You're conflating a bunch of different things here. The main issue being discussed right now is: storing your crypto on exchanges is risky, so don't do it.
The funny thing is that this has nothing to do with tech. The crypto supporters/investors should know better but I guess just giving the money to someone to double it is easier than actually using tech and/or developing valuable stuff on that tech.
Exchanges exist because it turns out blockchain is terribly inefficient for transacting. There's all kinds of legitimate economic activity that's too expensive to do on chain.
No they exist because people want to exchange coins on a centralized system, or exchange coins back to government controlled financial system, like a bridge.
Blockchain is far from the most efficient system, but you can't deny how it offered a zero-trust way to garantie value.
Yes, toy problems if you lives your entire life in country which has trustable banks, stable governments and the ability to transfer and receive money easily.
RAI exists for all use cases that require a currency with low volatility. Anyone who buys Bitcoin, etc is just a speculator expecting others to increase the value of their cryptocurrency.
I think upon casual reading, one finds that is not true. The Bitcoin Genesis block contained metadata that suggests otherwise:[1]
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
I personally don't particularly agree with central banks being a utility of commercial banks, but I also don't believe that creating a digital deflationary asset that cannot allow intermediaries to solve human problems like fraud is the answer.
Nice way to preemptively disregard any comment that might suggest otherwise.
But it's a good point with the "solving human problems" remark - the whole thing tries to avoid human tendencies, while it is meant to solve purely human-made problems.
Your point (if it even has much value) does not affect them. US banks and stocks are strictly better than BTC as a place to park their USD as American citizens. Unless they wanna gamble.
> US banks and stocks are strictly better than BTC as a place to park their USD as American citizens.
Not when a simple letter from government gets your accounts seized incorrectly. Gigantic problem to get the funds back without high-priced legal help. Yet bitcoin has not been seized from me.
While people like to claim there is some anti-censor magic, it's not really true when block space is full. There is nothing in the code to penalize miners for ignoring a particular transaction for weeks or forever.
A public ledger is not really anonymous, whether you put that in quotes or not. It can be censored, and this is a difficult game theory problem to solve. There are a few major mining pools which build the blocks, and some think that is not decentralized.
Bitcoin was an amazing advancement and I hope it can grow into solving some of these apparent challenges.
Crypto.com was advertised incessantly during major Australian sporting games. Mainstream cryptocoin corporations have clearly targeted low-information consumers and it’s an indictment on our society that this advertising wasn’t regulated out of existence around 2018.
So many Australians are going to lose savings they really need. Thank god at least for superannuation, the actual wealth building project they should be throwing their money into.
Eeeehhhhhhhhhh........ Ontario Teacher Pension lost about $95 million USD in the FTX fiasco and the Canadian Pension Fund lost roughly $99 million USD when Celsius got shut down.
Granted the investment is small compared to their entire portfolio; the Ontario Teacher pension is $221 billion CAD in assets, and the CPP is $551 billion CAD in assets. So it's not a disaster, but still kind of annoying.
I do wonder how this crypto implosion will impact inflation and the average consumer. Crypto continues to have a ginormous market cap of > 800B. But it's unclear how much of this is due to shady schemes and wash trading propping up the price. If crypto went down by 95%, what would happen to the economy? Would the ripple effects trigger another financial crisis? These are questions that it would be nice to not have to find out the answer to, but they may be answered soon anyway.
A viral “bank run” is the ultimate fitness test of these black-box centralized exchanges, and if an exchange has underlying issues it’s better that they be found out sooner rather than later.
If people are going to buy crypto they should just buy Bitcoin on the Cash App or Coinbase (ETH as well there). Everything else is likely going to zero.
Monero is the only cryptocurrency I’ve seen that tries to actually be a currency instead of an investment vehicle. Unfortunately, it’s still too volatile to keep any money in.
With a bit of timing, this will implode in time for Re:invent. Last year Crypto.com had purchased a display across the entire front of Resorts World, something I can’t imagine was cheap!
any risk assets losing a ton of value would minimize the wealth effect but a lot of crypto holders were hoarding their coins and not spending so maybe not that much
Do people need to see stronger negative associations than losing all of your money?
Maybe Bitcoin ads should be placed right next to vape pens and cigarettes in convenience stores for people to get the idea, or maybe by casinos?
Maybe Amway should come up with its own NFTs and start marketing to men, too?