customer funds. Your comment isn't quite the dunk you think it is. Blockchains allow money to be held anonymously without any banks involved. Centralized exchanges are just profiting on speculation and probably should be banned.

scarface_74 1y ago
My money in the bank in case of fraud is protected unless I voluntarily gave the fraudster my money. If a bank goes bankrupt, my money is protected by the government
- csomar 1y ago
  First one might be kind true in the US. Second one is only true up to $250k and how much Yellen likes you. But they are not true around the world and probably for most of it.
  - scarface_74 1y ago
    By law yes it’s only $250K. But when the banks collapsed last year, the government made sure that no one lost money. In fact, no one has ever lost money because of an FDIC insured bank failure.
AStonesThrow 1y ago
No they don’t. “Cryptocurrency” isn’t money at all. Just because you can trade it in for money, doesn’t make it so. I can also trade in my hat to the Buffalo Exchange for money. But my hat is not money.
- woah 1y ago
  There is no bright line separating "money" from any other type of fungible asset
  - AStonesThrow 1y ago
    Except for, you know, being able to spend it where you buy things? And deposit it into an actual bank? Those seem sort of intrinsic to how we use money today. https://en.wikipedia.org/wiki/Legal_tender https://en.wikipedia.org/wiki/Legal_tender
    - Ukv 1y ago
      > > There is no bright line [...] > Except for, you know, being able to spend it where you buy things? [...] The extent to which you can use it to buy things is a good metric, but I think that comes in varying degrees rather than being a sharp line or binary true/false. There are at least some things you can buy with cryptocurrency, and arguably there are some forms of "regular" (fiat, national, government-issued) money that aren't very widely accepted.
- yieldcrv 1y ago
  what's more important to me is how quickly can you trade your hat, how quickly can you determine the marketable value of your hat for selling, how close in value can you buy that hat for the same price you sold it, how many hats can you buy or sell at that price? and that's where hats fail in all metrics to cryptocurrency and how cryptocurrency satisfies my criteria for money
  - b112 1y ago
    Any publicly traded stock is the same as your critetia, yet it isn't money either.
    - yieldcrv 1y ago
      publicly traded stock is not liquid or fungible enough for my criteria actually but it could be, especially if it was tokenized
- djrj477dhsnv 1y ago
  I am paid my salary in crypto. I pay my rent in crypto. I pay for flights and car rentals in crypto. That's surely enough to be considered money.
- wmf 1y ago
  Yeah, it would be more accurate to say that Coinbase is de facto a brokerage but does not have the same level of regulation as traditional brokerages. The result is the same though.

by woah 1y ago

scarface_74 1y ago

My money in the bank in case of fraud is protected unless I voluntarily gave the fraudster my money. If a bank goes bankrupt, my money is protected by the government

csomar 1y ago
First one might be kind true in the US. Second one is only true up to $250k and how much Yellen likes you. But they are not true around the world and probably for most of it.
- scarface_74 1y ago
  By law yes it’s only $250K. But when the banks collapsed last year, the government made sure that no one lost money. In fact, no one has ever lost money because of an FDIC insured bank failure.

AStonesThrow 1y ago

No they don’t. “Cryptocurrency” isn’t money at all. Just because you can trade it in for money, doesn’t make it so. I can also trade in my hat to the Buffalo Exchange for money. But my hat is not money.

woah 1y ago
There is no bright line separating "money" from any other type of fungible asset
- AStonesThrow 1y ago
  Except for, you know, being able to spend it where you buy things? And deposit it into an actual bank? Those seem sort of intrinsic to how we use money today. https://en.wikipedia.org/wiki/Legal_tender https://en.wikipedia.org/wiki/Legal_tender
  - Ukv 1y ago
    > > There is no bright line [...] > Except for, you know, being able to spend it where you buy things? [...] The extent to which you can use it to buy things is a good metric, but I think that comes in varying degrees rather than being a sharp line or binary true/false. There are at least some things you can buy with cryptocurrency, and arguably there are some forms of "regular" (fiat, national, government-issued) money that aren't very widely accepted.
yieldcrv 1y ago
what's more important to me is how quickly can you trade your hat, how quickly can you determine the marketable value of your hat for selling, how close in value can you buy that hat for the same price you sold it, how many hats can you buy or sell at that price? and that's where hats fail in all metrics to cryptocurrency and how cryptocurrency satisfies my criteria for money
- b112 1y ago
  Any publicly traded stock is the same as your critetia, yet it isn't money either.
  - yieldcrv 1y ago
    publicly traded stock is not liquid or fungible enough for my criteria actually but it could be, especially if it was tokenized
djrj477dhsnv 1y ago
I am paid my salary in crypto. I pay my rent in crypto. I pay for flights and car rentals in crypto. That's surely enough to be considered money.
wmf 1y ago
Yeah, it would be more accurate to say that Coinbase is de facto a brokerage but does not have the same level of regulation as traditional brokerages. The result is the same though.