It’s either going to go on for a long or a short time and then crash and make the normal people who had some dirt poor. Just like a gambling addiction. Don’t forget that you haven’t made any money on the stock markets until you actually cash it out. Big and stable corps have gone down the day after AAA ratification. There is no reason why this couldn’t happen to cryptocoins, they all to this day have their main purpose in speculation.
Why dont you think about crypto in other way? Compearing it to stock marcket doesn’t take into account that is something new in human history with its own unique features never seen before. It is kind of and incomplete analisis if you don’t take that into account. Being scarce, decentraliced and censor resistant like nothing ever seen before has its own value. How much value? That remains to be seen, but rest asure it is no cero since people need something with that features desesperately even if they don’t realize it, to scape inflation and harmful regulations
What unique features never seen before? What problem has geniously been solved with CryptoCURRENCY (cryptoGRAPHY is a respectable broad field of computer science, not just cryptocoin gambling).
desesperately even if they don’t realize it, to scape inflation and harmful regulations
Inflation isn’t even that harmful, same for the regulations you are talking about.
There’s one feature, not common to ALL crypto currencies though. Decentralizing finances. We’re currently at the mercy of banks, which get richer and richer… Actually I believe that is which motivated the bitcoin creation, get rid of banks intermediation… Every single fiat currency transaction has consequences benefiting only banks…
The other, also associated only to decentralized crypto currencies, which I like, is respecting privacy. Though that can and has been misused. But with current way of managing fiat currency, be that credit/debit cards, be that bank transactions, you’ve been tracked all along, your consumption habits (what you buy), your location (where you buy), and your whole life can be inferred with current ways of handling currencies.
And central and government controlled crypto currencies are as bad as fiat currency, though for some countries that might be a way to escape from the $s transactions which can ban any country they like from participating… But otherwise, they are as bad…
So yes, I like the idea which originally motivated decentralized crypto currencies.
And for those who believe there wouldn’t been illegal traffic of whatever, just because decentralized currencies might go away, think twice. There’s always been currency laundry, and there have always been fiscal paradises. And illegal commerce and abuses of whatever nature have always existed, even before there were decentralized crypto currencies… So I don’t buy the idea that by killing decentralized crypto currencies that evil goes away…
I’m only sad most countries don’t allow using decentralized crypto currencies for legal transactions, so most people would benefit from that, and not only the ones using them for illegal ones. I’m wondering if the interest is more in favor of banks than regular people, which in the end keep enriching bankers with current way of things…
I guess that might be another way of looking at things, :)
We’re currently at the mercy of banks, which get richer and richer…
That’s not true at all, many go bust or whatever. I think that they are too powerful but I’d rather have them be in reach of legislation than out of reach instead.
You seem to think that cryptocurrency is anonymous, which is totally untrue. Actually for many the opposite is true, since they literally have it baked into them to keep track of all transactions, by design. That’s what a blockchain is, a chain of blocks that each validate the ones that came before.
So cash money is actually more anonymous and versatile than what you have been describing. I go to the ATM and cash out money and from there it can’t be tracked remotely. I could hand it to some kid with a lemonade stand, buy drugs on a street corner, go to a supermarket and pay cash or hide it all in my pillow. I lost my phone, bank card, ID and keys? If I have cash I can still do some things. If my phones battery is dead, I just have cryptomoney and a virtual bank card, I am fucked.
There’s always been currency laundry, and there have always been fiscal paradises.
I am not trying to argue against the existence of anonymous ways to transfer money, I would love that if there was a good way.
I am actually arguing for and against money being within reach of legislation here, let’s ignore that, I think all points I have made are valid at the same time
yeap, my mistake… Though if you forget about finance speculation, which big players do, and affect the currency value, the original idea of not depending on banks to do transactions is a very good one. Sadly big players, when seeing an opportunity, will definitely take it… an yes, I always forget blockchains make transactions identifiable and traceable…
Perhaps the original intend is what’s not bad at all, though crypto currencies ended up not fulfilling them…
At one point I would have agreed with you, but now I’m not so sure. Cryptocurrency is outside the control of any central bank. It’s useful simply because it gives an option besides whatever currency the local central bank is peddling. Of course, that doesn’t make it the better option but by providing an option it under-minds the hold government central banks have over the economy, for better or worse. I don’t think it will ever replace our fiat government-issued currencies but I don’t think it’s going to collapse on itself and go to zero either. Technically speaking, it does have the backing of the El Salvador government which could pave the way for other small countries to adopt it as legal tender as well.
“Is not that harmfull” is a whay to slowly drain all the effort you have made to gain resources, is literally a way to steal from you without having to actually take away a penny from you.
Maybe you haven’t experienced it properly, hearing that people lost their life savings because all the money they have saved now have loss 99% of it value in an hyperinflation or being unable (by law) to use other less crappy currencies (the currencie of my country did that in just 20 years). You can’t save anything, all the time your purchasing power goes down, I can go on and on…
And the horrible problem with regulations is that the consecuences are counterintuitive most of the time, like the example in the “broken window fallacy”
Te problem being solved is that poor (and not poor) people will have an instrument to save, trade and avoid regulation that make their life imposible. Saving in crypto helped me to avoid loosing purchasong power (even taking into account the dip) so what is the alternative you propose to that problem? Needless to say that avoiding taxes that take like a 50% is a must to sustain yourself. Feeling it in your own fless give you a little perspective
