It was supposed to be a financial revolution. Instead, crypto has become an environmentally disastrous gift to con artists, says academic David A Banks
Except it is constantly manipulated by, for example, Elon Musk on Twitter and celebrities who then procede to rug pull. And it’s not even really decentralized, because when needed, the blockchain can be changed (like what happened with Ethereum years ago, that got split into two blockchains) or blocked (like what is happening now with Luna). But you also get all the cons of decentralization: you got robbed by an hacker? Well, fuck you, no one can do nothing about it. Someone sent a malicious NFT to your wallet without your consent? Too bad you clicked on it, now your wallet’s empty.
"Can be send instantly anywhere in the world, without going through expensive money-transfer agents
": except transitions on a blockchain are incredibly costly.
In this sense cryptocurrency is just like cash. It can be a blessing or a curse depending on your situation.
It’s possible to build a banking system, with chargebacks and insurance and all the rest, on top of any currency. It doesn’t exist AFAIK for bitcoin yet. But there’s nothing stopping governments or businesses from introducing it.
You could also argue that bitcoin doesn’t need any of that because it’s inherently more secure than the banking system. But that’s maybe another day’s argument.
Yes there are risks with everything, and if its too risky for you thats okay. Others will keep using it. Btw blockchain transactions are only expensive with bitcoin and ethereum, most others are extremely cheap.
Yes there are risks with everything, and if its too risky for you thats okay. Others will keep using it.
Can they then please not make a big thing out of losing everything because of gambling in a cryptocassino? And maybe please do not ask the Fed to step in?
That’s what really gets me going. I don’t care what cryptobros do with their money and if they want to put it in a machine that spits out random amounts on the other end, be my guest. But can they please stop insisting on affecting everyone else in the world?
Can they then please not make a big thing out of losing everything because of gambling in a cryptocassino? And maybe please do not ask the Fed to step in?
I did not ask this so-called Fed anything. And of course some people will lose money, thats what happens in a market. If you want zero risk, play some video game instead.
Can they please stop appropriating artists’ works, or activists’ faces?
Yes it is very easy to copy or pirate digital art, big surprise. And some people combined that with cryptocurrency. Do you think no crime has ever been committed using us dollars?
That’s what really gets me going. I don’t care what cryptobros do with their money and if they want to put it in a machine that spits out random amounts on the other end, be my guest. But can they please stop insisting on affecting everyone else in the world?
It is obvious that you care a lot about “what cryptobros do with their money”. The only question is, why?
Except it is constantly manipulated by, for example, Elon Musk on Twitter and celebrities who then procede to rug pull. And it’s not even really decentralized, because when needed, the blockchain can be changed (like what happened with Ethereum years ago, that got split into two blockchains) or blocked (like what is happening now with Luna). But you also get all the cons of decentralization: you got robbed by an hacker? Well, fuck you, no one can do nothing about it. Someone sent a malicious NFT to your wallet without your consent? Too bad you clicked on it, now your wallet’s empty.
"Can be send instantly anywhere in the world, without going through expensive money-transfer agents ": except transitions on a blockchain are incredibly costly.
It happened to bitcoin too.
In this sense cryptocurrency is just like cash. It can be a blessing or a curse depending on your situation.
It’s possible to build a banking system, with chargebacks and insurance and all the rest, on top of any currency. It doesn’t exist AFAIK for bitcoin yet. But there’s nothing stopping governments or businesses from introducing it.
You could also argue that bitcoin doesn’t need any of that because it’s inherently more secure than the banking system. But that’s maybe another day’s argument.
Yes there are risks with everything, and if its too risky for you thats okay. Others will keep using it. Btw blockchain transactions are only expensive with bitcoin and ethereum, most others are extremely cheap.
Can they then please not make a big thing out of losing everything because of gambling in a cryptocassino? And maybe please do not ask the Fed to step in?
Can they please stop appropriating artists’ works, or activists’ faces?
That’s what really gets me going. I don’t care what cryptobros do with their money and if they want to put it in a machine that spits out random amounts on the other end, be my guest. But can they please stop insisting on affecting everyone else in the world?
I did not ask this so-called Fed anything. And of course some people will lose money, thats what happens in a market. If you want zero risk, play some video game instead.
Yes it is very easy to copy or pirate digital art, big surprise. And some people combined that with cryptocurrency. Do you think no crime has ever been committed using us dollars?
It is obvious that you care a lot about “what cryptobros do with their money”. The only question is, why?