crypto might have a few benefits
Sorry, you must be new to Lemmy. Here, talking about cryptocurrencies in any positive light is considered bad taste, and you absolutely deserve any flak you may receive for this transgression.
/s
the text is sarcastic but the circlejerk is real
edit: I agree cryptocurrency is not good but people here act like it’s going to personally shoot your dog
Credit cards allow chargebacks. Huge advantage for the consumer to get back their money from theft or scams. With crypto, once its gone, its gone (like cash or other physical possessions).
I’ve never been unable to make a payment using my credit card therefore your anecdote is invalid.
So instead you pay 1-4% in order to exchange your money to nano, and give that money to scummy crypto exchanges. Well done.
The fact that every crypto fanboy has their own favorite “currency” only adds to the joke. I guess crypto is so decentralized it cant even work.
See if they will accept barter, and you can pay them in potatoes, or turnips, or carrots. If you buy them in a state that doesn’t tax groceries you’ll only have to pay for cost of transport to wherever the student loan place accepts vegetables!
Cryptocurrency is our one and only way to be free from the banks,
Not arguing about the merits of blockchain, but if your money is in a bank, it is on a computer that depends on cryptography (TLS) for controlling access.
edit: Well, ok, at least then it’s not just crypto standing between your assets and someone else. Then there’s going to be at least another layer, like multifactor authentication, VPN/MPLS, etc., depending on the point being attacked.
I think generally the big issue that people have with crypto is that there are so many irreversible mistakes you can make, not that the underlying security is worse/better than a bank. There are lots of ways to securely manage crypto, but most people don’t have the tools, expertise, and discipline to do so. Even simple things like being diligent about randomly generating strong passwords, hardening your accounts and devices against account theft and social engineering, etc.
At the end of the day if you lose your bank password, account details, etc, you can go to a branch with your id and get access. If you are scammed and money is transferred from your account, the bank will generally make you whole or be able to reverse the transaction. None of those safeguards exist in crypto, and many would say that is a feature, not a bug. Which is fine, I get it, I was a crypto early adopter because I liked the math side of it. But it’s not what most people need or can integrate into their life.
I will also say that I laughed long and hard about reports of NFT smart contracts being used to execute malicious code sent as an NFT, which is a massive security issue, but I don’t think it’s fair to lump the whole crypto ecosystem into the NFT cesspool.
I wish the technology itself was used to replace the stock market, i.e. blockchain to take care of transactions in a truly transparent fashion, coins as a replacement for stocks. Other than that there isn’t much that crypto can do better and more efficiently than the systems in place right now except maybe international money transfers in certain countries…
It’ll be interesting to see which traditions endure over the decades. The stereotypical “crypto bro” squirrels away his own coins, but doesn’t have a plan for when he dies. So these “lost coins” will gradually become a majority of the total supply. Meanwhile groups like families and unions can use shared accounts to majority-approve each expense, and cycle through users over time.
people that think that cryptosis scam don’t know anything about crypto
Crypto is a scam. It’s yet another example of a pyramid scheme usually that seldom pays off.
I’ll start taking crypto seriously when you stupid shills stop trying to get rich off of that shit and actually fucking achieve something useful with Crypto that isn’t enriching yourselves or others in the hopes that you too will be enriched.
You’re giving real money to unregulated corporations run by tech-bros in exchange for a string of numbers that you don’t understand and the promise that you’ll get money back one day.
Yeah, that’s a scam.
well that’s the thing regulation is already coming, xrp for example is the first regulated crypto out there. Bitcoin and ether have trillions of dollars of investments from some of the biggest investment firms in the world and Banks all over the world are adopting it as a store of value so you go ahead and tell me that it’s still a scam any more so than any other currency and I’ll go ahead and keep investing in crypto.
It’s as legitimate as any country’s currency, as long as that country is being run out of some random basement closet in Silicon Valley.
unregulated corporations run by tech-bros
bitcoin CEO satoshi nakomoto has entered the chat
Why does every criticism of crypto always hinge on attacking the character of the industry is some ad hominem way. Oh the tech is no good because it’s “tech bros” running these companies.
The idea was great, but it was ruined by greed.
How did you buy drugs online before crypto? I think it’s made it much easier. Also for international transactions of large sums I used to pay fees for services and crypto allows for an easy universal standard with no middle men. Micropayments never caught on, but it would be a nice solution for that as well. This argument that we already have money, we don’t need different money never flew with me. Crypto has its place, it was just abused as an investment commodity way too early and this massive inflation completely suffocated any practical application.
So the use cases are:
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Buying illegal shit
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Scummy crypto exchange as middle men
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Small payments that never got used
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Trying to become rich by sitting on money
The argument is more that we already have better solutions than the one crypto tries to fill. Instead of finding a solution for a problem, crypto tries to find a problem to solve.
Blockchain may have some use case somewhere, but it is definitely not in money.
It’s funny cause crypto can totally be traced, like the whole idea is everyone has a copy of a history of the transactions, although wallets can be effectively anonymous with certain caveats. The idea of providing my address for a shipment was the part that always put me off with darknet. Although knowing how the laws work with how police obtain warrants etc, I didn’t see a huge risk on that front. Also the things I wanted to obtain weren’t necessarily illegal, mostly Shulgin’s compounds, spores, certain species of wood bark, and we already had a huge medical grey market cannabis market. Plain old etransfers were always preferred because under $10k its not a red flag and nothing “illegal” is happening anyway in the supply chain.
the idea was great
I have questioned this ever since I learned that the more adoption there is, the less efficient mining becomes, ergo more power is wasted accomplishing the exact same task for no extra benefit. Difficulty creates a back asswards system that makes adoption a con.
Ethereum doesn’t use mining at all anymore. It can get expensive to use though, which layer 2 chains help with
Mining is only one strategy for concenous, but yes it is a pretty rudementary and inefficient version.
Well it’s been over a decade and Bitcoin is still PoW, as well as nearly 50% of the entire crypto market.
And even in mining there are different protocols, Bitcoin is just intentionally inefficient 🤷
