- cross-posted to:
- bwockchain@lemmy.ml
- cross-posted to:
- bwockchain@lemmy.ml
cross-posted from: https://lemmy.ml/post/46379297
Source: r/buttcoin
You must log in or register to comment.
You can’t fake this kind of willful stupidity.
deleted by creator
Obvious troll is obvious.
Nobody invests IN the US dollar though. A currency is not supposed to be an investment.
currency investors do exist. i know a dude who had more money than god and thought “huh, well let’s see” and now has more money than two gods because the fuck is lucky.
you look for arbitrage opportunities between different currencies. i can’t remember whether he just exchanges currency or buys futures or what. i think it’s foolish but like i said, this guy’s got more money than two gods so he’s gotten very very lucky with it.
If he’s making money consistently, then he isn’t lucky
that is exactly what everyone who is lucky says.
Owning a dollar is an investment
It’s also pretty telling that all the crypto stuff is always measured in dollars. That said using usd does overall make money for the US by seigniorage.
Most sane .world world user be like
I wonder how much of Lemmy would disappear if I blocked .world
a lot of it.
Were they robbed?
I bet they were.
Say what you will about cash, but some hacker isn’t taking paper bills from across the planet via some technical exploit way over my head. With Etherium, the only thing protecting your money from the entire internet is you, and your understanding of complicated intricacies… And when lost, no one is coming to help you.
They might get my credit card, yeah. But that’s either my own dumb fault, or a very rich bank’s problem.
…It’s great for scammers, though. Crypto’s like a wet dream for them. And I find it remarkable the crypto community sees that as a feature, not a bug, and somehow thinks the whole world must see it that way.
No but global events caused by digital manipulation can make that paper revert back to paper
But Etherium isn’t protected from that, either.
I like the idea of decentralized digital currency insulated from governments, I just feel the Etherium-style blockchain approach is just impractical, and not that, on so many levels.
The OP makes it seems like they lost money by making poor trades, which so far in the history of Ethereum you could do in a very short period, but not if you held onto it for any length of time.
You’re right, they could have lost it by scams or hacks. The power to instantly transact with anyone in the world is a feature, but also a risk.
If crypto takes off for actual day to day transactions I imagine there will be an intermediate layer of banks or other institutions that take on some of the risk but also take their cut.
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Also, I was thinking of various wallet drainers, not just simple transactions or classic scams: https://www.kaspersky.com/blog/what-is-a-crypto-wallet-drainer/50490/
Etherium isn’t just a currency, but a contract system. You basically have to be a digital lawyer+developer to understand it, and not accidentally click on the wrong thing to drain your account, and that is a LOT to ask of the average person.
We’re on Lemmy, which must put us in the first percentile of tech nerds, yet I don’t have the bandwidth to learn enough of that to feel secure with my savings in an Etherium wallet. How could the average person?
Anarchist types are concerned about government backed crypto coins since you lose the fungibility/anonymity of physical dollars but don’t get any of the freedom and separation from centralization that crypto supposedly represents.
Plus all the potential for oligarch corruption, like current crypto has. Yeah, it’s like the worst of everything, by design.
I’ve just read Easy Money and then Number Go Up … it’s like built into the community that you should DYOR (do your own research) and getting scammed is like a college hazing ritual. “I guess I should have studied more” it’s weird how people feel as though consumer rights and protections are no longer applicable with this …
I get why people say cryptocurrencys are a scam, but the whole proof of stake shit makes lot more sense if someone were trying to protect all of society from say mass inflation in places like Venezuela or something.
The revolutionary w.e he was talking about had to be proof of stake, making it use 99.9% less power than things like Bitcoin.
The alternative choice was always the same, control by the U.S. or China. Really not many other options.
If people cared about the environment they wouldn’t use Bitcoin, if they cared about people, they wouldnt use the U.S. dollar and such. Every country in the world supports the U.S in doing so…
We need better alternatives, etherium may not be it… but surely there has to be a better way to keep people from suddenly plunging into poverty when they don’t have control of their government.
Crypto in isolation isn’t a scam (ignoring shitcoins and memecoins).
The issue is crypto is the perfect technology to hold/launder/gamble billions to trillions in undocumented and untaxed wealth by the Epstein class.
Its also perfect technology to scam millions of desperate dipshit working class numpties with severe gamblong addictions and far-right beliefs.
Crypto is a scam because after Bitcoin got popular so many people just started “making” it. As of today there are over 16,500 active crypto currencies. That’s fucking dumb idc who you are. The very original idea was to just have a global currency that didn’t have an exchange rate. That makes more sense then whatever the hell it’s turned into now. Crypto is like Pokemon cards.
The very original idea was to just have a global currency that didn’t have an exchange rate.
Lol that’s not even close to true.
It was for drugs right?
Money laundering too. Google “liberty reserve” or check out Epstein files.
Ultimately one of the Proof of Stake, momentum or ring sig coins would probably be better choices than Chinese Yuan as the next global currency to trade energy in even with this as true otherwise we go back to metal.
The main point cryptobros are missing is that the economy is controlled by force, something you can experiece if you are sailing in the persian gulf these days.
Even at the scale of a family, my taxes are collected once a year and if I don’t pay the nation comes collecting their due by force, via the law enforcement.
All these cryptomoneys have the notable bug of not being controllable by the nations controllong their economy, so come a sufficient magnitude of value transfer they will be rendered illegal very fast. You ain’t getting paid with it, you ain’t buying food or or mortgages with it.
You can buy drugs and killers with it though, which is nice if you are into that kind of thing.
all fiat is a scam, printer go brrrrrrrrrrrr
crypto just used to be more volatile with no sure offload but if we have a run on the banks again or we lose the FDIC not like the USD is better now
we live in the griftiest timeline
Some places do pay with crypto and accept it as payment for legal goods, as well.
Less than .00001% of transactions, maybe, mainly because bitcoin has hilarious transactions fees. It can easily cost you $8 to pay for a $1 stick of gum, and that transaction will still not clear for a dozen minutes. Its just non viable in the real world.
Mostly you can change crypto to an actual currency. That’s just whatever.
Yes, business transactions are still negligible, but not impossible. I look for crypto to rise as the USD/GBP destabilize. I say this without holding any sort of crypto and I’m certainly not an economist (but look for commodities and paper products to skyrocket. Obviously, lifesaving medicine (not just pharmaceuticals), paper products, but kilo of salt.
Crypto will not likely “rise” as the USD/etc takes a hit. Its not a hedging asset like gold, its purely a speculative gamble.
It is often pitched as a hedge, but we have a decade of evidence now that shows it drops and rises with the stock market, except with even more volatility.
Have you ran the numbers for those? Usually you end up paying way more that way
The merchants I’ve used have given a discount, but I’m sure there are grifters who prey on the wobbly exchange rate and sheer amount of digits
You can very easily tie your crypto to a debit card that works in any place that would take a VISA card and also with ATMs, so it is usable just like any other currency in that regard. Do not I am saying usable and not used, though.
And under the hood it is of course converted to a regular ol’ currency and then paid using that.
Multiple crypto exchanges allow you to issue a card and pay for usual stuff. I don’t use one now because I don’t have savings in crypto, but I did buy groceries with BTC. They were actually traded to euros first at the moment of payment, but it didn’t require any additional steps from me.
Energy is still traded with petrol dollars, doesn’t matter what crypto you try to sell. By decentralising energy production (which most oligarchs dont like) you can get away from it, there is no other way.
Didn’t the UAE say like yesterday they were going to start trading petrol in Yuan if they run out of dollars. People will accept whatever they feel is safe and available. Crypto isn’t safe, so it won’t be used
To me the PoS always sounds like the current system we have - the richer you are, the more power you have
It’s better than proof of work, even though both of them reward people who already have resources.
I’ve been interested in the G1 currency system. (Pronounced June) Participants are all issued the Universal Dividend each day. Sort of bootstrapping universal basic income. Current issue is it’s pretty much limited to France because you need five users you’ve met in real life to certify you.
Is it really that different with proof of work? In the end the control is going to end up with relatively few entities that have the resources to build large scale mining farms…
i mean the big crux with proof of stake is that the majority of the currency was already held by a group with aligned interests. so it’s really no different than normal currencies, it’s just a bit earlier in the timeline.
We need better alternatives
Why? Modern fiat currencies do exactly what a currency needs to do.
It doesn’t matter if it is fiat or not necessarily. But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this. That has happened to millions of people across several countries. They didn’t wake up one day and choose it, but poof gone. Your entire life turned to nothing because we are using currency that isn’t based on anything but a government that can collapse. Universal currencys not run by local governments could help prevent such.
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
First of all, hyperinflation hasn’t been an issue in any modern economy for decades. We understand more about monetary policy than we did in the 1930s.
Secondly, economic crises did happen prior to Bretton Woods. In fact, they tended to be more common, and more severe.
Finally, it is not obvious at all that “universal currencys (sic) not run by local governments” could do better, especially given our experience with cryptocurrencies, all of which are extremely volatile and not suitable as a currency for that and various other reasons.
decades
Not true:
https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
The worst brunt was 20 years ago, but it returned a few times between 2019 and 2024.
But this is not to take a stand in the ongoing discussion. I agree that the global monetary system contains too much hot air, but I emphatically do not believe that cryptocurrency will solve or even improve this.
Universal currencys not run by local governments could help prevent such
The thing is, large countries that don’t have these problems currently, are the ones with power to change that… and would never vote to change it, because it could help poorer countries create stability and grow over time, which makes them not so much less than the big countries who want to be able to take advantage of those countries when they wish for their advantage.
Well said. Ultimately imperialism. If we don’t change this way of “countries thinking” humanity is truly fucked.
But if I told you your money was going to be worth half tomorrow, then half again the next every day for the next 16 weeks… You would think shit… Maybe there is a better way to do this.
Doesn’t that happen to most cryptocurrencies?
Etherium is in question in the post, so never even close. I’m sure people have lost money, but if you bought at the absolute height and sold at the absolute low after it, you maybe could have lost half once. That’s max loss unless you bought every up and sold on every down. In 5 years you’d be down 16%. 1 year you’d be up 31%. It’s volatile but not as much as people make it out to be.
The government and media have always had reason to put people against it and say it’s only used for drugs. Kind of like those fish men we bombed in boats without trial.
That graph is hilarious. If euros looked like that, nobody would be using them.
That’s what we have been saying?
That’s comparing apples to oranges. What you want to compare to Euros are charts for stable coins. Which, for the legitimate ones that are fully backed, are basically horizontal straight lines.
100%
It’s pretty good except for the money printing and federal control aspect. A global currency which belongs to the people seems desperately needed.
Well crypto fundamentally can never be that.
You would have to solve that silly little problem of there’s no such thing as perfectly free infinite energy generation entirely unregulated and uncontrolled by a government.
So long as energy is controlled and funded by a government, all crypto will ever be is a clever hand wave of a problem by removing itself one step and claiming that problem doesn’t exist.
Yes, for various reasons it would be beneficial to have a global government responsible for global issues. However, until such time as we have one, local currencies are going to be the best bet.
It’s controlled by a government. A government that has trillions of dollars worth of real assets isn’t nearly as safe or secure as digital currency backed by the block chain. It has been scientifically proven that human imagination is infinite. Bitcoin going to the moon isn’t an assumption, it’s a fact.
I fail to see the difference between “I have some special numbers” and “I have this special metal” and either way the value swings in comparison to other things. The special numbers are certainly more portable but as a revolutionary “not a fiat currency” (not your words!) it’s a bit of a stretch, no?
to me it feels like the subtle difference between a representative democracy and a direct democracy. Representative tends to be more common as those in power are more willing to transition to systems in which they could reasonably hope to keep most of their power, whereas I see the crypto selling point being that the end-users would have some voting rights towards the setting of inflationary rates (different mechanisms for adjustment than fiat, I am sure [seriously not an expert on crypto or fiat {or what I think involves an understanding of “modern monetary theory”}]), versus non-government financial platforms such as bank owners (federal reserve) printing the money in order to effect inflation rates.
Any sort of proof of stake or weighting of power is game-able and abuse-able. Even 1 person gets 1 vote just results in a black market of people exchanging theirs for some other thing of value. It always comes down to a division between those who “have” and those who don’t. Even simply having more power through length of time invested creates power dynamics.
That doesn’t mean that things can’t get better or we shouldn’t try, but it does mean that it’s something that can’t just be waved away with magic phrases.
Oh yeah it’s a huge stretch. I just mean that the revolution tied to etherium was chopping out the massive environmental impacts compared to Bitcoin.
Otherwise I look at it as the U.S. government owns the dollar, and it’s value is directly tied to what they say it is. If the U.S. government decided to double the amount of dollars in the world tomorrow and use the money in the way they want, everyone who owns said money just saw it’s value half, and only if they were on the in and in of who the federal government cared about would you possibly benefit or even make even.
“I bought a bond for $100,000 with guaranteed 4.34% interest over 10 years”
Then the government prints as much as it wants or makes decisions that could devalue the currency to its own benefit. Currency value drops by 10%, they pay you out 4.34% interest… And you lost money. Why, because the U.S. dollar lost money and much of the world hedges their bets on the U.S. staying normal… Which the U.S. Doesn’t look very normal right now.
Hell if I became president and had support in Congress I would “print” 20 trillion dollars virtual of course put it in an account and build housing for everyone in the U.S. that doesn’t have it using 250k homes rotating them out every 30 years off the interest and money from that false account. It would put a shit ton of people to work, it would renovate all old homes deemed good enough to sustain people for the next 30 years and end homelessness while creating jobs or housing in areas which allows companies to expand to areas we otherwise weren’t using. Solar powe, fiber, whatever can be set up all around…
Everyone else’s money drops in value, but all housing and rent costs just disappeared. Jobs are abundant and stress would drop for a lot of America. The debts we owe are in U.S. dollars, everyone now owes less, a crazy stupid slate to shake things up.
Every other country/person that owned U.S. dollars, well they are just out of luck… they just lost a lot of value.
Point is, who knows what kind of crazy shit people could do in government. If it collapsed in 1 country, not everyone who lives there should suffer because their only money is held together by that government. A universal currency is safer in that mindset.
I would prefer our monetary systems come with the flexibility that is present when managed by governments. Unless someone can create crypto that has consumer protections
Id rather it be global and not local government controlled. The consumer protection is immediate. The only way the consumer value drops of the value drops for the entire world, in which a chicken cost the same as a chicken did yesterday, because the trade for a chicken is the same to the universal value of a chicken at that location yesterday
Its government controlled regardless. Unless you have entirely free, unregulated, sovereign free energy, electrical distribution and internet infrastructure.
Crypto is just as reliant and controls by governments as regular assets. Its the same amount of steps removed as any “finite” item. But relies even more on the government then say gold.
Because it’s required to convert it to a normal currency to spend it or obtain it. It also intrinsically ties it self to government controlled currency.
Which in turn if a government really wanted the us or China for example could just start buying all of it with their control over the currency that the crypto requires to exist to have value.
Once they control the majority of it they just own it functionally.
You are regurgitatating what the government wanted you to say without even reading what I said. I don’t want it to be crypto. I want it to not be owned by local governments. You’ve been taught to say all of that, and none of it is required. If a currency is accepted by people because they know they can use it, a local government has no say. If 340 million Americans started accepting penguin print as currency tomorrow, the government would try to ban it, call it only used for buying drugs, not actually backed by anything, doesn’t really exist, and everything you have heard about crypto… Because it takes power away from the government. But in reality they couldn’t do anything but accept that penguin print is a currency, because you can trade it for goods and services. And if 223 nations across the world do it… Then if a local government fails, the amount a chicken costs on penguin print, doesn’t fluctuate much
deleted by creator
Crypto does work because digital scarcity is not good enough to create meaningful value so the fall back value is the energy input into the token. And the idea something is valuable just because of the electricity used is not very compelling and will never be adopted. Bitcoins price right now is highly based on miners keeping a floor based on not wanting a loss on their current energy input. Crypto basically abstracts the concept of money so far that losing actual reasons why it works. Touch grass
Ethereum is proof of stake, and uses something like 99.9% less electricity than Bitcoin because of it.
Minting new coins is not tied to power use for proof of stake coins.
The energy used has near nothing to do with value of the coin in the post. Bitcoin and Etherium are completely different in this manner.
That said, Etherium shouldn’t be taken up globally as a universal currency as it came from dirty roots like most currencys do. We need a pure untainted currency created that goes global
I just commented somewhere else in this thread, have you heard of G1/June? Crypto that’s kind of like a UBI: https://g1currency.org/?PagePrincipale
Still has some major issues from what I’ve seen, but I’m very interested in the concept.
iPhOWNED
I’d be on his side if he were a green bubble /s
