mattferg
Posts: 260 +263
Given the majority now have significant use cases, and pay interest, how is it a “pyramid scheme”? Especially when over their lifetime the main ones all consistently beat inflation
Valve to kick all blockchain games off Steam
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Given the majority now have significant use cases, and pay interest, how is it a “pyramid scheme”? Especially when over their lifetime the main ones all consistently beat inflation
Sausagemeat
Posts: 1,597 +1,423
Lmao how naive are you? Money laundering is rife with crypto;
Crypto laundering - Money laundering through cryptocurrency exchanges
Crypto laundering through exchanges is an important reality the cryptocurrency industry needs to protect against. Discover more.
complyadvantage.com
Only $2.8 billion laundered through crypto in 2019…lol
And how much money was laundered through USD? Almost certainly MUCH MORE...Lmao how naive are you? Money laundering is rife with crypto;
Crypto laundering - Money laundering through cryptocurrency exchanges
Crypto laundering through exchanges is an important reality the cryptocurrency industry needs to protect against. Discover more.
Only $2.8 billion laundered through crypto in 2019…lol
Sausagemeat
Posts: 1,597 +1,423
Sure. All I’m saying is criminals do use crypto and that it’s a myth that all cryptos are fully transparent.
They aren’t - but they are far more transparent than “normal” currencies... people will commit crimes with ANY currency - it’s human nature.
Whenever something new comes out, there are always people pointing out how it will be abused... which may or may not be true... but don’t go blaming the new thing - blame humanity for being jerks
Sausagemeat
Posts: 1,597 +1,423
Actually if you live in China it’s far easier to move money clandestinely via crypto. We (I assume) live in the west where peoples finances aren’t as closely monitored by the authorities. And for that I am thankful.They aren’t - but they are far more transparent than “normal” currencies... people will commit crimes with ANY currency - it’s human nature.
Whenever something new comes out, there are always people pointing out how it will be abused... which may or may not be true... but don’t go blaming the new thing - blame humanity for being jerks
But crypto is particularly attractive to criminals because governments don’t regulate it and they can’t. You can sit on billions worth of crypto and you won’t even get taxed in a lot of places. Not the USA though, although only if they find out and if you spend all your crypto online or abroad then the IRS simply won’t ever find out.
No FIAT currency has a definite value, as was shown last year and this year with insane spending and half of all US currency printed in a single year.
The only difference between crypto and the US dollar is the lack of government backing of crypto, otherwise the principals between FIAT and CRYPTO currency are nearly identical.
Porn, D&D, the internet, all were said to increase crime rate at one time or another. People STILL blame video games for the actions of insane people with no mental health programs available.They aren’t - but they are far more transparent than “normal” currencies... people will commit crimes with ANY currency - it’s human nature.
Whenever something new comes out, there are always people pointing out how it will be abused... which may or may not be true... but don’t go blaming the new thing - blame humanity for being jerks
The only reason governments hate crypto is simply over their inability to tax the hell out of it to fund their prok programs and defense contractors.
I don't recall seeing anyone mention anything about stocks in the context of this article.
Dimitrios
Posts: 1,388 +1,191
Might wanna read this.
Attachments
That doesn’t prove your point...
Rayneofpayne
Posts: 502 +415
There is more of a difference between crypto and government backed currencies, in fact there is a large difference. Inflation isn't the same as transitory values
Rayneofpayne
Posts: 502 +415
It's hard to explain, but if you don't understand the pump and dump market manipulation that happens with crypto and how it's a pyramid scheme with the ones at the bottom bearing the losses at the end of a surge then it becomes hazy to understand why crypto is actually useless well at least the tokens themselves are useless with no actual value, the technology it's built upon is worth more than any of the actual tokens you can buy or trade.
They can beat inflation because it has a prospected value and no actual backing of any kind there is no physical backing, currencies are tradable for "goods and services" and or "gold or insert valuable physical commodity", crypto has neither of those values backing it with a guaranteed backing in the US case it would be the Federal reserve, and or other countries government.
People have written books that total in the hundreds explaining economy and economics, and at the end of the day it's a construct of societies, the Us dollar will always be with something, as long as that government exists, crypto can vanish over night.
The US Dollar has been off the gold standard for decades now... it is worth only as much as the world BELIEVES it is worth... exactly the same as any cryptocurrency.
And you CAN exchange crypto for goods and services now... more and more every year...
cliffordcooley
Posts: 13,141 +6,441
Except that is not true now is it. That would only be true if crypto had a stable value. No matter how much you believe the value of crypto is. It will not be that value tomorrow.
The US dollar isn’t stable either... that’s why there are currency exchanges...
Rayneofpayne
Posts: 502 +415
It's not the same at all, the US dollar is based on "Goods and services" in the US, which is backed by a government and people. It's also held in place by the Federal Reserve which in case you didn't know is not part of the federal government.
Crypto is different. It's value is solely subjective on whims.
It's not the same even remotely.
If you need literature to understand the differences between the 2 I highly recommend reading about Alexander Hamilton, the National Bank, and then read about the Knickbocker Crisis, and how the Federal Reserve came to be and it's responsibilities.
Being backed by Gold is meaningless economically as it's more manipulatable as a commodity, which is why the Gold standard was rebuked.
Monies worth is based only on 1 thing, Blood.
If you don't understand that I can't help you.
Yes... goods and services... and so is crypto...
I think you need to look up the federal reserve by the way - there isn’t enough in there to pay out even a fraction of the US dollars in circulation...
Rayneofpayne
Posts: 502 +415
No crypto is not, until it is actually adopted to use EVERYWHERE, it is not backed by anything other than whims and speculation.
So you basically do not understand the federal reserve. GG.
Can you trade bitcoin for goods and services? YES YOU CAN!!
Since when does that question require it to be used everywhere? If a store letts you use Bitcoin to purchase items - *poof* that's exchanging currency for goods and services...
That's all a currency is... as it grows in value, more and more people will adopt it... eventually, you will be able to use it virtually everywhere.
Rayneofpayne
Posts: 502 +415
A limited number, it's not widely accepted, don't pretend it is either, most business will not gamble with profit to meet your whims of wanting something to be more than what it is.
It's not widely accepted... YET.... but all trends show that it will be... none of us knows the future - but this looks pretty certain...
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