• Cryptocurrency Warning:
    The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price.
    Please be aware that any information provided here can be the opinion of the author. Trade at your own risk.

China has banned bitcoin and other crypto.

LainaGabranth

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Same for cryptography, anonymous email... all other things people like to get the foolish and ignorant of technology scared about.
I hate to break it to you champ but those were things with actual uses. There's nothing crypto can do that fiat can't already do with retooling. There's no real innovation behind crypto and there's never really going to be. Decentralizing something that so inherently requires centralization like currency is a recipe for disaster. One only needs to look at the myriad of failing coins to see that.
 

FAST6191

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I hate to break it to you champ but those were things with actual uses. There's nothing crypto can do that fiat can't already do with retooling. There's no real innovation behind crypto and there's never really going to be. Decentralizing something that so inherently requires centralization like currency is a recipe for disaster. One only needs to look at the myriad of failing coins to see that.
If the retooling is expensive or blocked by those with outsized interests (see all the things crypto accomplished whilst being ignored, mocked or even suffering active attempts to stifle) then carry on replacing like any other number of tech shook up financial worlds before it (see also early stories of transactions between banks once computers got involved).

Does currency require centralisation? Issuing banks/central banks of most places in the world whether you would want to live there or not have shown themselves to at best be corrupt beyond all reason (the dual mandate being a conflicting one in the US all but ensuring that, never mind looking at something fun like Turkey or Venezuela) or incompetent (if the transitory drum is not a "nothing to see here" thing similar to them not mentioning the word recession lest panicky types appear then it is incompetence, or a staunch belief in MMT which is... the same thing).

Failing coins is like failing companies. Better to have people try than have none.
 

LainaGabranth

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If the retooling is expensive or blocked by those with outsized interests (see all the things crypto accomplished whilst being ignored, mocked or even suffering active attempts to stifle) then carry on replacing like any other number of tech shook up financial worlds before it (see also early stories of transactions between banks once computers got involved).

Does currency require centralisation? Issuing banks/central banks of most places in the world whether you would want to live there or not have shown themselves to at best be corrupt beyond all reason (the dual mandate being a conflicting one in the US all but ensuring that, never mind looking at something fun like Turkey or Venezuela) or incompetent (if the transitory drum is not a "nothing to see here" thing similar to them not mentioning the word recession lest panicky types appear then it is incompetence, or a staunch belief in MMT which is... the same thing).

Failing coins is like failing companies. Better to have people try than have none.
It does, in fact, require centralization and regulation, otherwise you get the notorious wash trading and exploitation, such as the entire Cryptoland shitshow. Making exploitative actions like this illegal is a net good thing, and a level of regulation and centralization provides the ability to protect markets and market conditions when troubles arise. I'm an anti-capitalist and even I know how this shit works.

One of the biggest benefits of this for example is during the pandemic, where the fed was able to regulate trading and pump cash into the market to prevent a depression. Had we had no regulation whatsoever, I think it's very, very likely this entire country would've fallen into Depression 2: Electric Boogaloo. People who weren't alive during 2008 bitch and moan about inflation and the like now, but that's just the nature of disrupted supply chains. Crypto as a whole has no real way to circumvent these issues, which is why you've been seeing so many coins drop significantly. I know you think you're on the cusp of a huge technocratic future here with your e-money nonsense, but no currency worth a fuck erases trillions of dollars in a single day because one trading app has an oopsie. It's for this reason that crypto isn't the future, or even innovative, it's a fad. It doesn't bring utility to the internet, or even real value in trading.

It's overglorified Pokemon cards at best and a massive MLM at worst. It relies on people overhyping the value of it, enticing stupid people into falling for it with dreams of getting rich, only to rarely walk out with any profits unless they had significant amounts of money prior to pump before the dump. I'll be fine with crypto existing once it's heavily regulated to prevent criminal exploitation, but something tells me crypto-cultists will fuck off to some other beanie babies type fad once it gets regulations..
 

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It does, in fact, require centralization and regulation, otherwise you get the notorious wash trading and exploitation, such as the entire Cryptoland shitshow. Making exploitative actions like this illegal is a net good thing, and a level of regulation and centralization provides the ability to protect markets and market conditions when troubles arise. I'm an anti-capitalist and even I know how this shit works.

One of the biggest benefits of this for example is during the pandemic, where the fed was able to regulate trading and pump cash into the market to prevent a depression. Had we had no regulation whatsoever, I think it's very, very likely this entire country would've fallen into Depression 2: Electric Boogaloo. People who weren't alive during 2008 bitch and moan about inflation and the like now, but that's just the nature of disrupted supply chains. Crypto as a whole has no real way to circumvent these issues, which is why you've been seeing so many coins drop significantly. I know you think you're on the cusp of a huge technocratic future here with your e-money nonsense, but no currency worth a fuck erases trillions of dollars in a single day because one trading app has an oopsie. It's for this reason that crypto isn't the future, or even innovative, it's a fad. It doesn't bring utility to the internet, or even real value in trading.

It's overglorified Pokemon cards at best and a massive MLM at worst. It relies on people overhyping the value of it, enticing stupid people into falling for it with dreams of getting rich, only to rarely walk out with any profits unless they had significant amounts of money prior to pump before the dump. I'll be fine with crypto existing once it's heavily regulated to prevent criminal exploitation, but something tells me crypto-cultists will fuck off to some other beanie babies type fad once it gets regulations..
Prevent a depression or push it down the road into what we are heading into now? Possibly with more pain than would have been experienced had money supply not been inflated.
Supply chains/minimal stock systems do get troubled with even minor disruption (never mind needlessly locking people in their houses because ego and stupidity) do add to the fun but it is not even close to the whole story (I am not necessarily in the purely a monetary phenomenon camp but it is so heavily weighted that way it might as well be).
There are also plenty of occasions when various trading applications for stock markets (to say nothing of the recent nonsense with nickel) screw up, have an exploit or similar. Indeed that would be the case for lack of centralisation/too much of it, which also appears to have happened for some of those coins.
 

WiiMiiSwitch

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So the trick is to get back when it is low and sell off when it is high.
It's honestly just the stock market for delusional people, it literally can't replace currency it keeps going up and down. I mean I guess you're right about using it to make money. I'm using all my BAT (free crypto) on a movie theater near me that accepts it, you can't sell it anyways
 
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HomebrewingNeko

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I feel that this thread has been too long for having a good conversation over crypto. The thread is a year old, so it feels odd to have this giant influx of comments on it.

I hope you understand why I have asked for it to be locked.

Thank you,
Neko
 
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The Real Jdbye

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It's honestly just the stock market for delusional people, it literally can't replace currency it keeps going up and down. I mean I guess you're right about using it to make money. I'm using all my BAT (free crypto) on a movie theater near me that accepts it, you can't sell it anyways
It can't replace currency in its current state, I agree. But boy is investing in it profitable.
It's not the stock market for delusional people, it is the stock market. Literally the exact same thing as investing in high volatility stocks. But cooler.
I feel that this thread has been too long for having a good conversation over crypto. This isn't the right subforum, and the thread is a year old, so it feels odd to have this giant influx of comments on it.

I hope you understand why I have asked for it to be locked.

Thank you,
Neko
It is the right subforum though?
 
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