The problem is the crypto isn't used as a currency. It's used as a security, and a very speculative one at that. We don't need more securities, sorry.
Also, the benefits of crypto as a currency aren't all that. We already have instant money transfers that everyone uses day-to-day without any hitch. Crypto can do it too, sure. Keyword too.
There can be other benefits like transparency or anonymity but:
1. We can already achieve transparency through regulation and largely have.
2. Anonymity for currencies is pretty much bad. We tried that in the past, turns out lots of organized crime.
> The problem is the crypto isn't used as a currency.
False.
> We don't need more securities, sorry.
That's your opinion.
> We already have instant money transfers that everyone uses day-to-day without any hitch.
We do? Please let me know of an instant way to send money to any country on Earth, without exorbitant fees or trusting a single corporation.
> Anonymity for currencies is pretty much bad. We tried that in the past, turns out lots of organized crime.
Ah, yes. Let's abolish cash as well.
It's easy to strawman the case that all cryptocurrencies have no practical value. Groupthink is promoted on forums like this. What takes a bit of maturity and honesty is acknowledging that beyond the negative things cryptocurrencies have been used for, the technology is fulfilling the promise of evolving our financial systems. While you continue to scream and shout that it's a scam, millions of people will continue to benefit from it every day.
Okay, but most people aren't using bitcoin as currency.
> That's your opinion.
Okay, and most people's opinion. Yeah we don't need more securities, especially scammy ones. Sorry you're in the minority.
> We do? Please let me know of an instant way to send money to any country on Earth, without exorbitant fees or trusting a single corporation.
I don't pay for my fucking coffee in Venezuela. 99.99% of transfers don't go across countries.
And, if you need that, that's what credit cards are for. They're fast and I'm not going to get kidnapped and have my fingers stolen because I have an Amex blue card.
> It's easy to strawman
Really? You don't think appealing to usecases like "inter-country transfers" isn't strawmanning?
The reality is crypto-currency has exceedingly small usecases that aren't already covered by other technologies. And then, of those that are covered, the alternatives are proven, faster, cheaper, and safer.
> Ah, yes. Let's abolish cash as well.
Nobody ever said this, but we do put limits on cash to prevent laundering.
And it's saved a lot of lives. Sorry, I don't think letting organized crime flourish is worth for some principle of privacy you have. I don't care about you or your principles, I care about real outcomes, in the real world. And, fortunately, legislatures in pretty much every country agree with me.
It's hard to see the positives considering current cryptocurrencies are 99% rug-n-pull ponzi schemes with the longevity of a mayfly, and the ones sticking around like bitcoin, eth, etc, are just a long-run-con with a value volatility rivaling only the volatility of the currently in-fashion javascript framework.
I mean, most modern financial instruments are fairly similar, albeit slightly more regulated, so what do I know. In a short span, we have witnessed speculative buying of GPUs, crypto mining (aka using shit ton of electricity and hardware to produce NOTHING of value), dropshipping, and my favorite: the tremendous value that NFTs and all other web3 trash brought to society, I can't help but wonder why people are tired of the crypto fads, especially since crypto delivered NOTHING of its promises:
- you can buy limited amount of stuff with it and you often need to convert it to "real" money
- its unstable and unregulated, so it's just a breeding ground for scammers and snake oil salesmen
- It fails hard on its privacy/anonymity promise, as it's LITERALLY the most traceable thing in the world, especially considering wallet scramblers are outlawed in many places
So much negativity for no reason, all web3 so far has been super successful and extremely useful for society! /s
