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12th May 2022, 09:29 PM | #2041 |
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13th May 2022, 05:57 AM | #2042 |
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13th May 2022, 06:15 AM | #2043 |
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13th May 2022, 06:22 AM | #2044 |
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13th May 2022, 06:27 AM | #2045 |
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"Reality is what's left when you cease to believe." Philip K. Dick |
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13th May 2022, 06:32 AM | #2046 |
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It's the difference between a fiat currency and a "Because we say so" currency.
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13th May 2022, 06:58 AM | #2047 |
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13th May 2022, 07:04 AM | #2048 |
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Again because crypto currencies are trying to be or claiming to be:
- An actual functional day to day alternative currency for normal purchases. - A secret underground "That coin from John Wick" currency. - A get rich quick scheme. - A quasi-legal money laundering method. - Basically a purely symbolic handshake for people super into deep state economy conspiracy theories. And it can't be all of those things at once. |
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13th May 2022, 08:03 AM | #2049 |
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Back in 2013/2014, there was a single season science fiction series called "Almost Human" (which I thought was pretty good). It was set in 2048 and numerous people were shown paying for things with Bitcoins, which were apparently carried around on USB drives. Wishful thinking.
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13th May 2022, 08:17 AM | #2050 |
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13th May 2022, 08:19 AM | #2051 |
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Know someone that 'lost' 6 figures in this luna fiasco. They luckily got in near the bottom so in actual investment low 5 figures, and they have spent a certain amount so probably broke even. But 5 days ago if it was taken out that was real money, and now.. gone. Many a convo about this possibility, unfortunately didn't help. I honestly blame the traditional financial systems for this. There is no safe return out there, forcing the choice between guaranteed loss with little risk or possible gain with extreme risk.
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13th May 2022, 09:35 AM | #2052 |
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When volatility happens, these exchanges develop convenient technical glitches, and retail investors get screwed while institutional money and insider trading gets a leg up.
They can basically do anything they want, since they are unregulated gambling sites. Just yesterday, at crypto.com "fortune favors the brave:" |
13th May 2022, 09:47 AM | #2053 |
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13th May 2022, 09:48 AM | #2054 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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13th May 2022, 10:01 AM | #2055 |
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13th May 2022, 10:17 AM | #2056 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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13th May 2022, 10:18 AM | #2057 |
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13th May 2022, 10:20 AM | #2058 |
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13th May 2022, 10:27 AM | #2059 |
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13th May 2022, 10:29 AM | #2060 |
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Because it's a get rich (or get poor) quick scheme because it is so volatile and you can't have a currency that works that way.
Nobody buys Bitcoin going "Oh I might make a .5% return on investment over the course of the next 10 years" and nobody is going to use a currency that might spike or plummet 500% if Elon Musk makes a tweet about it. |
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13th May 2022, 10:31 AM | #2061 |
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13th May 2022, 10:34 AM | #2062 |
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13th May 2022, 10:57 AM | #2063 |
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13th May 2022, 11:02 AM | #2064 |
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13th May 2022, 11:20 AM | #2065 |
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13th May 2022, 11:21 AM | #2066 |
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13th May 2022, 11:22 AM | #2067 |
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13th May 2022, 01:03 PM | #2068 |
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International purchases that are not regular or large enough to bother with international wires. I've mainly run into the issues for buying from service providers from Russia, and btc, which is huge a pain in the ass, is sometimes the only option. This is probably a business side issue vs regular people though.
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13th May 2022, 02:25 PM | #2069 |
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You can move a mountain of money-your money-in just minutes on the blockchain. It can take more than a week to do so with traditional money. Whether you "need it to" is irrelevant. It's an advantage over actual money, which is slow.
Whether that leads to a host of other problems is a different argument. But simply saying it has no advantages is an untrue statement. Being able to move funds quickly is always an advantage. |
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13th May 2022, 02:34 PM | #2070 |
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It’s not just that it leads to problems, it is that such movements are only ever necessary for nefarious ends.
It is not like a kitchen knife that can also be used to stab people, it is a bayonet that is pretty bad at everything but stabbing people. I can wire $50,000 in the US in hours, I can wire that amount to Asia in a few days. I can pay small bills worldwide via Venmo instantly. I can’t imagine a legitimate transaction where I would need to move more money than Venmo allows in less time than a wire would take. I’m sure I just lack imagination. |
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13th May 2022, 02:38 PM | #2071 |
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Minutes is also pretty lousy if all you want to buy is a kitchen knife.
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13th May 2022, 02:47 PM | #2072 |
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Suffering is not a punishment not a fruit of sin, it is a gift of God. He allows us to share in His suffering and to make up for the sins of the world. -Mother Teresa If I had a pet panda I would name it Snowflake. |
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13th May 2022, 03:31 PM | #2073 |
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13th May 2022, 03:32 PM | #2074 |
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13th May 2022, 05:39 PM | #2075 |
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13th May 2022, 05:39 PM | #2076 |
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13th May 2022, 05:41 PM | #2077 |
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This all reminds me of "The Age of Uncertainty" by Galbraith when any Bank could print it's own currency. It lead to chaos and "Banks" that were little more than a printing press hidden out the back of a swamp. The only way to restore a social respect of the value of a currency was to have a central bank guaranteed by the government.
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We do these things not because they are easy, but because we thought they were going to be easy. Everything is possible, but not everything is probable. “Perception is real, but the truth is not.” - Imelda Marcos |
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13th May 2022, 06:12 PM | #2078 |
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13th May 2022, 09:04 PM | #2079 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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13th May 2022, 09:06 PM | #2080 |
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"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975 |
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