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Crypto makes perfect sense if you just understand it's for doing illegal stuff. No moral judgement, but the only viable use case for the blockchain is doing th
by ryandvm 10mo ago
Crypto makes perfect sense if you just understand it's for doing illegal stuff.
No moral judgement, but the only viable use case for the blockchain is doing things with money that the authorities don't want you to do.
Other than that, no, there is no use for a distributed database because doing financial transactions with people you can't even trust to abide by the law is generally a bad idea.
- bdangubic 10mo agoI am a dual citizen. I wanted to buy a condo near my parents where I spend my summers with my family. I have never in my entire life felt like a criminal more than trying to buy something, with the money I made with my wife, going through regular financial system. after weeks of feeling like a criminal over coffee with my cousin who owns the company that was selling me the condo I was like “can I just fucking give you two bitcoins on a thumbdrive…” I would never own a crypto but working with the current financial system can make you feel like a criminal more than crypto at times… :)
- petesergeant 10mo ago> after weeks of feeling like a criminal over coffee with my cousin who owns the company that was selling me the condo I was like “can I just fucking give you two bitcoins on a thumbdrive…” and he said no, because you also can't do this. Bitcoin has not solved any problem there.
- lazide 10mo agoActually, in many places it would work fine. Some it would be immediate jail time.
- petesergeant 10mo agoIn the places it would work fine, so would a traditional transfer, though. Again, Bitcoin hasn't solved any issue here.
- vachina 10mo agoIf your funds are clean there is zero reason for the (unfounded) anxiety. Just follow through the motion. A local agent on a flat fee will probably make things easier.
- lmm 10mo ago> If your funds are clean there is zero reason for the (unfounded) anxiety. Nonsense. Your funds can be frozen with no recourse even if you're innocent. No-one will tell you what you supposedly did wrong. Everyone who hears about your predicament will make up reasons to believe that you'd done something wrong because they want to believe that the system doesn't make mistakes.
- LikesPwsh 10mo agoMost token holders use exchanges, where freezing accounts and just keeping the tokens is a daily occurrence. That's not something solved by cryptocurrency in its current form.
- throw101010 10mo agoYou do realize that they get frozen only because of the fiat system regulations/laws? These exchanges freeze accounts in fear of what governments might do to them if they weren't cautious/suspicious enough. They have no economical interest in freezing account otherwise, that's one less customer trading and paying them fees.
- lmm 10mo ago> You do realize that they get frozen only because of the fiat system regulations/laws? Well, sometimes. Sometimes they get frozen because the exchange operator decides to take the money and run.
- FieryMechanic 10mo agoI bought a vehicle early this year. In the UK we have supposedly instant BACs transfers. However because opaque anti-fraud stuff, that I am not informed about, I was stuck in the middle of a field trying to convince someone in a call centre that the car I could see with my own eyes (and I had done all the appropriate checks) does indeed exist. This whole process took almost an hour because their anti-fraud team has a two hour response time. There are obstacles in the banking system that make doing legal transactions difficult.
- hirsin 10mo agoWhat made you feel like a criminal? Buying a home is fairly straightforward and has almost no state verification of any piece of it, at least in the US. Was it something the state enforced, or something being done by the agents of the transaction (ie the mortgage company)?
- lazide 10mo agoThat is because you’re working in the same financial system. Now try buying some property in South America. Or Eastern Europe. Or Asia. Be prepared for a similar experience OP documents.
- mothballed 10mo agoIt's incredibly common in Argentina to buy a property with a suitcase of cash. In fact I think it's about the only way it's done. Argentina has a tax on bank transfers, plus by various measures the tax on profit of business can be above 100% so no one actually uses the traditional finance system for more than a minority fraction of their use.
- scotty79 10mo agoJust owning this much money feels criminal. Suddenly a lot of institutions start asking questions about where they came from.
- paddleon 10mo ago> Buying a home is fairly straightforward and has almost no state verification of any piece of it, at least in the US. you mean the purchase deed isn't registered anyplace? or you mean that the mortgage company didn't do a credit/background check on the buyer before granting the mortgage? Which includes some level of providing a state-backed identity card? Or do you mean it's easy to buy a house for cash without hassle in the US? Just a suitcase of $100 bills? I'm assuming you've tried this recently?? (and the house cost more than 150K?
- hirsin 10mo ago
- Almondsetat 10mo agoForeign property ownership is not like buying an Armani bag when you visit Italy. The financial regulations are complementary to the legal ones. Besides, even if you just sent 2 bitcoins, what about all the remaining documentation? It's not gonna fill out itself
- mothballed 10mo agoAnd this is [part of] why Dubai has the highest per capita influx of high net worth individuals. You can call them a dystopic theocracy, which is a bit true, but you can literally just fly over and buy a condo in a neighborhood with basically zero violent crime, with 2 bitcoins with essentially no questions asked.
- Almondsetat 10mo agoDubai is the Bitcoin of cities, so I guess the example fits.
- KptMarchewa 10mo agoFine, let's just give up civilization and praise the disneyland for oligarch and rich brats, build and maintained by slave like labor.
- sumedh 10mo ago> Crypto makes perfect sense if you just understand it's for doing illegal stuff. What happens when a country's banking system fails?
- kec 10mo agoIn what circumstance could the banking system collapse but leave the electric grid and all other infrastructure which supports the internet intact?
- lazide 10mo agoVenezuela?
- kec 10mo agoDo Venezuelans _actually_ have much documented usage of crypto, or are they simply using foreign fiat like the USD and Euro?
- JuniperMesos 10mo agoThe internet is more resilient than that. I wouldn't want to live in a country where the banking system has collapsed, and one of the reasons is because I expect that this correlates with unreliability of the power grid; but you can run a lot of useful pieces of software on a computer powered by solar panels and batteries in the wilderness with a satellite uplink, including a bitcoin node.
- troupo 10mo agoAh yes. And everyone in a country that suffers a banking collapse lives in a wilderness with solar power and a sattelite uplink.
- FabHK 10mo agoYes. And if a country with say 200m people suffered a banking collapse, everyone could do a Bitcoin transaction every 40 days (assuming everyone else stopped using it), and would use only about 1% of the world's electricity. Great stuff.
- solumunus 10mo agoThis utility is what helps stabilise its value, but the side effect of that is that it is a good store of wealth. These two facts make BTC go up. People say Bitcoin isn’t used for anything when in reality it’s being used every day to store and move wealth between big financial players (many of them being organised crime). Why wouldn’t they continue using this useful technology and therefore why won’t its value hold/increase? Is it moral to piggy back off this? That’s for you to decide. It’s worth considering that many major banks have been involved with organised crime since forever…
- npoc 10mo agoYou could also say that the bad guys are "piggy-backing" off the good people who hold it. What should you do? Censor their transactions? Who gets to say who gets censored? Like democracy, bitcoin is for everyone, including your enemies.
- npoc 10mo agoYou're clearly someone who doesn't agree with the quantitive theory of money.