So what’s the positive uses of crypto then? You listed many things that are immensel useful like the wheel, fire, electricity, etc. Do you think crypto fits in that category?
I don’t want to say crypto in general, but Bitcoin in particular was born after the 2008 crisis, as a decentrized form of money, meaning storing value against the inflationary fiat money that the goverments can print in a centralized manner, destroying all your savings. I think any technology that empowers decentralization is positive. Same as fediverse. And in the case of bitcoin, having a decentrized money it’s a really positive tool for freedom to avoid centralizing the power in the governments. But I am curious on knowing why you say that there is no positive uses.
Well, the decentralization of Bitcoin only lasted so long. Now it is in the hand of a few large “mining” corporations who can afford the hardware and have access to cheap electricity.
I believe any good thing you can say about crypto will eventually be coopted and controlled by capital.
The same is true for all “disruptive” technology unless it’s built specifically to be hostile to monied interests, like the fediverse - and even then, you have to continue defending it against incursions.
As long as those companies have to compete with each other for mining, there is some decentralization. Ofc it could be a ton more, some currencies like Monero use different hash functions that cant have custom chips made for them, making it easier for traditional CPUs to mine it, so large companies cant control vast amounts of the hash rate.
Why do you think freedom and decentralization is always good? I don’t think bitcoin improves lives and the majority of people view it as gambling rather than currency. Sometimes its useful to get around local regulations or to pay slightly less in fees that would normally go to a bank. Its just a different western union money transfer and yet people on here are talking about it like it represents freedom and the individual spirit or some nonsense. Its main use is to scam people out of money. Its secondary use is to facilitate purchase of illegal goods. A very small fraction of the whole is people using it as an actual currency.
I’ll put it this way, a small fraction of responsible heroin users does not make heroin as a whole a good thing.
I don’t know why you say that bitcoin is mostly used to scam people and to purchase illegal goods. I agree that maybe a small fraction of people is using it as a currency. But, in my case, most of the people I know who have bitcoin, just have it as a store of value. Maybe I am lucky and know a lot of those “responsible heroin users” who understand that there will be only 21 million bitcoins, so what makes it valuable is its scarcity, and as long as central banks keep printing money out of thin air, bitcoin demand will grow, at least among those who understand it.
A couple of years ago I got a job at an animal shelter in a country that’s not the one I live in. For this I was paid 400€/m in cash to cover my bills back home during the time. So I went to the local BTCatm and even though they charge an insane markup (15/20% iirc) it was still cheaper than the “minimum fee” charged by the bank/western union.
As useful as the electricity or fire? Probably not.
But as a tool for low paid workers that go to another country and is sending money home to their families without having to pay half of it in fees it’s pretty usefull.
never allow a gov to fuck me over by freezing assets
facilitate truly anonymous transactions over long (and short) distances.
enable me to mine it, allowing earn money from the power generated by my roof that’d do nothing otherwise. (in addition, it’s asic resistant, meaning it can’t be mined with GPUs well, only CPUs, which basically everyone has)
I know this is AI but I get tired of answering this question so this suffices:
Here’s a breakdown of some notable positive uses:
Financial Inclusion & Accessibility:
Reaching the Unbanked: Cryptocurrencies can provide access to financial services for individuals lacking traditional bank accounts, potentially fostering economic empowerment and participation in the global economy.
Lower Transaction Fees: Cryptocurrency transactions can have lower fees than traditional banking, particularly for cross-border payments, making it more affordable to send money internationally.
Faster Transactions: Transactions can be processed much faster than traditional methods, sometimes near-instantaneously, benefiting businesses and individuals needing quick transfers, especially across borders.
Enhanced Security & Transparency:
Blockchain Security: Cryptocurrencies utilize blockchain technology, which is inherently secure due to its cryptographic nature and decentralized verification process, making fraud and manipulation difficult.
Immutable Ledger: Once a transaction is recorded on the blockchain, it cannot be altered, ensuring transparency and auditability of financial activity.
Privacy: While transactions are recorded, they are often pseudonymous, providing a degree of privacy for users, unlike traditional systems that may require extensive personal information.
Innovation & Efficiency:
Decentralized Finance (DeFi): Crypto is the backbone of DeFi, which aims to build more open and accessible financial systems, including lending, borrowing, and trading platforms.
Smart Contracts: Blockchain enables the use of smart contracts, self-executing agreements that automate processes and reduce the need for intermediaries, improving efficiency and reducing costs.
Supply Chain Management: Blockchain technology can enhance supply chain visibility and traceability, improving efficiency and accountability, and reducing fraud in the movement of goods.
New Opportunities & Investment:
Potential for Appreciation: Cryptocurrency can serve as an investment vehicle, with the potential for significant returns, though also carrying substantial risk due to market volatility.
Diversification: Crypto can add diversification to investment portfolios, as its price movements are not always correlated with traditional assets like stocks and bonds.
Fundraising: While Initial Coin Offerings (ICOs) have become less prevalent, blockchain technology offers new avenues for fundraising for businesses and projects.
Other Potential Uses:
Governance & Voting: Blockchain can facilitate more transparent and secure voting systems, potentially improving democratic processes.
Digital Identity: Blockchain-based digital identities can enhance security and privacy in various online interactions.
Non-Fungible Tokens (NFTs): NFTs have enabled new forms of digital ownership and creative expression, particularly in the art and collectibles space.
Original purpose of BTC is to prevent government from controlling and inflating the supply of money. You can’t make 1000 BTC from thin air and put it into circulation. There is no company or CEO that controls it, it’s code is maintained by open community and network secured by globally distributed miners and nodes.
That’s regarding BTC, other cryptocurrency nah
So what’s the positive uses of crypto then? You listed many things that are immensel useful like the wheel, fire, electricity, etc. Do you think crypto fits in that category?
I don’t want to say crypto in general, but Bitcoin in particular was born after the 2008 crisis, as a decentrized form of money, meaning storing value against the inflationary fiat money that the goverments can print in a centralized manner, destroying all your savings. I think any technology that empowers decentralization is positive. Same as fediverse. And in the case of bitcoin, having a decentrized money it’s a really positive tool for freedom to avoid centralizing the power in the governments. But I am curious on knowing why you say that there is no positive uses.
Well, the decentralization of Bitcoin only lasted so long. Now it is in the hand of a few large “mining” corporations who can afford the hardware and have access to cheap electricity.
As soon as you could exchange it for real money it just became another tool of capital to move in secret.
I believe any good thing you can say about crypto will eventually be coopted and controlled by capital.
The same is true for all “disruptive” technology unless it’s built specifically to be hostile to monied interests, like the fediverse - and even then, you have to continue defending it against incursions.
As long as those companies have to compete with each other for mining, there is some decentralization. Ofc it could be a ton more, some currencies like Monero use different hash functions that cant have custom chips made for them, making it easier for traditional CPUs to mine it, so large companies cant control vast amounts of the hash rate.
That’s oversimplifying things quite a lot. And is also not accurate.
Why do you think freedom and decentralization is always good? I don’t think bitcoin improves lives and the majority of people view it as gambling rather than currency. Sometimes its useful to get around local regulations or to pay slightly less in fees that would normally go to a bank. Its just a different western union money transfer and yet people on here are talking about it like it represents freedom and the individual spirit or some nonsense. Its main use is to scam people out of money. Its secondary use is to facilitate purchase of illegal goods. A very small fraction of the whole is people using it as an actual currency.
I’ll put it this way, a small fraction of responsible heroin users does not make heroin as a whole a good thing.
I don’t know why you say that bitcoin is mostly used to scam people and to purchase illegal goods. I agree that maybe a small fraction of people is using it as a currency. But, in my case, most of the people I know who have bitcoin, just have it as a store of value. Maybe I am lucky and know a lot of those “responsible heroin users” who understand that there will be only 21 million bitcoins, so what makes it valuable is its scarcity, and as long as central banks keep printing money out of thin air, bitcoin demand will grow, at least among those who understand it.
Just an anecdote but never the less.
A couple of years ago I got a job at an animal shelter in a country that’s not the one I live in. For this I was paid 400€/m in cash to cover my bills back home during the time. So I went to the local BTCatm and even though they charge an insane markup (15/20% iirc) it was still cheaper than the “minimum fee” charged by the bank/western union.
As useful as the electricity or fire? Probably not. But as a tool for low paid workers that go to another country and is sending money home to their families without having to pay half of it in fees it’s pretty usefull.
It’s used as money in Vietnam and Argentina.
Monero will:
I know this is AI but I get tired of answering this question so this suffices:
Here’s a breakdown of some notable positive uses:
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Very few cryptos are PoW at this point as well. But lets just ignore that.
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Sure in the case of bitcoin you are correct, but Solana has the most activity amongst ANY chain and Ethereum is huge too…
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over 60% of the crypto market is BTC… most of the leading chains are not proof of work
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Original purpose of BTC is to prevent government from controlling and inflating the supply of money. You can’t make 1000 BTC from thin air and put it into circulation. There is no company or CEO that controls it, it’s code is maintained by open community and network secured by globally distributed miners and nodes. That’s regarding BTC, other cryptocurrency nah
One can buy weed with crypto. I can’t do that with a bank card.
I guess, not everyone wants a centralised currency
Canadian belly laugh
I buy weed with a bank card all the time.
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