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The current president of the world's most powerful country recently launched a personal coin, named after himself, held for 80% by him, earned him billions (est
by NoLinkToMe 1y ago
The current president of the world's most powerful country recently launched a personal coin, named after himself, held for 80% by him, earned him billions (estimated at approximately half his net-worth), hosts pay-to-play dinners the top 200 coin holders, and creates a mechanism for foreign states to pump the coin in exchange for political gifts.
Crypto's current era has never been more wild. It's actually quite insane.
The number of shitcoins is at an all-time high. Most crypto trading is of the gambling nature.
Bitcoin is getting relatively mainstream and not too wild, everything else is a shitshow. But even bitcoin for 99% of users is just a speculative asset, just more stable and mainstream. Virtually nobody is using it for transactions (except for illegal products), for banking, or as an inflation hedge. Even in high-inflation countries like Turkey, sub 1% of assets are held in bitcoin.
Poor journalism to make this wholly unsubstantiated claim about crypto's wild west era being over based on some new US legislation around stablecoins, even if the part about stablecoins was true.
- sneak 1y ago> Virtually nobody is using it for transactions (except for illegal products), for banking, or as an inflation hedge. This is false for almost everyone I know, when speaking specifically about Bitcoin (which you are).
- Cryptionio 1y agoIts true for everyone I know. I used it only to buy drugs. Friends hold it as a gambling invest.
- broken-kebab 1y agoI used to send money to relatives. I'm sorry you bought supposedly addictive drugs, and I hope you won't do it again. But "I know one guy, and myself" is a very poor argument when you are generalizing.
- tuesdaynight 1y agoBoth of them used the same argument, though. I think that bitcoin has powerful uses (e.g., yours), but the majority of people are not using it for transactions. I'm not saying that it's a bad thing, per se.
- Cryptionio 1y ago[dead]
- deleted 1y ago[deleted]
- ben_w 1y agoThe current limits of Bitcoin *enforce* that "Virtually nobody" uses it — like, uses it at all. It can't scale up to even just the monthly rent and bill payments in just the city limits of Berlin, let alone e.g. people in this city just buying lunch and nothing else anywhere else in the world. The talk about e.g. it being layer-0 and day-to-day stuff being level-1 or whatever, that immediately deletes all the supposed benefits that bitcoin advocates for as it becomes "here is a bank that is backed with BTC just like normal modern ones are backed with fiat and old ones with gold".
- BSOhealth 1y agoabout 400,000 people use bitcoin daily. 0.005% of earth population. but yeah, it’s about the size of a single medium-sized accelerationist Thiel colony participating with each other. like if Cincinnati was raising bonds to convert to a seastead.
- Cthulhu_ 1y agoSo are they using it for transactions? Paying for products and services?
- sneak 1y agoYes, many people I know use it to settle transactions between private parties. I’m not talking about buying drugs on the dark web, either.
- stevage 1y agoThen the people you know are unusual holders of Bitcoin.
- inatreecrown2 1y ago[flagged]
- Cryptionio 1y agoCrypto is shit. It produces an extreme amount of co2 and is responsible for Billions in Fraud. It also disrupts energy systems for poor people around the globe.
- broken-kebab 1y agoYou can replace 'crypto' with 'building roads' and the statement will remain valid in the same emotional context though
- Cryptionio 1y ago[dead]
- kindkang2024 1y agoTrump coin, is it? Fair enough — I believe everyone should have the freedom to launch a memecoin, Trump included. You have that freedom too. And everyone has the freedom to buy it or not. Whether it’s a "shitcoin" or not really depends on perspective. Those who bought it voluntarily and profited likely don’t see it that way — and even some who lost money might not consider it trash. Their opinions matter just as much as yours. In the end, it’s the collective will of the people that determines whether a memecoin survives or thrives. To me, that’s a perfect example of freedom in action.
- kkfx 1y agoI think most fails to understand a thing: stablecoins are not "quick and simple eCash-alike", they are a way to re-dollarize the world migrating the power from traditional bankers to new ones. That's the end of the wild west. The end of the classic banking system to be substituted with another one, equally shaped and harmful. The banking world have state that in 2019 https://web.archive.org/web/20240213185758/https://www.cimb.ch/uploads/1/1/5/4/115414161/banking_disrupted_geneva22-1.pdf https://web.archive.org/web/20240213185758/https://www.cimb.... and now it's just another small win of the new banksters...