Then they will ask why nobody wants to use their payment cards
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there is Bitcoin (not owned by any single entity) and then there is everything else. Other “coins” are owned by corporations that can make decisions about it and change it to some extent. These are extremely risky.
What? Just ridiculous misinformation. Every coin but BTC is owned by corporations? Huh?
True, controlled by corporations or individuals except a few. XRP is an example of a coin that could be drastically changed and the coin owners would be left in the cold.
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
Bitcoin's transfer fees alone are huge. It's over $1 USD now for any transfer, and it will get much worse.
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I honestly never understood how Lemmy, a privacy and decentralisation focused community, is so vehemently anti-crypto. It's worse than genAI. Every time it is mentioned, everyone goes "crypto is a scam". I don't think I've ever seen any good faith discussion around it, just "scam", "pyramid scheme", and "only criminals use it".
Let's get something out of the way immediately: shitcoins are a literal pyramid scheme and a scam. Anyone can make their own cryptocurrency in an evening, and anyone who throws money at them is either a fool or a gambler.
But I really don't understand what people mean when they say Bitcoin, or Ethereum, or Monero are a scam. Sure they can be used to scam you, just like Amazon gift cards can. Maybe it's about the price volatility, but the price of all 3 mentioned before is up on a day, week, month, 6 months, year, and 5 year scale. It's volatile, but is not a scam. If you bought and sold at two random points in time, it's more likely you made a profit than "got scammed".
You know what actually is a scam? Credit scores, overdraft fees, having to pay to check your balance, and so many other fucked up practices in the US banking system."Criminals use them" is just the worst fucking argument, especially in a space like this. Are PGP, VPNs and TOR for criminals too? Do you think getting rid of crypto would stop crime?
And yes, proof of work fucking sucks. The energy consumption of Bitcoin mining is a problem. I am not a cryptobro who spends all his time making trades and is here to tell you that crypto is the salvation. They are far from being "good" for everyday use. I just wanted to point out how it seems that critical thought gets shut down at the sight of those 6 letters, and I hope someone can explain to me what they find so terrible about crypto (aside from environmental concerns and shitcoins)
The internet loves to hate, it's that simple.
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I learned recently FedNow is a payment processor ran by the Federal Reserve, with a fee of $0.043 per transaction. Making it much, much cheaper than every other payment processor out there.
It just launched two years ago; I'm wondering if this might become more of a thing moving forward for digital payments.
You pay fees for transactions?
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Yep. Just because one side is bad, it doesn't mean the other is any good.
Cryptocurrency is still dependent of a pyramid scheme and criminals-enabling. Credit card companies are still a private owned government branch with no concern for human rights and criminals-enabling.
Yep, but cryptocurrency isn't dictating what you can spend with it...yet at least. So if no government does anything to help us, then we must adopt a cryptocurrencies like Monero to fight back against censorship as nothing more than a private citizen.
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Bitcoin's transfer fees alone are huge. It's over $1 USD now for any transfer, and it will get much worse.
wrote last edited by [email protected]I remember launching my wallet that I hadn't touched for years and I was hit with many days of syncing. It basically had to download gigabytes of data about blockchain since the last time I touched the wallet. I was blown away by the inefficiency and resource usage for seemingly simple things
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The value of gold, silver and platinum is determined by two factors: there is little of it in nature and you cannot take more at will and it does not oxidize, which ensures good storage.
I really don't know about you, but in my country you can't take gold out of the bank. You buy gold from a bank and it stays in the bank longer without the possibility of taking it out. What a joke. Guess what happens to the bank and the gold in it when the economy collapses.
And now look at Bitcoin. there is a little of it, you can't increase it at will, and it's convenient to store. Does it remind you of anything? And it's always with you.
Yes, but the overwhelming majority of the value of gold is because it is shiny. Up until very recently, it had almost no other practical use other than being shiny. Plenty of other objects meet the definition of "rare" and "cannot make more at will" and "doesn't degrade over time". Gold is just the prettiest.
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It depends greatly on how it's stored. Most people just keep it in an exchange, which are robbed fairly often. Which wouldn't be a problem with real cash as there are laws in place to protect you. With crypto you have no recourse.
Yes, as everyone knows, if you are mugged in the street, you can just say "no". The robber legally cannot take your money without your consent.
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
i wouldn't be suprised if even Dogecoin works better that Bitcoin. then again monero is the most private
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Yes, but the overwhelming majority of the value of gold is because it is shiny. Up until very recently, it had almost no other practical use other than being shiny. Plenty of other objects meet the definition of "rare" and "cannot make more at will" and "doesn't degrade over time". Gold is just the prettiest.
Well, what kind of items are these that are rare, they cannot be made as much as you want, they do not deteriorate over time And allow processing?
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You're not really selling it for me, which I guess is the point aye?
What I imagine as ideal is an open-source and transparent bank and payment system that issues its own currency backed by ties to its investment portfolio that is properly regulated by its host country. i.e. you would use their currency to trade among others on the platform according to the percentage value of their portfolio that you own as measured by the currency to which you which to convert your holdings for a given purchase. You could select different tiers of risk if you'd like your "savings" to grow in value over time but experience potential dips or even loss of value if there is major market stability.
I am not an expert on such things, but this at least has real links to tangible asset worth, and isn't based on the artificial scarcity of an increasingly unsolvable math problem.
this at least has real links to tangible asset worth,
Well, kind of. But the worth of those assets is largely due to perception, rather than real utility value. Like, real estate is stupidly expensive in many places, but it's expensive because people believe that it's expensive. When real estate bubble burst, you see the 'worth' of that real estate drop sharply. The utility value is having a place to sleep, but it's often treated as an investment. So you would still see currency value fluctuations. Currency issue by gov'ts largely has worth because the gov't says that it has worth; it's not tied to anything. (BTW - tying currency to a tangible asset limits your ability to add currency when necessary. It will tend to lead to depreciation--the value of the currency rising--which is usually a bad thing.)
The other problem is that corporations and banks go bust; if they were issuing currency, that would mean all your money would instantly be worthless.
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Sure, lets replace a regulated scam with an unregulated scam, that will solve things /s
wrote last edited by [email protected]Whaaaaaa, are you talking about bitcoin, the currency developed out of pure kindness and honest intentions and promising equality and equity for all? Surely you can't mean the grand and noble bitcoin, I was told for years that it would decentralize all currency and make all our wildest dreams come true. Any day now.
(Unless it conflicts with the predictions for AI, that it will provide equality and equity for all and decentralize skill, talent and knowledge and make all our wildest dreams come true.)
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Well, what kind of items are these that are rare, they cannot be made as much as you want, they do not deteriorate over time And allow processing?
For most of human history, salt met this definition. Ever wonder why it's called a salary?
Tungsten is also one of the rarest minerals on Earth despite being relatively cheap.
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You pay fees for transactions?
Every digital payment has transaction fees, yes.
Credit card transaction fees for vendors are generally 1-3%, for example.
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there is Bitcoin (not owned by any single entity) and then there is everything else. Other “coins” are owned by corporations that can make decisions about it and change it to some extent. These are extremely risky.
What? Just ridiculous misinformation. Every coin but BTC is owned by corporations? Huh?
wrote last edited by [email protected]Personally, I'm not aware of any other coin that is not connected to a person or company. Can you name me a few? Note that coins like ethereum has clear central ownership and are not developed by community itself.
Tomorrow, ETH founder Vitalik (I think that was his name?) could tweet that he has taken a side in Israel-Palestine conflict, potentially angering good portion of ETH user base and dropping it's value.
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For most of human history, salt met this definition. Ever wonder why it's called a salary?
Tungsten is also one of the rarest minerals on Earth despite being relatively cheap.
wrote last edited by [email protected]For most of human history, salt has corresponded to this definition. Have you ever wondered why it's called a salary?
It's very nice when your wallet is barely keeping afloat and you're left without money because salt gone form wallet... Or do you mean super cheap rock salt?
Well, to be left without money because I got caught in the rain is not still a pleasure.
Tungsten is also one of the rarest minerals on Earth, despite its relative cheapness.
Good... At a time when gold was still a currency, tungsten was not yet able to be smelted. In addition, when heated, tungsten is reactively oxidized, unlike gold.
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Every digital payment has transaction fees, yes.
Credit card transaction fees for vendors are generally 1-3%, for example.
Every digital payment has transaction fees, yes.
If you say so.
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Yes, as everyone knows, if you are mugged in the street, you can just say "no". The robber legally cannot take your money without your consent.
wrote last edited by [email protected]Have you heard of a bank? That's where non criminals tend to keep their money.
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Every digital payment has transaction fees, yes.
If you say so.
Which digital payment doesn't have transaction fees?
Credit cards (vendor side), debit cards (vendor side), and crypto (consumer side) all have transaction fees. Paypal, venmo, etc all make their money from (vendor side) transaction fees as well. Is there a different type of digital payment you are using that doesn't have transaction fees?
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? And that makes bitcoins waste disapear?
No, and I never stated that. I just think it's stupid to group all of crypto as an environmentally unsustainable technology. Following your logic, switching to electric cars isn't worth it because the 100 years of petroleum pollution won't disappear.
