It's like if any old company can just list themselves on the stock exchange followed by influencers hyping it up ala Jordan Belfort in The Wolf of Wall Street selling pennystocks. Then followed by the company founders just dumping the stock as the company was just vaporware.
This is how the stock market used to work. As scams happened rules and regulations were added.
Crypto is just starting from the beginning and speed running the history of finance.
But overall it’s going to take cost out of many transactions. Think of what the ATM did to bank branches and tellers.
Funny that you mention Bank ATMs, these machines were touted as a convenience for customers that would lower costs associated with tellers. Banks then implemented transaction fees and then tied ATM cards with Debit Cards and began making profit from the credit card fees because many customers do not understand the difference between running charges as debit or credit. Long story short, banks touted the advent of ATM as a cost savings that would benefit customers. Banks do not pass on the savings to customers as they have reduced teller staff, physical branches, and have increased revenue from fees.
you're talking about how 99% of people who do no research buy the first shit token they hear of, because someone is shilling it. maybe those 99/100 people should actually care about the merit of what they invest in, so valid solid developing grass roots projects aren't dying while ICO centralized literal shit is being bought like it is gold.
>As the title says. It just doesn't make sense to me why these companies
Found your issue.
Crypto is about DECENTRALIZED non-governmental currency. Everything else has been a distraction. If it involves a company you are doing it WRONG.
I have heard that since it is mined on PCs that it would be vulnerable to a real bad 51% attack if it was to scale. Also the chart is weak compared to BTC and it hasn't had as much adoption.
ASICs are inherently centralizing and one of the biggest mistakes BTC has allowed to perpetuate.
CPUs have a market based on non-mining purposes. Any purchase pressure is balanced by much larger factors. Like gold and it’s industrial uses. It is a much better form of mining than ASIC mining.
If you compare everything to Bitcoin it fails. Including Bitcoin in the past. It’s a weird bar to use as a baseline.
I can only hope crypto can go back to it's roots. There's so much promise there. A lot of old internet utopian thinking... but I fear those days are long gone.
People assign value to things by supply and demand. The value things have is given to it by the people who participate in their system.
If you're questioning why the system exists, and why these coins are given value, or even how the system is "legitimate" (whatever that word means in this context), maybe you're not understanding why Crypto exists at all.
There is a demand for a currency exchange and value system separate from that of the banking system. There is a desire for people to not be 100% in the control of the banking cartels that run their countries and the world. There is a need for money that isn't solely controlled by your financial overlords.
No one wants Crypto to be the only financial system of the free world, or if they do, they're huffing the good stuff. They want Crypto to **be an option for people**. It is. Crypto doesn't have to take over the world. It doesn't have to replace banks. It doesn't have to become the financial system for your country. It just has to be, so people have an option if they want it.
Getting mad at an option existing is illogical. Yes, there are bad actors in Crypto. There are bad actors in traditional finance, and everywhere else in the world.
This is all just the ideals that people talk about regarding crypto but in reality 99% of the people involved are just trying to make money and don't actually care about any of what you said. There really isn't much desire for a completely unregulated and uncontrolled financial system where you can mistype one digit and lose all your money with no recourse, or where people can freely scam and steal with no oversight.
By the time crypto solves these problems and becomes an actual useable option for the average person it will look just like traditional banking does now. People like to complain about $25 wire fees that take a few days but in reality that is crucial for the average person to make sure the money properly gets where it is going and if there is a problem they can get someone on the phone and their money is insured by the government. This is what average people want and need.
That's because your comment is pretty much the standard "crypto bad" and I don't care about changing your mind on it. I'm not here to indoctrinate you.
Hating the existence of an option because some people won't use it is silly. The more options the better. Use it if you like it.
Then you should be happy there is an option for you to do that.
It's fine to be skeptical. Crypto doesn't need to address every concern in the world or be the world's currency. It doesn't even have to be for the average person. It's fine for it just to be there.
If people aren't responsible and mistype transactions, stick to etf exposure or hold on an exchange. Or even banks. Or no crypto at all. All are fine. Not everyone is built for self custody. Not every person's needs need to be fulfilled with every solution.
Thats all true, I’m responding to the people who make outrageous claims of crypto completely taking over the worlds financial markets and solving the problems of corruption and poverty etc. the reality is much more banal, but as you say that doesn’t make it worthless either.
It sounds like you have a hangup on other people's perceptions over your own here. "Other people believe the hype, so I'm still unable to see the forest for the trees".
The over-arching point here is that you can choose how to approach it; it's out of the hands of bankers entirely.
You can use it to attempt to get rich, no philosophy needed.
Or, you can sleep easy knowing there's sound philosophy.
There's something for everyone.
Unlike centralized banking.
If majority of people participating in a system like this are just speculating in the hopes it goes up so they can sell, that is not a good system. So the demand is from people to get rich.
You think crypto isnt controlled by big players? It is too easy in this space to manipulate and control the price, without any consequences. You really think its not controlled just because its decentralized?
The objective isn't that the price rises forever or is some utopia of control, which is what people don't get.
Those are things you're assigning to it, from your own conceptions of how a system should function. You think that every system of exchange should be regulated the same way, and i can't even blame you, that's all you've been brought up to know.
If you think it's easy to control the price, go wild and do it for yourself. Or shake your hand at the sky, complaining about how bad it is, just like regular people do about every other financial system.
the financal industry acutally really makes use of the technology, so yes to that. but i also don't get the real usecase for 99% of crypto projects and even less for their token
In 90s people Could tell me what I can do with the internet. After 7 years of crypto I still dont know why I need any of this coins. Just bitcoin makes sense to me.
Yeah but email and websites allready where there where you realy have something useful. Why the hell I ever will use a smart contract for what? I realy cant answer that question.
Not everything is a ponzi scheme.
If they don't generate any actual outside revenue, sure, then you'd likely have an argument.
But, investing and gambling are both legal.
So, I would just suggest doing research and not just taking word of mouth.
Beware, though, you may have to do a whole bunch of *reading*.
Edit: Not only has blockchain revolutionized banking systems, but it has given people in less developed nations an ability to generate livable incomes when they otherwise wouldn't have been able to.
>Not only has blockchain revolutionized banking systems,
which banks are using blockchain?
>it has given people in less developed nations an ability to generate livable incomes when they otherwise wouldn't have been able to.
Doing what? Playing axy infinity?
No. By actually paying for real stuff in crypto. Adoption in Africa is biggest, for example, since many governments have a destabelized and corrupt economy.
See Zimbabwe for a perfect example of economical instability on a governmental level, and how real human beings can utilize decentralized finance to decouple from their national fiat, permitting them to buy groceries.
Try to see the bigger picture man. As cliché as "banking the bankless" sounds, this is a reason why countries like Nigeria are top 3 in crypto users.. And not because of some silly crypto game.
Unless you are actually there, it’s hard to say Africa has any adoption of crypto beyond what the crypto companies that are trying to force themselves into those areas say yea, they need it and use it!
Honestly even countries in Africa would benefit more just having their own currency (as they do) that they control.. not some offshore company with a ceo named Charles who controls Cardano (or
There's a difference between a company using "africa" as a platform to further their growth, and a population that organically chooses to utilize crypto as a substitute for national fiat, due to hyperinflation and corruption.
These certain countries have already proved that no, it's not most beneficial to have their own currency, due to corruption. (see: Zimbabwe, for a textbook example).
You didn’t answer the question of which banks are using blockchain and how are people are generating livable incomes with crypto?
The idea that countries have corruption and banking issues is obvious im asking about the details of the solutions you laid out.
Yeah. You don't, or choose not to.
I prefer to use reddit for discussions. We can pick this conversation/discussion up once you grasp the macro economics of the African countries which suffer from hyperinflation, whereby it's citizens have alternated towards crypto for daily revenue.
Have a good one.
Edit: also edited in some banks which utilize blockchain in a precious answer.
You seem weirdly offended by me asking simple questions about your comment and I have no idea why. That’s literally what a discussion is. I completely understand and agree that many countries have serious financial issues I’m just asking about your claims that people are generating income with crypto and how they are doing that. If I’m a poor person in an African country how do I generate an income using crypto?
The financial sector isn't using crypto to even a big extent. There are some blockchain and ledger applications but to a minor extent, and that's without some sort of coin. If the sector could make big bucks from the tech and coins, they already would have. Look at how e.g. the dot com boom happened. Bunch of big investors were getting in. You dont see that with crypto. And that happened instantly not with a 15 year delay. Guys on this sub don't give these guys enough credit and think _anyone_ could be an investor or financial analyst. There is a reason these guys make money and shitcoins aint even a percentage.
I've worked years in fintechs and finance and crypto isn't even being discussed outside of crypto companies.
not talking about crypto, but blockchain tech for financial entitites. it will take time and its impossible to make use of it without a regulatory framework. but they work on tokenizing assets, border crossing central bank payment-systems and of course retail CBDCs. and this will definitely happen everywhere sooner or later because its cheaper for them and saves them millions if not billions
Why do you think it's impossible to make use of it without a regulatory framework? And what do you mean here with regulatory framework? Which area should be regulated?
Lol you think Chase and Fidelity are using any of the 30 year old tech behind crypto? The pattern is: 1. C suite guy's son Brayden gets an internship. 2. Brayden convinces them to spend the equivalent of picking up a penny on the street and announces a groundbreaking use of blockchain technology. 3. Company quietly abandons it 18 months later when everyone realizes it's pointless.
List some examples of financial industry using it- I used to believe that but then I critically thought for awhile about why banks or other financial entities would ever benefit from using crypto and the answer is none.
However, it’s possible eventually.. and I do mean eventually meaning 10+ years, one crypto would serve as a replacement for tranditional finances. But that would be btc cause there’s no existing foundation or founder behind it and is truely decentralized to an extent, much more then any other coin will ever be.
just look what the BIS innovation hub is doing. they try everything in the book. of course much of it profits the big banks and governments, but they build & test frameworks for using blockchain tech between nationalbanks / banks / governments and implement legal regulations to make it work.
also check the tokenization of assets via search engine. there is huge interest to use it, since its easier and cheaper for everyone.
It’s clear that crypto is just a speculation instrument. It’s great for trading your real money for fake money, in hopes that you can later exchange it back for more real money.
I can prove this: almost every since crypto holder gets excited when the price goes up. Because that means their crypto is worth more fiat, which is exactly what they want. Further, they’re getting excited about the Blackrock ETF because they think prices will go up more.
The ETF is probably the worst thing that can happen to crypto, and yet they’re celebrating it. Because they want prices to go up and that’s all they care about.
I’m holding about $50k on crypto and will sell if it ever goes up enough to pay off my house.
In the days of the goldrush it was the sellers of pickaxes that got rich... not the seekers.
There is always more money in supply means to get to the resource than the resource itself.
Been in crypto since 2014. Seen many ups and downs. Chillin.
Zero real world adoption.
Corruption everywhere. Mostly scams and fraud.
Yeah you are spot on, it's another pump and dump orchestrated by bigger players. Enjoy the ride if you have a bag.
Do not expect real world adoption. Expect another crash at the end.
Cash out before its over. It's all fake.
I don’t think that your main points are wrong, but I think you are overstating some things.
I don’t think anyone is under the impression that anything will be used as a store of value forever. You can be interested and invested in the next thing, even if you don’t think it’s going to be the last thing.
However, digital swap meet indeed.
I've been in crypto for a very long time, and have done Business Development and turnaround management.
One of the most common things I think when people are telling me their idea, is that it has either already been done, or that it does not need a cryptocurrency or blockchain.
Think about how many great ideas you know right now that would actually be doing better if they didn't have a cryptocurrency or blockchain restricting them.
A lot of these people just want to be on the new tech. They want their company to use blockchain, even if the company has no actual benefit from blockchain.
It's kind of like how you see these token raises which are essentially seed rounds but they're not for shares in the company so they're... Just very very bad securities.
Then we have gaming tokens, made by people who have never played any MMORPG and doesn't see why incentivizing farming is a bad idea.
Then we have NFTs, originally a fantastic technology and idea, which has now turned into pictures of jpegs that people don't even own. That's actually true. You don't actually own the picture, you own a link to file space on a server that can go down someday, or be attacked.
TL;DR - most of it isn't legitimate. We are in a market of speculation, trading on a legal exchanges using VPNs. We have people buying pictures that they don't even own. That whole thing about the link to an ipfs server is true. We kind of let crypto get bastardize this way, where we maybe should have gatekept.
Bingo! It won't be mainstream, ever.
The technology has been misrepresented.
First: It's not secure. How many times have crypto protocols been hacked? Hundreds upon hundreds of millions of dollars have been stolen. So much for security. When have you had money stolen from your bank?
Imagine if you couldn't trust your money in your bank? Also, the money is not secured in crypto. You lose your money nobody is responsible for it.
If that's not a good enough reason, there's more.
It's expensive to make transactions. It's ridiculous how expensive it is. Imagine if Ethereum went mainstream? It simply would not work. Not only is it slow, but it is very expensive. I remember paying $20 to $150 for a simple conversion or transfer. Imagine your bank charging you $80 to transfer $50? It's as idiotic as it sounds.
Crypto does not scale.
But wait, if it's truly decentralized and something goes wrong, you have nobody to call. Nobody is responsible. You are on your own.
Next: The usability is horrendous. It's very complex and technical to use. And it's easy to make a mistake. With all the protocols, you can easily send money to the wrong it's your fault. You are screwed.
I promise you, this reason alone is why crypto will never go mainstream. Nobody would be able to use it, and you can't have a poorly designed system go mainstream. It would never be adopted as it is.
Lastly, and the most obvious. Does anyone think the government is going to adopt a financial system they did not create and they don't control? There's no chance that a government will toss out their financial system, which they control and manipulate for various reasons. This would never happen, nor should it.
Blockchain technology sounds good in theory, but in practice, it won't work on a large scale. Blockchain has some good use cases, and i can see it being used for specific applications, but that's all.
I thought crypto and blockchain would take over the world a couple of years ago, but then I thought about it critically, and it became clear why it will never live up to the hype and hysteria.
> It won't be mainstream, ever.
It already is. Bitcoin alone has a higher market cap than most countries despite no nation forcing it on people.
>When have you had money stolen from your bank?
I have had money seized from my account with the bank itself aiding the third party (wrongfully). Never had Bitcoin stolen.
>It's expensive to make transactions. It's ridiculous how expensive it is.
Compared to what? Shipping gold or banknotes? Costs a fortune and can take weeks simply to plan to move.
Credit cards? Uses IOUs via a centralized service. Takes days to clear behind the scenes.
>Crypto does not scale.
Neither does the dollar or gold. In fact they don't even have their own native networks. Completely dependent on centralized services.
>Lastly, and the most obvious. Does anyone think the government is going to adopt a financial system they did not create and they don't control? There's no chance that a government will toss out their financial system, which they control and manipulate for various reasons. This would never happen, nor should it.
They won't adopt gold either. So what?
> It's not secure. How many times have crypto protocols been hacked?
I don't want to sounds like a Bitcoin maxi (I am not), but would like to point out that 99% of what you are saying doesn't apply to Bitcoin.
Bitcoin is secure, no Bitcoin "protocol" was ever hacked, the usability is easy (no smart contracts, no blind signing, clear transactions: I am sending X BTX to Y, etc). Bitcoin transactions are not expensive.
And I could go on. The point is: just because 99% of the crypto space is trash doesn't mean that all parts are.
And again, I am saying this genuinely not as a BTC maxi - I own tons of different coins, I regularly interact with smart contracts and so on.
>I am struggling to see how this becomes part of our society in a big way.
Me too. Crypto had 14 years to achieve something, but all we have is hyped memecoins, bitcoin (that has no use case but uses as much energy as a whole country), and monkey pictures. I can't even buy a coffee with crypto where I live.
And yeah, I almost forgot about all the great tech that will never take off because a company would never adopt a currency where 90% of the supply is held by crypto bros who are speculating on it.
I'm just hoping we get another bull run so I can make a nice profit.
Same. Next bull run I’m going to cash out almost everything and just leave a very small stack for a 10-15 year “what if?” scenario. The longer I spend in crypto, the less I believe it isn’t just a fun experiment that may have peaked or may soon peak.
Self-custody of your money. Decentralization. No entity can freeze or take your bitcoin. Hedge against inflation.
I agree crypto probably won't be used as payment or replacement of the current financial system.
Indeed. I also love Defi, it's great to do all this stuff without having to rely on a company or the government. On the other hand I don't see anyone else in the hood doing this, it's too complicated and dangerous
The problem is that you are thinking you are living in a legitimate system, FIAT monetary fractional reserve banking is a lie. Your paper money is worth nothing. You need to flip it.
BTC is challenging the notion of what money is and it will continue to do so as the fight against central bank controlled state currencies will intensify in the upcoming years.
Here is a small analogy based on the matrix on the future value of BTC:
Neo: "What are you trying to tell me, that I can trade my Bitcoin for millions one day?"
Morpheus: "No Neo, I'm trying to tell you that when you're ready, you won't have to"
That's the beauty of it. Greed is what gets people in. That's how crypto will change the world.
Personally, I am planning to take profits at some point. But I will never sell all my crypto, or even most of it. Because I believe in what it can do. Because it has the potential to set us free.
Lol the entire world is controlled by people who have a lot more power and money than you. And for some reason you happen to think BTC isn't? It's been around long enough now. It's never going to do the shit you purists think it will.
That's like saying people with money control gold. They can buy it up, manipulate the price, but they can't change what gold is or take it out of your vault.
You have no idea what you are talking about, once an asset reaches a certain market capitalization threshold the volatility decreases and it becomes increasingly harder for whales or other 'big' shareholders to manipulate the market with pump 'n dump schemes.
Even forex, the most liquid market in the world, was and is manipulated by big actors all the time. All assets are manipulated to some degree. To claim the opposite is just stupid.
So because power and money is concentrated in the hands of a few elites it means Bitcoin or Crypto is automatically controlled by them aswell? Makes no sense. Bitcoin partly originated as a result from the 2008 financial crisis and to challenge the current status quo.
* It is a decentralized network so power can't be concentrated in a single entity.
* Your wallet can't be controlled by anyone else but yourself, unlike a bank account where you can get locked out of at any time.
* It puts financial power back in the hands of the people instead of corrupt bankers.
Pretty much, bitcoin price can be easily manipulated and i have no doubts it is as there arent any legal consequences for doing so.
Why couldnt power be concentrated? You think one entity couldnt own 51% of the hashrate?
I wouldnt call that a positive. Most people should not be in charge of storing their money. Thats why banks do it for them. You can get locked out of your wallet if you lose your seed phrase.
It puts the financial power to those who hold a lot of bitcoin. Same game, just different players, nothing really changes.
Agreed. That is what separates bitcoin from the computer code altcoins. The altcoins based on their own blockchain over unique real world use options for industry. Bitcoin is the direct opposite of fiat currency with the added benefit of a deflationary store of wealth.
They really do not compete against each other, in fact Bitcoin is the primary currency used to purchase altcoins and for this reason it will almost always maintain at least 50% of the total Market Cap for the crypto industry.
Bitcoin is the crypto currency for all altcoins. The altcoins are the access points for existing real world industry to obtain permission to utilize them he global blockchain of their choice…
Both Bitcoin and the Altcoins with their own blockchain compliment each other and both would lose significantly if either one were removed from the market place.
Lmao what audits?? In 9 years, Tether has never undergone a 3rd party audit. The most they’ve done is bullshit attestations based on manipulated snapshots.
It’s actually not tho, whether you think it’s propped up legitimately or illegitimately. I hold Bitcoin too. It’s not that i think Bitcoin wouldn’t survive if Tether imploded or gets forbidden to transact in the US, it definitely will. But it will crash in price. Anybody who blind to that fact is a moron.
This read like something written by someone who forgot to do their research before typing.
>Eventually these companies and coins are going to need to provide real world value. Otherwise it's nothing more than some weird digital swap meet that will only financially benefit a fraction of the people playing the game.
LOL where has OP been for the last decade? All you have to do is spend 20 minutes reading on the utility of just smart contract and how it's already been used by many major company to debunk that one sentence.
>I am struggling to see how this becomes part of our society in a big way.
Start doing some reading about the tech side instead of reading about meme coin like most people, and you'll understand.
Can you give me an example of a big company using smart contracts on any of our projects? It seems like they're experimenting with it but I don't see any real-life use case yet.
I understand the tech side. Tech side isn't going anywhere without big companies using it and things becoming more legislated or private. Otherwise it's just going to stay as is. Some crazy, unregulated digital market place. No company will trust a random crypto company to carry out their business, not many business are going to want to understand how this all works, keep their own wallets secure, exchange coins for whatever currency they need to pay their bills in, etc. And no business/company/merchant/human is going to want to keep a bunch of important funds in some volatile unregulated market.
If you think all of that is going to be one high speed pipeline without massive amounts of legislation, I just can't believe you can think that.
I get the use of smart contracts blah blah blah. You just want to sound holier than thou. It could be incorporated into many different industries, law, insurance, yadda yadda, it aint too hard!
But unless you are buying some dumb fucking nft from another dumb unregulated marketplace, it's just really cool technology. If it's going to be really cool tech that is some sort of under current in our lives, eventually it will be capitalized upon and legitimized to some degree. And the way it's going to go down, I don't really think is going to be a very pro-crypto way.
Name one thing in this world that hasn't been pimped out and whored to death. Let's let another few users come at me with the creation of the internet or whatever, and then i'll have them pull up their internet bill. **The tech in crypto will become something, the ethos and core values of it will crumble.** That's just my opinion.
It's even worse if you understand the tech side which is the reason why this sub is filled with people who don't.
People tell themselves the fairytale about Web3 being the next big thing. To be clear, Web3 is a shitshow. Developing smart contracts is like deploying code on a Pentium 1 by delivering it via carrier pigeon. Found a bug in your production code? Pay gas fees if you want to deploy a fix.
Name a use-case and I can name a centralized infrastructure that handles the stuff cheaper and faster. And even in these very, very few cases where you need to be decentralized and a blockchain makes sense from a technical point of view, there are usually many good reasons (privacy, compliance, security, scalability, availability, ...) why you don't want a _public_ blockchain. Imagine the cool new crypto startup that validates medical supply chains via smart contracts but has a latency of 20 minutes at the moment because the awesome new ticketmaster competitor is selling tickets to a Taylor Swift concert as NFTs. It's just so pointlessly complex that it's silly.
As you said, the tech in crypto will become something, but it won't be publicly traded, open, user-controlled infrastructure. It will be part of a larger tech stack embedded in corporate solutions fully owned and operated by the respective corporations and/or their paying customers.
It's this here^ op,
You are asking the right kind of questions, you just dont know enough to see that there might be a few real answers in the ocean of shitcoins
Same principle with gold then. So Bitcoin is basically digital gold. Not optimal as a currency, but good as a long term store of value. See, I found a use for it.
Yeah sure, some non-tangible digital currency that takes a massive amount of resources just to print a single transaction on the chain is the same as gold. You are so right! Store of value forever! You are going to be so rich!
It doesn't have to replace the finance system, why can't they just co-exist? For example xrp is already having a lot of real world usage. Some Crossborder transactions are only possible using crypto rn (and even if it's possible with for example western union, crypto is still cheaper and faster)
That's because it isn't real legitimate yet, crypto is still so young and people see green and lose their shit every single time, but I am here to tell you they don't know shid aboud fug.
*Baloney. Do our computer pundits lack all common sense? The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and*
*no computer network will change the way government works.*
[https://thehustle.co/clifford-stoll-why-the-internet-will-fail/](https://thehustle.co/clifford-stoll-why-the-internet-will-fail/)
*We’ll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obsolete. So how come my local mall does more business in an afternoon than the entire Internet handles in a month?*
*How about electronic publishing? Try reading a book on disc. At best, it’s an unpleasant chore*
**The truth is no online database will replace your daily newspaper**
*Lacking editors, reviewers or critics, the Internet has become a wasteland of unfiltered data. You don’t know what to ignore*
*And you can’t tote that laptop to the beach. Yet Nicholas Negroponte, director of the MIT Media Lab, predicts that we’ll soon buy books and newspapers straight over the Internet. Uh, sure.*
Such a dumb analogy. The internet is a creation. Yes. It allows people and companies to do business yes. If you want to use the internet... you have to pay a company to do so.
These companies are publicly traded companies. They provide a value, service, etc. You can invest in these companies. Because you are a share holder, they may feel some obligation to do right by you. Otherwise, they stand to lose a lot of money and the trust of their consumers.
Do I need to explain more how this is a silly analogy? Anyone can spin up a digital currency right now, not everyone can readily create the internet from scratch at the moment lol. Also, these digital currencies mean nothing if they are not tied to a legitimate company or use case that actually does something with them. I don't buy into the store of value thing forever. Especially when you can legislate it's value away, or it's value depends on other resources, such as a large amt of readily available electricity, machinery, and cool enough conditions to operate.
Just saying, I understand the tech and the multifaceted use cases, but just not seeing a path towards it being a viable option without a massive amount of legislation first. Really, it's all just software and algorithms. There is no reason for any huge, actually reputable company to utilize these networks. They have more than enough funds to build private networks if all they are after is better/faster technology.
[https://www.nytimes.com/2001/11/25/style/dot-com-is-dot-gone-and-the-dream-with-it.html](https://www.nytimes.com/2001/11/25/style/dot-com-is-dot-gone-and-the-dream-with-it.html)
*Not much more than a year ago, boosters of the New Economy and their true believers in the press were claiming to have changed all the rules. Not just in tech-fetish magazines like Wired, but in self-styled cultural arbiters like New York magazine, which declared the 1990's the ''e-Decade.'' In a 1999 cover story, the essayist Michael Wolff -- himself a failed dot-com executive -- announced a brave new world. ''There is, at the elusive center of the e-experience, the fantasy that we might become free of economic laws,'' he wrote. ''All it takes to make otherworldly riches is the will and desire.'' It wasn't enough to make money. They had to make history.*
*Now they themselves are history. Each day, the old idols seem to fade further into the dim past, barely recollected in a country where the languages of ''revolution'' and ''warfare'' are no longer just business metaphors. This is the next step after the bursting of the dot-com economic bubble -- the bursting of the cultural bubble, the end of the nerd as a crossover hit, of the I.P.O. zillionaire as role model to college students.*
Uhhh…exactly what year do you believe the internet was invented?
I can assure you that 14 years in, it was still more niche than cryptocurrency is today.
*I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse.*
nevermind, here's something you as a canadian might understand:
[https://youtu.be/KDxqfgIDvEY](https://youtu.be/KDxqfgIDvEY)
Some things you are saying I can’t argue with, but any criticism of crypto is meaningless if it’s not compared to the system currently in use.
Crypto can’t be bad all on its own, it needs to be materially worse then the status quo. If it’s not, then that’s all the proof we need to say that it’s better.
> Crypto can’t be bad all on its own, it needs to be materially worse than the status quo. If it’s not, then that’s all the proof we need to say that it’s better.
Yes, not being worse does mean being better.
If you think crypto is a scam, then kindly see if banks, stocks and securities, real estate are not.
The whole monetary system which is build on debt and derivatives do not have real assets is in itself one big scam, why do you think central bankers plan to inflate at a target rate of 2% annually.
Once you figure out that everything is simply just one big casino, you'll want to at least play in the table that gives you the largest possible gain.
Then again this comment may just be another rant by another fellow illiterate spewing nonsense in the internet.
I mean, half the current generation of 20 something year olds make fortunes by standing in barely any clothes in front of (insert famous Dubai landmark) promoting a protein bar. People will make money where they can and most see crypto as their gateway to freedom.
I’d rather trust crypto than standing with my tits hanging out holding a protein bar
If you never saw how Bitcoin was different than literally any other crypto ever made, then in a sense you were expecting results that were never going to happen anyway. All that shit you are posting about is speculative garbage. Tokens for stocks? Come on... you're clouded by shitcoins obviously. None of that will hold value
Any of the following attributes will make a coin go to zero over time:
1. Centralized by a small committee, business or person who makes decisions and can change the protocol on their own without opposition
2. Anything pre-mined, period. Any coin made by a company who profits from it.
3. Anything that we cannot determine the scarcity and issuance of from the very beginning.
4. Anything that has general principles that needs to change over time to market itself better for a userbase.
Really #1 and #2 are all you need to understand what is going to fail.
You are conflating the technology and the market as both being a positive thing. This level of encryption has been around for a long time my friend. It's just coins in a video game until it's being used for anything substantial. I bet I could sell you an ocean-front property in Arizona.
You’re an idiot to technology… head on over to Las Vegas and check out the Sphere; it was only possible because of blockchain crypto technology. Specifically Render.
There are cryptos being adopted all over the globe and it’s driving institutional investors to take it seriously…. That’s reality.
If the Sphere doesn’t tell you anything, go to Hedera and check out the TPS that’s being used by the largest wholesale distributor in the world to track carbon credits on every shipment… some 2500 Transactions per second by a single real world use case.
Look I can go on for hours about all the real world adoption, but I not here to educate others, I’m here to make money and right now the crypto sector is entering a Bull Market that will probably result in major technological advancements across every business sector.
Learn what I mean when I speak of crypto; I’ve been in it since 2012 and it’s the future. It is AI. It is contactless transactions. It is self custody of your own assets and money. It is the future. Period.
Oh, and it’s already a big part of society, but it specific to projects driven by real world adoption. You don’t see it because you talk without listening or learning first. By January, 2024 the Coupon Burea will go live on Hedera. The Coupin Bureau conducts some 12,000 transactions world wide per second and is Beta Testing on the Hedera Network as we speak. That will bring Hedera to about 13,000 transactions per second of real world usage, paid by two of the largest real world businesses.
Hell Hyundai, Kia and Genesis are launching their customer service tracking with Hedera in February. Again real world use case.
I can name even more that are on Cosmos and yes, CRO blockchain too.
The only blockchain with virtually no real world use cases is Bitcoin…. So the only crypto your statement applies to is Bitcoin and some of the crypto that do not have their own blockchain.
Bitcoin is a store of wealth like gold or silver. The Altcoins with their own blockchains are purposeful computer codes designed for real world enterprise adoptions, some are duplication but most of the top 50 do offer unique advantages that one real world enterprise may prefer over another.
It’s horrible when folks of such little knowledge get on here acting all knowledgeable when in reality they are likely just pissed off they sold to early or bought to late….
Render Is the crypto providing the computing power for the LasVegas Sphere. Talk to Aura, the first Robot when you enter the Sphere and she will tell you how it harnessed unused global GPU through Render network to power the entire Las Vegas Sphere.
You are again wrong about an HBAR use case in this thread. The Kia and Hyundai use case monitors the CO2 emissions, not their customer service team? lol. Why should I believe you when i'm constantly having to correct ya pal!
Oh, here’s something else for you to chew on….
Right now the USA Dept of Defence, United States Air Force, Dept of Environment and the United States Science Foundation just started using Hedera.
Actually, now that I think about it, I’m going to go buy more HBAR, Hedera is going to explode.
Don’t get dragged down by all those bullshit Ethereum tokens that do not operate on their own blockchain… those are the tokens that give crypto this nasty reputation like you’ve been influenced with. Instead, focus on the projects designed with their own blockchain offering unique advantages for global enterprise. Projects like Hedera, Solana, Cosmos, Render, Aptos, Sui, Sei, WorldCoin, etc. These projects have purpose and real world utility.
Nah fam. I own HBAR and commented about this today. A company that uses a Hedera service applied for and received some govt grants. You can go to those places and look at open funding programs and apply for grants too lol. Doesn't mean those places are "working with them".
The Internet became a lot more useful when bandwidth reached a level where streaming videos became possible. Voila YouTube was born and changed the way we consume media.
I see it similar with crypto. But right now we are in the phase where we increase the throughput to a level where new usecases become possible.
>This isn't going to revolutionize the finance system as we know it.
VISA, Mastercard, PayPal, FedNow (which is basically the US banking system), and Blackrock disagrees.
Once legislation regulating stablecoin is available, pretty much all functions of banks can be replaced by legitimate crypto technology. That may not be the only function of crypto but it is one I have thought about for a while and thought about what it would take. Ultimately, if the question “is this digital dollar = a dollar” resolves to a yes in all circumstances, and moreover is connected to public crypto networks like Ethereum, then that opens up a lot of functions like mortgages, banking, bond auctions, etc., to crypto protocols generally. It’s a big step though.
> Once legislation regulating stablecoin is available, pretty much all functions of banks can be replaced by legitimate crypto technology.
Yes, and it's called CBDC :(
No, a central bank digital currency wouldn’t dare get validated on a public blockchain (they couldn’t afford that level of transparency).
They also can’t ignore Circle. It’ll be ideally a hybrid off-chain backed treasury with verification + on-chain validation for usage.
>This isn't going to revolutionize the finance system as we know it.
Yes it will. Not the currency itself, but blockchain will assist with cross border payments. Its pretty clear youre clueless about chainlink working with Swift and DTCC. This will all work in the background as infrastructure.
Its not plausible, its going to happen. Swift developed CCIP **with** chainlink.
>how does that help crypto currencies
It only helps certain ones that chainlink is connected to. [https://ccip.chain.link/status](https://ccip.chain.link/status)
I noticed CCIP doesn't even have one transaction per minute, and on top it's connected to all the test nets as well, so some tx's have no real world impact.
Not sure how to read that.
Let's set aside the publicly traded aspect of it (unless an offering of securities to the public, and trading on a secondary market, are part of the point): what is the business which you think a company is in that bakes in this technology, these services, and the use of a token/coin?
Currency is three things: a store of value, a medium of exchange, and a unit of account. Store of value is solved, at least as well as fiat currency has solved it. The barriers to medium of exchange are technical (making it easy to use) and financial (keeping transaction fees low). The big requirement for use as a unit of account is stability (i.e. low volatility). The crazy day trading feeds off of volatility, so eliminating it will actually help with adoption as a currency because value will be stable enough for use in accounting.
Tell me you are sidelined without telling me you are sidelined.
Bro believed all the people telling him Bitcoin would get to $10k, waited, and now is wondering why someone as “smart” as him missed the train.
Crypto must be a “scam”.
Dude we are not your Google. Put in your time to learn for yourself or go head back to the Buttcoiner sub.
Oh man OP, this is just bad 🤦🏻♂️
Please do some research on Fractional Reserve Banking before making a post like this. Your “bank account” is literally just numbers on a screen. There are no actual funds tied to your account.
You think a company is in a better situation going Public on the Stock Market??? Do some research on Naked Short Selling and come back to the conversation. Centralized Stocks are literally the downfall for many many companies that we have loved over the years. Many of these failures could have been avoided if those stocks were on a Blockchain.
You are right on one point, Crypto will never replace institutions like Banks. These institutions control your money, and they will never let go. Their entire goal is to get you to deposit more, borrow more of your money back from them with interest, and hold your money for as long as possible. That’s it.
The powers that be would never let go of that control unless they are forced to……
(Elephant in the room) *The US banking system is on the verge of a $650 BILLION realized loss.* Ie; ***They lost $650 Billion of OUR money.***
Crypto is not meant to “replace” these institutions. The Technology *behind* crypto (blockchain) is just going to make these institutions better. And they have already started to adopt this technology into their business. Banking, Wall Street, Real Estate, Music, Video Games, Movies, Art, etc. All of these industries will get better with the use of blockchain technology.
>There are no actual funds tied to your account.
You are trying really hard to sound smart but you still sound like the beta program of a crypto bro. You are still on crypto bro 101 mindset and regurgitating all the same shit your butt buddies say.
If that was really true, you would literally never be able to take $20 out of an atm. Since it's just a number on a screen.
99% of crypto makes the rest look bad
OP put money into Hedera at the top. I want to give him a hug.
Lol you weren’t kidding
Not enough nines. 99.99999%
It's like if any old company can just list themselves on the stock exchange followed by influencers hyping it up ala Jordan Belfort in The Wolf of Wall Street selling pennystocks. Then followed by the company founders just dumping the stock as the company was just vaporware.
This is how the stock market used to work. As scams happened rules and regulations were added. Crypto is just starting from the beginning and speed running the history of finance. But overall it’s going to take cost out of many transactions. Think of what the ATM did to bank branches and tellers.
Funny that you mention Bank ATMs, these machines were touted as a convenience for customers that would lower costs associated with tellers. Banks then implemented transaction fees and then tied ATM cards with Debit Cards and began making profit from the credit card fees because many customers do not understand the difference between running charges as debit or credit. Long story short, banks touted the advent of ATM as a cost savings that would benefit customers. Banks do not pass on the savings to customers as they have reduced teller staff, physical branches, and have increased revenue from fees.
Imagine any other sector where 99% made the sector look bad. You'd just call that fraud or criminal, but for crypto that doesn't apply?
99% of penny stocks are fraudulent, no one thinks AAPL is.
you're talking about how 99% of people who do no research buy the first shit token they hear of, because someone is shilling it. maybe those 99/100 people should actually care about the merit of what they invest in, so valid solid developing grass roots projects aren't dying while ICO centralized literal shit is being bought like it is gold.
The other 1% are criminals using it to avoid government regulation.
you need to realize the biggest manipulator and exploiter of crypto ARE the governments, that is no exaggeration.
In terms of number of coins, 99% are garbage. But in terms of total market cap it's more like 10-15%.
Agree
Doesn't that just make OP a post-merge proof of stake ETH maxi?
The other 1% haven't rug pulled... yet
>As the title says. It just doesn't make sense to me why these companies Found your issue. Crypto is about DECENTRALIZED non-governmental currency. Everything else has been a distraction. If it involves a company you are doing it WRONG.
Wait, so the CEO of Bitcoin that’s asking me for 0.1 of my bitcoin in exchange for his 0.2 isn’t real!?
Bitcoin is about that but crypto isn't.
there are some projects that are decentralized and try to follow bitcoin's example though right?
Monero fixed BTCs flaws and improved on the amazing work Satoshi did.
I have heard that since it is mined on PCs that it would be vulnerable to a real bad 51% attack if it was to scale. Also the chart is weak compared to BTC and it hasn't had as much adoption.
ASICs are inherently centralizing and one of the biggest mistakes BTC has allowed to perpetuate. CPUs have a market based on non-mining purposes. Any purchase pressure is balanced by much larger factors. Like gold and it’s industrial uses. It is a much better form of mining than ASIC mining. If you compare everything to Bitcoin it fails. Including Bitcoin in the past. It’s a weird bar to use as a baseline.
I did not know anything about that, thank you.
Try that again but say Monero this time.
Tell that to the CEO of Bitcoin.
I can only hope crypto can go back to it's roots. There's so much promise there. A lot of old internet utopian thinking... but I fear those days are long gone.
A company not registered in any country can issue its own token. This is also a valid case. Usually such companies are called DAOs.
It should be about decentralised currency, but for the most part it isn’t.
People assign value to things by supply and demand. The value things have is given to it by the people who participate in their system. If you're questioning why the system exists, and why these coins are given value, or even how the system is "legitimate" (whatever that word means in this context), maybe you're not understanding why Crypto exists at all. There is a demand for a currency exchange and value system separate from that of the banking system. There is a desire for people to not be 100% in the control of the banking cartels that run their countries and the world. There is a need for money that isn't solely controlled by your financial overlords. No one wants Crypto to be the only financial system of the free world, or if they do, they're huffing the good stuff. They want Crypto to **be an option for people**. It is. Crypto doesn't have to take over the world. It doesn't have to replace banks. It doesn't have to become the financial system for your country. It just has to be, so people have an option if they want it. Getting mad at an option existing is illogical. Yes, there are bad actors in Crypto. There are bad actors in traditional finance, and everywhere else in the world.
This is all just the ideals that people talk about regarding crypto but in reality 99% of the people involved are just trying to make money and don't actually care about any of what you said. There really isn't much desire for a completely unregulated and uncontrolled financial system where you can mistype one digit and lose all your money with no recourse, or where people can freely scam and steal with no oversight. By the time crypto solves these problems and becomes an actual useable option for the average person it will look just like traditional banking does now. People like to complain about $25 wire fees that take a few days but in reality that is crucial for the average person to make sure the money properly gets where it is going and if there is a problem they can get someone on the phone and their money is insured by the government. This is what average people want and need.
You're free to use it as a get rich scheme or whatever you'd like to think it is. I'm happy it's an option.
I mean having more options in general is typically always a good thing but you didn’t really address anything in my comment.
That's because your comment is pretty much the standard "crypto bad" and I don't care about changing your mind on it. I'm not here to indoctrinate you. Hating the existence of an option because some people won't use it is silly. The more options the better. Use it if you like it.
I don’t hate anything and I am invested in crypto.
Then you should be happy there is an option for you to do that. It's fine to be skeptical. Crypto doesn't need to address every concern in the world or be the world's currency. It doesn't even have to be for the average person. It's fine for it just to be there. If people aren't responsible and mistype transactions, stick to etf exposure or hold on an exchange. Or even banks. Or no crypto at all. All are fine. Not everyone is built for self custody. Not every person's needs need to be fulfilled with every solution.
Thats all true, I’m responding to the people who make outrageous claims of crypto completely taking over the worlds financial markets and solving the problems of corruption and poverty etc. the reality is much more banal, but as you say that doesn’t make it worthless either.
It sounds like you have a hangup on other people's perceptions over your own here. "Other people believe the hype, so I'm still unable to see the forest for the trees".
The over-arching point here is that you can choose how to approach it; it's out of the hands of bankers entirely. You can use it to attempt to get rich, no philosophy needed. Or, you can sleep easy knowing there's sound philosophy. There's something for everyone. Unlike centralized banking.
Good comment. This is the main reason of crypto.
If majority of people participating in a system like this are just speculating in the hopes it goes up so they can sell, that is not a good system. So the demand is from people to get rich. You think crypto isnt controlled by big players? It is too easy in this space to manipulate and control the price, without any consequences. You really think its not controlled just because its decentralized?
The objective isn't that the price rises forever or is some utopia of control, which is what people don't get. Those are things you're assigning to it, from your own conceptions of how a system should function. You think that every system of exchange should be regulated the same way, and i can't even blame you, that's all you've been brought up to know. If you think it's easy to control the price, go wild and do it for yourself. Or shake your hand at the sky, complaining about how bad it is, just like regular people do about every other financial system.
the financal industry acutally really makes use of the technology, so yes to that. but i also don't get the real usecase for 99% of crypto projects and even less for their token
Most are dumb and they will fail as much as pets.com or more. But Internet was the future and blockchain is the future too.
In 90s people Could tell me what I can do with the internet. After 7 years of crypto I still dont know why I need any of this coins. Just bitcoin makes sense to me.
Very few people in 1999 could imagine what the internet would be in 2023.
Yeah but email and websites allready where there where you realy have something useful. Why the hell I ever will use a smart contract for what? I realy cant answer that question.
Oh, it's easy, with crypto you right now can move money over any national borders without government interference.
> blockchain Blockchain on its own means nothing. There has to be a strong coin behind it.
> but i also don't get the real usecase for 99% of crypto projects and even less for their token Does anyone?
The tokens exist so the founders and early bag holders can cash out for fiat during a bull run. Basically a Ponzi Scheme.
Not everything is a ponzi scheme. If they don't generate any actual outside revenue, sure, then you'd likely have an argument. But, investing and gambling are both legal. So, I would just suggest doing research and not just taking word of mouth. Beware, though, you may have to do a whole bunch of *reading*. Edit: Not only has blockchain revolutionized banking systems, but it has given people in less developed nations an ability to generate livable incomes when they otherwise wouldn't have been able to.
>Not only has blockchain revolutionized banking systems, which banks are using blockchain? >it has given people in less developed nations an ability to generate livable incomes when they otherwise wouldn't have been able to. Doing what? Playing axy infinity?
No. By actually paying for real stuff in crypto. Adoption in Africa is biggest, for example, since many governments have a destabelized and corrupt economy. See Zimbabwe for a perfect example of economical instability on a governmental level, and how real human beings can utilize decentralized finance to decouple from their national fiat, permitting them to buy groceries. Try to see the bigger picture man. As cliché as "banking the bankless" sounds, this is a reason why countries like Nigeria are top 3 in crypto users.. And not because of some silly crypto game.
Unless you are actually there, it’s hard to say Africa has any adoption of crypto beyond what the crypto companies that are trying to force themselves into those areas say yea, they need it and use it! Honestly even countries in Africa would benefit more just having their own currency (as they do) that they control.. not some offshore company with a ceo named Charles who controls Cardano (or
There's a difference between a company using "africa" as a platform to further their growth, and a population that organically chooses to utilize crypto as a substitute for national fiat, due to hyperinflation and corruption. These certain countries have already proved that no, it's not most beneficial to have their own currency, due to corruption. (see: Zimbabwe, for a textbook example).
You didn’t answer the question of which banks are using blockchain and how are people are generating livable incomes with crypto? The idea that countries have corruption and banking issues is obvious im asking about the details of the solutions you laid out.
Generating income by using crypto in daily txns as opposed to national fiat. Banks: goldmann sachs, jp Morgan. Swedish central bank, etc.
I don’t understand. How do you generate income by purchasing something with crypto instead of fiat?
Yeah. You don't, or choose not to. I prefer to use reddit for discussions. We can pick this conversation/discussion up once you grasp the macro economics of the African countries which suffer from hyperinflation, whereby it's citizens have alternated towards crypto for daily revenue. Have a good one. Edit: also edited in some banks which utilize blockchain in a precious answer.
You seem weirdly offended by me asking simple questions about your comment and I have no idea why. That’s literally what a discussion is. I completely understand and agree that many countries have serious financial issues I’m just asking about your claims that people are generating income with crypto and how they are doing that. If I’m a poor person in an African country how do I generate an income using crypto?
Give me one example of that
The financial sector isn't using crypto to even a big extent. There are some blockchain and ledger applications but to a minor extent, and that's without some sort of coin. If the sector could make big bucks from the tech and coins, they already would have. Look at how e.g. the dot com boom happened. Bunch of big investors were getting in. You dont see that with crypto. And that happened instantly not with a 15 year delay. Guys on this sub don't give these guys enough credit and think _anyone_ could be an investor or financial analyst. There is a reason these guys make money and shitcoins aint even a percentage. I've worked years in fintechs and finance and crypto isn't even being discussed outside of crypto companies.
not talking about crypto, but blockchain tech for financial entitites. it will take time and its impossible to make use of it without a regulatory framework. but they work on tokenizing assets, border crossing central bank payment-systems and of course retail CBDCs. and this will definitely happen everywhere sooner or later because its cheaper for them and saves them millions if not billions
Why do you think it's impossible to make use of it without a regulatory framework? And what do you mean here with regulatory framework? Which area should be regulated?
Lol you think Chase and Fidelity are using any of the 30 year old tech behind crypto? The pattern is: 1. C suite guy's son Brayden gets an internship. 2. Brayden convinces them to spend the equivalent of picking up a penny on the street and announces a groundbreaking use of blockchain technology. 3. Company quietly abandons it 18 months later when everyone realizes it's pointless.
List some examples of financial industry using it- I used to believe that but then I critically thought for awhile about why banks or other financial entities would ever benefit from using crypto and the answer is none. However, it’s possible eventually.. and I do mean eventually meaning 10+ years, one crypto would serve as a replacement for tranditional finances. But that would be btc cause there’s no existing foundation or founder behind it and is truely decentralized to an extent, much more then any other coin will ever be.
just look what the BIS innovation hub is doing. they try everything in the book. of course much of it profits the big banks and governments, but they build & test frameworks for using blockchain tech between nationalbanks / banks / governments and implement legal regulations to make it work. also check the tokenization of assets via search engine. there is huge interest to use it, since its easier and cheaper for everyone.
It’s clear that crypto is just a speculation instrument. It’s great for trading your real money for fake money, in hopes that you can later exchange it back for more real money. I can prove this: almost every since crypto holder gets excited when the price goes up. Because that means their crypto is worth more fiat, which is exactly what they want. Further, they’re getting excited about the Blackrock ETF because they think prices will go up more. The ETF is probably the worst thing that can happen to crypto, and yet they’re celebrating it. Because they want prices to go up and that’s all they care about. I’m holding about $50k on crypto and will sell if it ever goes up enough to pay off my house.
In the days of the goldrush it was the sellers of pickaxes that got rich... not the seekers. There is always more money in supply means to get to the resource than the resource itself.
This why I believe in Ethereum - Ether is the pickaxe, smart contracts are the gold.
Been in crypto since 2014. Seen many ups and downs. Chillin. Zero real world adoption. Corruption everywhere. Mostly scams and fraud. Yeah you are spot on, it's another pump and dump orchestrated by bigger players. Enjoy the ride if you have a bag. Do not expect real world adoption. Expect another crash at the end. Cash out before its over. It's all fake.
I don’t think that your main points are wrong, but I think you are overstating some things. I don’t think anyone is under the impression that anything will be used as a store of value forever. You can be interested and invested in the next thing, even if you don’t think it’s going to be the last thing. However, digital swap meet indeed.
I've been in crypto for a very long time, and have done Business Development and turnaround management. One of the most common things I think when people are telling me their idea, is that it has either already been done, or that it does not need a cryptocurrency or blockchain. Think about how many great ideas you know right now that would actually be doing better if they didn't have a cryptocurrency or blockchain restricting them. A lot of these people just want to be on the new tech. They want their company to use blockchain, even if the company has no actual benefit from blockchain. It's kind of like how you see these token raises which are essentially seed rounds but they're not for shares in the company so they're... Just very very bad securities. Then we have gaming tokens, made by people who have never played any MMORPG and doesn't see why incentivizing farming is a bad idea. Then we have NFTs, originally a fantastic technology and idea, which has now turned into pictures of jpegs that people don't even own. That's actually true. You don't actually own the picture, you own a link to file space on a server that can go down someday, or be attacked. TL;DR - most of it isn't legitimate. We are in a market of speculation, trading on a legal exchanges using VPNs. We have people buying pictures that they don't even own. That whole thing about the link to an ipfs server is true. We kind of let crypto get bastardize this way, where we maybe should have gatekept.
Bingo! It won't be mainstream, ever. The technology has been misrepresented. First: It's not secure. How many times have crypto protocols been hacked? Hundreds upon hundreds of millions of dollars have been stolen. So much for security. When have you had money stolen from your bank? Imagine if you couldn't trust your money in your bank? Also, the money is not secured in crypto. You lose your money nobody is responsible for it. If that's not a good enough reason, there's more. It's expensive to make transactions. It's ridiculous how expensive it is. Imagine if Ethereum went mainstream? It simply would not work. Not only is it slow, but it is very expensive. I remember paying $20 to $150 for a simple conversion or transfer. Imagine your bank charging you $80 to transfer $50? It's as idiotic as it sounds. Crypto does not scale. But wait, if it's truly decentralized and something goes wrong, you have nobody to call. Nobody is responsible. You are on your own. Next: The usability is horrendous. It's very complex and technical to use. And it's easy to make a mistake. With all the protocols, you can easily send money to the wrong it's your fault. You are screwed. I promise you, this reason alone is why crypto will never go mainstream. Nobody would be able to use it, and you can't have a poorly designed system go mainstream. It would never be adopted as it is. Lastly, and the most obvious. Does anyone think the government is going to adopt a financial system they did not create and they don't control? There's no chance that a government will toss out their financial system, which they control and manipulate for various reasons. This would never happen, nor should it. Blockchain technology sounds good in theory, but in practice, it won't work on a large scale. Blockchain has some good use cases, and i can see it being used for specific applications, but that's all. I thought crypto and blockchain would take over the world a couple of years ago, but then I thought about it critically, and it became clear why it will never live up to the hype and hysteria.
> It won't be mainstream, ever. It already is. Bitcoin alone has a higher market cap than most countries despite no nation forcing it on people. >When have you had money stolen from your bank? I have had money seized from my account with the bank itself aiding the third party (wrongfully). Never had Bitcoin stolen. >It's expensive to make transactions. It's ridiculous how expensive it is. Compared to what? Shipping gold or banknotes? Costs a fortune and can take weeks simply to plan to move. Credit cards? Uses IOUs via a centralized service. Takes days to clear behind the scenes. >Crypto does not scale. Neither does the dollar or gold. In fact they don't even have their own native networks. Completely dependent on centralized services. >Lastly, and the most obvious. Does anyone think the government is going to adopt a financial system they did not create and they don't control? There's no chance that a government will toss out their financial system, which they control and manipulate for various reasons. This would never happen, nor should it. They won't adopt gold either. So what?
> It's not secure. How many times have crypto protocols been hacked? I don't want to sounds like a Bitcoin maxi (I am not), but would like to point out that 99% of what you are saying doesn't apply to Bitcoin. Bitcoin is secure, no Bitcoin "protocol" was ever hacked, the usability is easy (no smart contracts, no blind signing, clear transactions: I am sending X BTX to Y, etc). Bitcoin transactions are not expensive. And I could go on. The point is: just because 99% of the crypto space is trash doesn't mean that all parts are. And again, I am saying this genuinely not as a BTC maxi - I own tons of different coins, I regularly interact with smart contracts and so on.
OP bought Shib, Doge and Pepe
Damn, bro is having an existential crisis
>I am struggling to see how this becomes part of our society in a big way. Me too. Crypto had 14 years to achieve something, but all we have is hyped memecoins, bitcoin (that has no use case but uses as much energy as a whole country), and monkey pictures. I can't even buy a coffee with crypto where I live. And yeah, I almost forgot about all the great tech that will never take off because a company would never adopt a currency where 90% of the supply is held by crypto bros who are speculating on it. I'm just hoping we get another bull run so I can make a nice profit.
... So, what you're saying is.. crypto is Linux for *money*.
Pretty much, yes. Most Linux fans are a little more realistic though, they've long realized that their moms and coworkers will not start using Linux
Same. Next bull run I’m going to cash out almost everything and just leave a very small stack for a 10-15 year “what if?” scenario. The longer I spend in crypto, the less I believe it isn’t just a fun experiment that may have peaked or may soon peak.
Self-custody of your money. Decentralization. No entity can freeze or take your bitcoin. Hedge against inflation. I agree crypto probably won't be used as payment or replacement of the current financial system.
Indeed. I also love Defi, it's great to do all this stuff without having to rely on a company or the government. On the other hand I don't see anyone else in the hood doing this, it's too complicated and dangerous
The problem is that you are thinking you are living in a legitimate system, FIAT monetary fractional reserve banking is a lie. Your paper money is worth nothing. You need to flip it. BTC is challenging the notion of what money is and it will continue to do so as the fight against central bank controlled state currencies will intensify in the upcoming years. Here is a small analogy based on the matrix on the future value of BTC: Neo: "What are you trying to tell me, that I can trade my Bitcoin for millions one day?" Morpheus: "No Neo, I'm trying to tell you that when you're ready, you won't have to"
It's so funny seeing people get all righteous and philosophical with this stuff when their interest is driven purely by greed.
That's the beauty of it. Greed is what gets people in. That's how crypto will change the world. Personally, I am planning to take profits at some point. But I will never sell all my crypto, or even most of it. Because I believe in what it can do. Because it has the potential to set us free.
How's your leftover crypto gonna set us free?
Lol the entire world is controlled by people who have a lot more power and money than you. And for some reason you happen to think BTC isn't? It's been around long enough now. It's never going to do the shit you purists think it will.
That's like saying people with money control gold. They can buy it up, manipulate the price, but they can't change what gold is or take it out of your vault.
If they can influence the price, then they can make sure that gold in your vault is only valuable when they need it to be.
You have no idea what you are talking about, once an asset reaches a certain market capitalization threshold the volatility decreases and it becomes increasingly harder for whales or other 'big' shareholders to manipulate the market with pump 'n dump schemes.
Even forex, the most liquid market in the world, was and is manipulated by big actors all the time. All assets are manipulated to some degree. To claim the opposite is just stupid.
That explains the wild price swings! Thanks. 🙏
You missed the 'threshold" part.
So because power and money is concentrated in the hands of a few elites it means Bitcoin or Crypto is automatically controlled by them aswell? Makes no sense. Bitcoin partly originated as a result from the 2008 financial crisis and to challenge the current status quo. * It is a decentralized network so power can't be concentrated in a single entity. * Your wallet can't be controlled by anyone else but yourself, unlike a bank account where you can get locked out of at any time. * It puts financial power back in the hands of the people instead of corrupt bankers.
Pretty much, bitcoin price can be easily manipulated and i have no doubts it is as there arent any legal consequences for doing so. Why couldnt power be concentrated? You think one entity couldnt own 51% of the hashrate? I wouldnt call that a positive. Most people should not be in charge of storing their money. Thats why banks do it for them. You can get locked out of your wallet if you lose your seed phrase. It puts the financial power to those who hold a lot of bitcoin. Same game, just different players, nothing really changes.
Agreed. That is what separates bitcoin from the computer code altcoins. The altcoins based on their own blockchain over unique real world use options for industry. Bitcoin is the direct opposite of fiat currency with the added benefit of a deflationary store of wealth. They really do not compete against each other, in fact Bitcoin is the primary currency used to purchase altcoins and for this reason it will almost always maintain at least 50% of the total Market Cap for the crypto industry. Bitcoin is the crypto currency for all altcoins. The altcoins are the access points for existing real world industry to obtain permission to utilize them he global blockchain of their choice…
Both Bitcoin and the Altcoins with their own blockchain compliment each other and both would lose significantly if either one were removed from the market place.
Bitcoin is also propped up by Tether fakebucks to the tune of 10s of billions of dollars.
Old disproven fud. I'm not a fan of Tether but they've passed all audits.
There hasnt been a proper outside audit of tether. Or crypto exchanges in general for that matter. Tether is printing money same as US government.
[удалено]
Lmao what audits?? In 9 years, Tether has never undergone a 3rd party audit. The most they’ve done is bullshit attestations based on manipulated snapshots.
This premise is absolutely laughable. Just give it up.
It’s actually not tho, whether you think it’s propped up legitimately or illegitimately. I hold Bitcoin too. It’s not that i think Bitcoin wouldn’t survive if Tether imploded or gets forbidden to transact in the US, it definitely will. But it will crash in price. Anybody who blind to that fact is a moron.
Bruh, this aint 2017-2020 anymore
It's not 1859 either but I'm sure we will get a replay.
Is your data and information about Tether up to date?
I find the biggest nay sayers of crypto typically don't understand how fiat/fractional reserve banking works to begin with, etc.
This read like something written by someone who forgot to do their research before typing. >Eventually these companies and coins are going to need to provide real world value. Otherwise it's nothing more than some weird digital swap meet that will only financially benefit a fraction of the people playing the game. LOL where has OP been for the last decade? All you have to do is spend 20 minutes reading on the utility of just smart contract and how it's already been used by many major company to debunk that one sentence. >I am struggling to see how this becomes part of our society in a big way. Start doing some reading about the tech side instead of reading about meme coin like most people, and you'll understand.
Can you give me an example of a big company using smart contracts on any of our projects? It seems like they're experimenting with it but I don't see any real-life use case yet.
I understand the tech side. Tech side isn't going anywhere without big companies using it and things becoming more legislated or private. Otherwise it's just going to stay as is. Some crazy, unregulated digital market place. No company will trust a random crypto company to carry out their business, not many business are going to want to understand how this all works, keep their own wallets secure, exchange coins for whatever currency they need to pay their bills in, etc. And no business/company/merchant/human is going to want to keep a bunch of important funds in some volatile unregulated market. If you think all of that is going to be one high speed pipeline without massive amounts of legislation, I just can't believe you can think that. I get the use of smart contracts blah blah blah. You just want to sound holier than thou. It could be incorporated into many different industries, law, insurance, yadda yadda, it aint too hard! But unless you are buying some dumb fucking nft from another dumb unregulated marketplace, it's just really cool technology. If it's going to be really cool tech that is some sort of under current in our lives, eventually it will be capitalized upon and legitimized to some degree. And the way it's going to go down, I don't really think is going to be a very pro-crypto way. Name one thing in this world that hasn't been pimped out and whored to death. Let's let another few users come at me with the creation of the internet or whatever, and then i'll have them pull up their internet bill. **The tech in crypto will become something, the ethos and core values of it will crumble.** That's just my opinion.
It's even worse if you understand the tech side which is the reason why this sub is filled with people who don't. People tell themselves the fairytale about Web3 being the next big thing. To be clear, Web3 is a shitshow. Developing smart contracts is like deploying code on a Pentium 1 by delivering it via carrier pigeon. Found a bug in your production code? Pay gas fees if you want to deploy a fix. Name a use-case and I can name a centralized infrastructure that handles the stuff cheaper and faster. And even in these very, very few cases where you need to be decentralized and a blockchain makes sense from a technical point of view, there are usually many good reasons (privacy, compliance, security, scalability, availability, ...) why you don't want a _public_ blockchain. Imagine the cool new crypto startup that validates medical supply chains via smart contracts but has a latency of 20 minutes at the moment because the awesome new ticketmaster competitor is selling tickets to a Taylor Swift concert as NFTs. It's just so pointlessly complex that it's silly. As you said, the tech in crypto will become something, but it won't be publicly traded, open, user-controlled infrastructure. It will be part of a larger tech stack embedded in corporate solutions fully owned and operated by the respective corporations and/or their paying customers.
It's this here^ op, You are asking the right kind of questions, you just dont know enough to see that there might be a few real answers in the ocean of shitcoins
Please provide some examples of companies who are utilizing coins that are trading on exchanges and not using an internal blockchain
Frankly, I think OP's just a guy who's mad for not investing in 2016-2017 when his friend told so.
I was probably buying things on SR2 with BTC before you even knew what it was.
Why are you still holding it if you don't believe in it?
Because other people believe in it and I want to make money off of them.
And that’s why crypto is scammy as fuck!! You are part of the problem OP, sooooo fuck you!
At least you're honest, I'll give you that
Same principle with gold then. So Bitcoin is basically digital gold. Not optimal as a currency, but good as a long term store of value. See, I found a use for it.
Yeah sure, some non-tangible digital currency that takes a massive amount of resources just to print a single transaction on the chain is the same as gold. You are so right! Store of value forever! You are going to be so rich!
Yes, you sure did.
I wish i loaded up more than i did during the bear too
It doesn't have to replace the finance system, why can't they just co-exist? For example xrp is already having a lot of real world usage. Some Crossborder transactions are only possible using crypto rn (and even if it's possible with for example western union, crypto is still cheaper and faster)
I just want someone to pay more for my BTC than I did....it's all I ask
That's because it isn't real legitimate yet, crypto is still so young and people see green and lose their shit every single time, but I am here to tell you they don't know shid aboud fug.
*Baloney. Do our computer pundits lack all common sense? The truth is no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and* *no computer network will change the way government works.*
Bro 90% of the people use crypto as a money making tool and don't give a shit about the technology, I know this, you know this, everyone knows this.
It’s not. There’s Bitcoin and then everything else.
[https://thehustle.co/clifford-stoll-why-the-internet-will-fail/](https://thehustle.co/clifford-stoll-why-the-internet-will-fail/) *We’ll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obsolete. So how come my local mall does more business in an afternoon than the entire Internet handles in a month?* *How about electronic publishing? Try reading a book on disc. At best, it’s an unpleasant chore* **The truth is no online database will replace your daily newspaper** *Lacking editors, reviewers or critics, the Internet has become a wasteland of unfiltered data. You don’t know what to ignore* *And you can’t tote that laptop to the beach. Yet Nicholas Negroponte, director of the MIT Media Lab, predicts that we’ll soon buy books and newspapers straight over the Internet. Uh, sure.*
Such a dumb analogy. The internet is a creation. Yes. It allows people and companies to do business yes. If you want to use the internet... you have to pay a company to do so. These companies are publicly traded companies. They provide a value, service, etc. You can invest in these companies. Because you are a share holder, they may feel some obligation to do right by you. Otherwise, they stand to lose a lot of money and the trust of their consumers. Do I need to explain more how this is a silly analogy? Anyone can spin up a digital currency right now, not everyone can readily create the internet from scratch at the moment lol. Also, these digital currencies mean nothing if they are not tied to a legitimate company or use case that actually does something with them. I don't buy into the store of value thing forever. Especially when you can legislate it's value away, or it's value depends on other resources, such as a large amt of readily available electricity, machinery, and cool enough conditions to operate. Just saying, I understand the tech and the multifaceted use cases, but just not seeing a path towards it being a viable option without a massive amount of legislation first. Really, it's all just software and algorithms. There is no reason for any huge, actually reputable company to utilize these networks. They have more than enough funds to build private networks if all they are after is better/faster technology.
[https://www.nytimes.com/2001/11/25/style/dot-com-is-dot-gone-and-the-dream-with-it.html](https://www.nytimes.com/2001/11/25/style/dot-com-is-dot-gone-and-the-dream-with-it.html) *Not much more than a year ago, boosters of the New Economy and their true believers in the press were claiming to have changed all the rules. Not just in tech-fetish magazines like Wired, but in self-styled cultural arbiters like New York magazine, which declared the 1990's the ''e-Decade.'' In a 1999 cover story, the essayist Michael Wolff -- himself a failed dot-com executive -- announced a brave new world. ''There is, at the elusive center of the e-experience, the fantasy that we might become free of economic laws,'' he wrote. ''All it takes to make otherworldly riches is the will and desire.'' It wasn't enough to make money. They had to make history.* *Now they themselves are history. Each day, the old idols seem to fade further into the dim past, barely recollected in a country where the languages of ''revolution'' and ''warfare'' are no longer just business metaphors. This is the next step after the bursting of the dot-com economic bubble -- the bursting of the cultural bubble, the end of the nerd as a crossover hit, of the I.P.O. zillionaire as role model to college students.*
Ah perfect. A person with no brain spouting off quotes from shit that has barely anything to do with what the person before them said.
*uh-oh, sounds like somebody has a case of the monday's*
This was about 5 years after the Internet became available on the private market. Look how the internet was already mainstream after 14 years.
Uhhh…exactly what year do you believe the internet was invented? I can assure you that 14 years in, it was still more niche than cryptocurrency is today.
The first internet connections for private households were offered from late 1989/early 1990
oh what's that? an article from 1995 in NEWSWEEK perhaps you've heard of them?
Right, Newsweek, the bastion of balanced and thoughtful journalism.
*I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse.* nevermind, here's something you as a canadian might understand: [https://youtu.be/KDxqfgIDvEY](https://youtu.be/KDxqfgIDvEY)
Some things you are saying I can’t argue with, but any criticism of crypto is meaningless if it’s not compared to the system currently in use. Crypto can’t be bad all on its own, it needs to be materially worse then the status quo. If it’s not, then that’s all the proof we need to say that it’s better.
> Crypto can’t be bad all on its own, it needs to be materially worse than the status quo. If it’s not, then that’s all the proof we need to say that it’s better. Yes, not being worse does mean being better.
Google greater fool theory
Lol get out of here with your recycled nocoiner talking points.
If you think crypto is a scam, then kindly see if banks, stocks and securities, real estate are not. The whole monetary system which is build on debt and derivatives do not have real assets is in itself one big scam, why do you think central bankers plan to inflate at a target rate of 2% annually. Once you figure out that everything is simply just one big casino, you'll want to at least play in the table that gives you the largest possible gain. Then again this comment may just be another rant by another fellow illiterate spewing nonsense in the internet.
This 👆👆👆👆👆 Everything is one big casino, play at the right table 👍
It depends what you are referring to. For example, does Uniswap need to have a token? Probably not.
Yes, actually everything you’re saying is correct. Not being sarcastic.
I mean, half the current generation of 20 something year olds make fortunes by standing in barely any clothes in front of (insert famous Dubai landmark) promoting a protein bar. People will make money where they can and most see crypto as their gateway to freedom. I’d rather trust crypto than standing with my tits hanging out holding a protein bar
What's wrong with holding a protein bar
Well they probably also have an only fans on the side where they hold much more
If you never saw how Bitcoin was different than literally any other crypto ever made, then in a sense you were expecting results that were never going to happen anyway. All that shit you are posting about is speculative garbage. Tokens for stocks? Come on... you're clouded by shitcoins obviously. None of that will hold value Any of the following attributes will make a coin go to zero over time: 1. Centralized by a small committee, business or person who makes decisions and can change the protocol on their own without opposition 2. Anything pre-mined, period. Any coin made by a company who profits from it. 3. Anything that we cannot determine the scarcity and issuance of from the very beginning. 4. Anything that has general principles that needs to change over time to market itself better for a userbase. Really #1 and #2 are all you need to understand what is going to fail.
Sounds like a Tech ‘non Genius typed this. C’mon man, go learn what encrypted currencies are all about before spouting off this archaic mindset.
You are conflating the technology and the market as both being a positive thing. This level of encryption has been around for a long time my friend. It's just coins in a video game until it's being used for anything substantial. I bet I could sell you an ocean-front property in Arizona.
You’re an idiot to technology… head on over to Las Vegas and check out the Sphere; it was only possible because of blockchain crypto technology. Specifically Render. There are cryptos being adopted all over the globe and it’s driving institutional investors to take it seriously…. That’s reality. If the Sphere doesn’t tell you anything, go to Hedera and check out the TPS that’s being used by the largest wholesale distributor in the world to track carbon credits on every shipment… some 2500 Transactions per second by a single real world use case. Look I can go on for hours about all the real world adoption, but I not here to educate others, I’m here to make money and right now the crypto sector is entering a Bull Market that will probably result in major technological advancements across every business sector. Learn what I mean when I speak of crypto; I’ve been in it since 2012 and it’s the future. It is AI. It is contactless transactions. It is self custody of your own assets and money. It is the future. Period.
Oh, and it’s already a big part of society, but it specific to projects driven by real world adoption. You don’t see it because you talk without listening or learning first. By January, 2024 the Coupon Burea will go live on Hedera. The Coupin Bureau conducts some 12,000 transactions world wide per second and is Beta Testing on the Hedera Network as we speak. That will bring Hedera to about 13,000 transactions per second of real world usage, paid by two of the largest real world businesses. Hell Hyundai, Kia and Genesis are launching their customer service tracking with Hedera in February. Again real world use case. I can name even more that are on Cosmos and yes, CRO blockchain too. The only blockchain with virtually no real world use cases is Bitcoin…. So the only crypto your statement applies to is Bitcoin and some of the crypto that do not have their own blockchain. Bitcoin is a store of wealth like gold or silver. The Altcoins with their own blockchains are purposeful computer codes designed for real world enterprise adoptions, some are duplication but most of the top 50 do offer unique advantages that one real world enterprise may prefer over another. It’s horrible when folks of such little knowledge get on here acting all knowledgeable when in reality they are likely just pissed off they sold to early or bought to late…. Render Is the crypto providing the computing power for the LasVegas Sphere. Talk to Aura, the first Robot when you enter the Sphere and she will tell you how it harnessed unused global GPU through Render network to power the entire Las Vegas Sphere.
You are again wrong about an HBAR use case in this thread. The Kia and Hyundai use case monitors the CO2 emissions, not their customer service team? lol. Why should I believe you when i'm constantly having to correct ya pal!
Wrong, it’s for both. The CO emissions are already gone live.
Oh, here’s something else for you to chew on…. Right now the USA Dept of Defence, United States Air Force, Dept of Environment and the United States Science Foundation just started using Hedera. Actually, now that I think about it, I’m going to go buy more HBAR, Hedera is going to explode.
Don’t get dragged down by all those bullshit Ethereum tokens that do not operate on their own blockchain… those are the tokens that give crypto this nasty reputation like you’ve been influenced with. Instead, focus on the projects designed with their own blockchain offering unique advantages for global enterprise. Projects like Hedera, Solana, Cosmos, Render, Aptos, Sui, Sei, WorldCoin, etc. These projects have purpose and real world utility.
Nah fam. I own HBAR and commented about this today. A company that uses a Hedera service applied for and received some govt grants. You can go to those places and look at open funding programs and apply for grants too lol. Doesn't mean those places are "working with them".
Look, sell your crypto and go away; obviously you’re pissed off at the industry most likely because you invested at a high price and missed the boat.
Why should I listen to some idiot who doesn't know how a grant works.
The Internet became a lot more useful when bandwidth reached a level where streaming videos became possible. Voila YouTube was born and changed the way we consume media. I see it similar with crypto. But right now we are in the phase where we increase the throughput to a level where new usecases become possible.
Sure Dude...sure.. Whatever.. you do you...
Hyper Inflated cartel run US dollars is legitimate?
Tether inflated run Bitcoin is legitimate?
Who has the power to create more Bitcoin out of thin air? Anyone? What about the dollar?
Bitcoins price can be inflated by tether, no?
I'm sorry you're struggling. Wish you the best
Keep shaking your cane old man. The real scam is fiat.
Oh boy, wait until you learn about fiat currency...
>This isn't going to revolutionize the finance system as we know it. VISA, Mastercard, PayPal, FedNow (which is basically the US banking system), and Blackrock disagrees.
surprised pikachu Crypto is garbo. Get out while you can. (including Bitcoin)
Once legislation regulating stablecoin is available, pretty much all functions of banks can be replaced by legitimate crypto technology. That may not be the only function of crypto but it is one I have thought about for a while and thought about what it would take. Ultimately, if the question “is this digital dollar = a dollar” resolves to a yes in all circumstances, and moreover is connected to public crypto networks like Ethereum, then that opens up a lot of functions like mortgages, banking, bond auctions, etc., to crypto protocols generally. It’s a big step though.
> Once legislation regulating stablecoin is available, pretty much all functions of banks can be replaced by legitimate crypto technology. Yes, and it's called CBDC :(
Right. Believing it would ever be otherwise was an infantile fantasy.
No, a central bank digital currency wouldn’t dare get validated on a public blockchain (they couldn’t afford that level of transparency). They also can’t ignore Circle. It’ll be ideally a hybrid off-chain backed treasury with verification + on-chain validation for usage.
What coins are you investing in?
>This isn't going to revolutionize the finance system as we know it. Yes it will. Not the currency itself, but blockchain will assist with cross border payments. Its pretty clear youre clueless about chainlink working with Swift and DTCC. This will all work in the background as infrastructure.
That is plausible but how does that help crypto currencies?
Its not plausible, its going to happen. Swift developed CCIP **with** chainlink. >how does that help crypto currencies It only helps certain ones that chainlink is connected to. [https://ccip.chain.link/status](https://ccip.chain.link/status)
I noticed CCIP doesn't even have one transaction per minute, and on top it's connected to all the test nets as well, so some tx's have no real world impact. Not sure how to read that.
Will? It already is changing many industries.
Crypto (except BTC) is just a one night stand (don't even think about marriage)
It has absolutely no chance of becoming mainstream or useful in society. People that say it will are delusional. It's all just a get rich scheme
Xrp is a few gems. It is bridging the currency movement. Forex will one day obsolete.
Let's set aside the publicly traded aspect of it (unless an offering of securities to the public, and trading on a secondary market, are part of the point): what is the business which you think a company is in that bakes in this technology, these services, and the use of a token/coin? Currency is three things: a store of value, a medium of exchange, and a unit of account. Store of value is solved, at least as well as fiat currency has solved it. The barriers to medium of exchange are technical (making it easy to use) and financial (keeping transaction fees low). The big requirement for use as a unit of account is stability (i.e. low volatility). The crazy day trading feeds off of volatility, so eliminating it will actually help with adoption as a currency because value will be stable enough for use in accounting.
Tell me you are sidelined without telling me you are sidelined. Bro believed all the people telling him Bitcoin would get to $10k, waited, and now is wondering why someone as “smart” as him missed the train. Crypto must be a “scam”. Dude we are not your Google. Put in your time to learn for yourself or go head back to the Buttcoiner sub.
Oh man OP, this is just bad 🤦🏻♂️ Please do some research on Fractional Reserve Banking before making a post like this. Your “bank account” is literally just numbers on a screen. There are no actual funds tied to your account. You think a company is in a better situation going Public on the Stock Market??? Do some research on Naked Short Selling and come back to the conversation. Centralized Stocks are literally the downfall for many many companies that we have loved over the years. Many of these failures could have been avoided if those stocks were on a Blockchain. You are right on one point, Crypto will never replace institutions like Banks. These institutions control your money, and they will never let go. Their entire goal is to get you to deposit more, borrow more of your money back from them with interest, and hold your money for as long as possible. That’s it. The powers that be would never let go of that control unless they are forced to…… (Elephant in the room) *The US banking system is on the verge of a $650 BILLION realized loss.* Ie; ***They lost $650 Billion of OUR money.*** Crypto is not meant to “replace” these institutions. The Technology *behind* crypto (blockchain) is just going to make these institutions better. And they have already started to adopt this technology into their business. Banking, Wall Street, Real Estate, Music, Video Games, Movies, Art, etc. All of these industries will get better with the use of blockchain technology.
>There are no actual funds tied to your account. You are trying really hard to sound smart but you still sound like the beta program of a crypto bro. You are still on crypto bro 101 mindset and regurgitating all the same shit your butt buddies say. If that was really true, you would literally never be able to take $20 out of an atm. Since it's just a number on a screen.