Not much to say. I’m glad one more person got out.
Crypto is still an interesting concept. Maybe not the exact same way that bitcoin does it, but nevermind that. The problem with bitcoin is, was and probably will be, that it is not actually materially backed by anything. Could be real estate, could be agriculture, could be some kind of industry that says, you can always get our product for exactly _______ many bitcoins and we change prices every 6-24 months.
Doing it doesn’t make sense because it would drastically over or undervalue the thing and without that kind of backing the currencies will never stabilize enough to be useful.
The concept of having a single mathematically verifiable, unchangeable record of ownership that doesn’t depend on a nation state is still theoretically useful and interesting though. But obviously none of the current implementations are all that useful. Or they would have “won” by now.
Look, truth is crypto is only profitable because someone has assigned value and another person is willing to buy it.
In a capitalist society, this is how things work. The US dollar technically isn’t backed by anything either, yet people around the world use it for trading commodities. But now we can start to see the cracks in that plan, world wide, as the USA tries to isolate itself from the world. I’m not the only one here thinking the same thing. China is oddly taking a lead in technology and innovation, the EU sleeping giant is about to wake up and figure life is passing it by. All while Russia and the USA want the 1950s back in style.
Why the off topic rant? Because crypto is doing what it has been driven towards: making someone else money and someone else wanted to make money AND at $96000 for a virtual token, someone likely is.
Bitcoin, Etherem: all product of a bright people with no intent on making millions. But one day, someone felt that Bitcoin could be used to buy a pizza… and now we have a market and defi banking and loans and fair trade for services AND… a constant change in the value of goods and services, just like the USD.
So like it or not, crypto is working as it’s intended.
Also, I’m entirely out of crypto. I hope it crashes the market and capitalism just dies.
The US dollar technically isn’t backed by anything either
No, it is. it’s not “hard backed” by X dollars to Y grams of gold, but it absolutely is backed in the sense that McDonalds (and hundreds of other companies) does it’s accounting in USD and will continue to do so for the foreseeable future and doesn’t expect wild fluctuations in ingredient prices or wages and wants to prevent those from fluctuating, because when that happens, their business math gets harder.
You can go outside the door with 100$ in your pocket, vanish for 3 months, come back and it’ll still be usable to buy food, a hotel room or a transportation ticket.
Yes, but last year a cheese burger cost me 20% less and my dollar went further. You’re trying to argue the USD is the best form of currency because it’s used nearly everywhere, I’m telling you that it’s only the best currency today because it was stable in the past and backed in value by the commodities around the world. $100 today still gets you food and drink but soon it’ll buy you a whole lot less. The foreseeable future is here dude, sadly, Americans are in for a shock with this whole isolation focus the USD drops from favor.
No I was trying to explain what bitcoin lacks in terms of backing, in comparison to “traditional” currencies. We don’t “need” need the dollar or euro or whatever. Dollar in particular is in for a rough ride.
Is also not controlled or regulated. Which is by design. But it carries massive issues of scams, casino like structures and no protections for the weak
The concept of having a single mathematically verifiable, unchangeable record of ownership that doesn’t depend on a nation state is still theoretically useful and interesting though
That’s the thing, a lot of people think blockchain technology = cryptocurrency when the latter is only one kind of implementation of the former. Blockchain itself has its uses and is amazing technology, but it gets conflated with cryptocurrency being used as an unreliable investment vehicle.
Not much to say. I’m glad one more person got out.
Crypto is still an interesting concept. Maybe not the exact same way that bitcoin does it, but nevermind that. The problem with bitcoin is, was and probably will be, that it is not actually materially backed by anything. Could be real estate, could be agriculture, could be some kind of industry that says, you can always get our product for exactly _______ many bitcoins and we change prices every 6-24 months.
Doing it doesn’t make sense because it would drastically over or undervalue the thing and without that kind of backing the currencies will never stabilize enough to be useful.
The concept of having a single mathematically verifiable, unchangeable record of ownership that doesn’t depend on a nation state is still theoretically useful and interesting though. But obviously none of the current implementations are all that useful. Or they would have “won” by now.
Look, truth is crypto is only profitable because someone has assigned value and another person is willing to buy it.
In a capitalist society, this is how things work. The US dollar technically isn’t backed by anything either, yet people around the world use it for trading commodities. But now we can start to see the cracks in that plan, world wide, as the USA tries to isolate itself from the world. I’m not the only one here thinking the same thing. China is oddly taking a lead in technology and innovation, the EU sleeping giant is about to wake up and figure life is passing it by. All while Russia and the USA want the 1950s back in style.
Why the off topic rant? Because crypto is doing what it has been driven towards: making someone else money and someone else wanted to make money AND at $96000 for a virtual token, someone likely is.
Bitcoin, Etherem: all product of a bright people with no intent on making millions. But one day, someone felt that Bitcoin could be used to buy a pizza… and now we have a market and defi banking and loans and fair trade for services AND… a constant change in the value of goods and services, just like the USD.
So like it or not, crypto is working as it’s intended.
Also, I’m entirely out of crypto. I hope it crashes the market and capitalism just dies.
No, it is. it’s not “hard backed” by X dollars to Y grams of gold, but it absolutely is backed in the sense that McDonalds (and hundreds of other companies) does it’s accounting in USD and will continue to do so for the foreseeable future and doesn’t expect wild fluctuations in ingredient prices or wages and wants to prevent those from fluctuating, because when that happens, their business math gets harder.
You can go outside the door with 100$ in your pocket, vanish for 3 months, come back and it’ll still be usable to buy food, a hotel room or a transportation ticket.
Yes, but last year a cheese burger cost me 20% less and my dollar went further. You’re trying to argue the USD is the best form of currency because it’s used nearly everywhere, I’m telling you that it’s only the best currency today because it was stable in the past and backed in value by the commodities around the world. $100 today still gets you food and drink but soon it’ll buy you a whole lot less. The foreseeable future is here dude, sadly, Americans are in for a shock with this whole isolation focus the USD drops from favor.
No I was trying to explain what bitcoin lacks in terms of backing, in comparison to “traditional” currencies. We don’t “need” need the dollar or euro or whatever. Dollar in particular is in for a rough ride.
Is also not controlled or regulated. Which is by design. But it carries massive issues of scams, casino like structures and no protections for the weak
That’s the thing, a lot of people think blockchain technology = cryptocurrency when the latter is only one kind of implementation of the former. Blockchain itself has its uses and is amazing technology, but it gets conflated with cryptocurrency being used as an unreliable investment vehicle.