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>>... Crypto ... are [is] pretty much useless. Other than by corrupt criminals and mafia types who have a need to covertly hide cash. And then the current adm

by keernan 8mo ago

>>... Crypto ... are [is] pretty much useless. Other than by corrupt criminals and mafia types who have a need to covertly hide cash. And then the current administration wants the government to 'protect' crypto investors against big losses. Gotta love it.

henry2023 8mo ago
>> Other than by corrupt criminals and mafia types who have a need to covertly hide cash. I’ve got an Argentinian friend who sends crypto to his mother because he pays less than 0.5 % in fees and exchange rates instead of close to 5% using the traditional way. From now on I’ll call him a corrupt criminal.
- keernan 8mo ago
  No need to be snarky. I didn't realize there actually were any legitimate reasons to own crypto.
  - foxglacier 8mo ago
    Really? For such an obvious use case, it sounds like everything you know about the topic is what you've heard from emotionally manipulative social media users. You should work out ideas yourself instead of just copying popular rhetoric which is often wrong, despite being popular.
nyc_data_geek1 8mo ago
And anyone who is under sanction or lives in a nation under economic sanction, and wants access to a means of sending payments across borders that would otherwise be closed to them. And anyone who lives in a polity whose local currency may be undergoing rapid devaluation/inflation. And anyone who needs a form of wealth that no local authority is technically capable of alienating them from - ie: if you need to pack everything in a steamer trunk to escape being herded into cattle cars, you can memorize a seed phrase and no one can stop you from taking your wealth with you. And any polity who may no longer wish to use dollars as the international lingua franca of trade, as the global foreign exchange reserve currency, to reduce the degree to which their forex reserves prop up American empire. Sadly, all of these use cases appear increasingly relevant as time goes on.
- keernan 8mo ago
  ok - I am willing to be educated. Thank you.
  - nyc_data_geek1 8mo ago
    You're welcome. Glad you found this helpful, truthfully. Rare enough for any signal to cut through the noise online, these days.
the-anarchist 8mo ago
> corrupt criminals and mafia types who have a need to covertly hide cash You're describing the people that use actual cash to launder and hide, well, cash, and that have done so for centuries, long before crypto had even been invented. A few web searches on <big bank name> + "money laundering scandal" (e.g. "HSBC money laundering scandal") can offer valuable insights.
- keernan 8mo ago
  >> that have done so for centuries There is no doubt crypto processes trillions of dollars of illegal cash. Way easier for the illegal cash industry to wash their cash than ever before.
  - mulmen 8mo ago
    How does crypto make money laundering at scale easy?
beeflet 8mo ago
what about non-corrupt criminals?
RalfWausE 8mo ago
Corrupt criminals and mafia types... a well fitting description of the US government

by keernan 8mo ago

henry2023 8mo ago

>> Other than by corrupt criminals and mafia types who have a need to covertly hide cash. I’ve got an Argentinian friend who sends crypto to his mother because he pays less than 0.5 % in fees and exchange rates instead of close to 5% using the traditional way. From now on I’ll call him a corrupt criminal.

keernan 8mo ago
No need to be snarky. I didn't realize there actually were any legitimate reasons to own crypto.
- foxglacier 8mo ago
  Really? For such an obvious use case, it sounds like everything you know about the topic is what you've heard from emotionally manipulative social media users. You should work out ideas yourself instead of just copying popular rhetoric which is often wrong, despite being popular.

nyc_data_geek1 8mo ago

And anyone who is under sanction or lives in a nation under economic sanction, and wants access to a means of sending payments across borders that would otherwise be closed to them. And anyone who lives in a polity whose local currency may be undergoing rapid devaluation/inflation. And anyone who needs a form of wealth that no local authority is technically capable of alienating them from - ie: if you need to pack everything in a steamer trunk to escape being herded into cattle cars, you can memorize a seed phrase and no one can stop you from taking your wealth with you. And any polity who may no longer wish to use dollars as the international lingua franca of trade, as the global foreign exchange reserve currency, to reduce the degree to which their forex reserves prop up American empire. Sadly, all of these use cases appear increasingly relevant as time goes on.

keernan 8mo ago
ok - I am willing to be educated. Thank you.
- nyc_data_geek1 8mo ago
  You're welcome. Glad you found this helpful, truthfully. Rare enough for any signal to cut through the noise online, these days.

the-anarchist 8mo ago

> corrupt criminals and mafia types who have a need to covertly hide cash You're describing the people that use actual cash to launder and hide, well, cash, and that have done so for centuries, long before crypto had even been invented. A few web searches on <big bank name> + "money laundering scandal" (e.g. "HSBC money laundering scandal") can offer valuable insights.

keernan 8mo ago
>> that have done so for centuries There is no doubt crypto processes trillions of dollars of illegal cash. Way easier for the illegal cash industry to wash their cash than ever before.
- mulmen 8mo ago
  How does crypto make money laundering at scale easy?

beeflet 8mo ago

what about non-corrupt criminals?

RalfWausE 8mo ago

Corrupt criminals and mafia types... a well fitting description of the US government