z1ggy

Member
Oct 25, 2017
4,443
Argentina
they are not doing anything is a distraction and a dodging mechanic used to gaslight.

cripto is fucking volatile and unchecked do you think for a second that a poor person in a third world country has the means to be running cripto.
Hello, poor person from third world country here. I buy & sell cryptos because i have around 40~50% inflation every year and i cant buy legaly other currencies.
 

DrowsyJungle

Member
Oct 25, 2017
986
What a childish stance. If you can not differentiate good and bad policies and simply apply a blanket "China bad" lens to everything, then there is no point looking at policies from any major global power.

Not to mention the implicit sinophobia to automatically apply "negative sentiment" to everything China does. The western MSM consent manufacturing machine is working I guess.
To attack a stranger that posts on issues that are real in the world and to actually use a quote that I didn't say is outright ridiculous. So I appreciate different values of opinion with context and reason (which you did not provide).
 

Damaniel

The Fallen
Oct 27, 2017
6,636
Portland, OR
The most amusing part is that Bitcoin and Ethereum have absolutely zero value anymore as an actual currency for day to day transactions. Last I checked, it cost over $20 worth of BTC or ETH to perform a transaction on their respective blockchains, though that may have dropped somewhat in the face of the price drop today. Good luck buying a $2 loaf of bread with BTC when you have to pay over $20 in fees to do it. If you're trading in either of those, it's certainly not for their outlook as the future of digital currency. There are other cryptos out there that can theoretically meet the need of 'digital currency' as they don't require gas to make a transaction, but none of them provide any real benefit that spending fiat directly doesn't. As a shop, why would I want to take DOGE for my goods when said DOGE could be worth half of what it was worth then on the very next day?

There's plenty of interesting potential for blockchain technology out there - the problem is you never hear about them because in reality it's all about the #HODLGANG trying to cash out a winning ticket in the crypto lottery - and said people trying to convince the rest of us that we're boomers who just don't understand why NFTs aren't actually money laundering and why crypto isn't actually a completely unregulated casino.
 

Ashlette

Member
Oct 28, 2017
3,254
I would take this news with a grain of salt. Anything that the CCP does is only to remain in power. Surely we'll find out what it is getting out of this soon enough.

Clearing the way for the Yuan-coin. Not joking.

www.marketwatch.com

Why China's digital yuan is 'largest threat to the West' in past 30 or 40 years, according to Kyle Bass

Kyle Bass, chief investment officer of Hayman Capital Management, says that the biggest threat to the West is the advent of the digital yuan, which he has...

Aaaand here it is.
 

BlueManifest

One Winged Slayer
Member
Oct 25, 2017
15,839
Coins are speculation of value and participation on a specific blockchain. Fiat currency is almost the same (based on participation and speculation).
They are useless as currency, when tesla accepted Bitcoin as payment for a short time it was easier to just buy the car with cash

and like another person said in here you would be charged 20$ worth of bitcoin in a transaction to just buy a loaf of bread

and If they aren't good for real world uses then what are they good for, except gambling, and hype so you can sell at a higher price than someone else
 

Deleted member 24854

User requested account closure
Banned
Oct 29, 2017
2,669
Coins are speculation of value and participation on a specific blockchain. Fiat currency is almost the same (based on participation and speculation).

They aren't. There are nation-states behind fiat currencies. And as much as there is a shitload of speculation in ForEx trading, there is also issuing of identities, tax collecting and an entire political system that legitimizes the use, not only the value, of a currency. Crypto doesn't have an Entity That Will Only Accept This Specific Coin It Controls To Keep Structuring The Power Dynamics It Watches Over, by design and default, except for ransomware.
 

finaljedi

Member
Jul 15, 2018
572
Cincinnati, OH
Coins are speculation of value and participation on a specific blockchain. Fiat currency is almost the same (based on participation and speculation).

Dollars and Euros are worth about the same week to week. Cryptocurrencies are far too volatile to treat as a currency, which is why they're traded as an unsecured commodity, people defend them because you can make money if you catch it on the upswing. The downside is using an enormous amount of electricity to power a speculative market and putting the hardware business of PC gaming on hold.
 
OP
OP
Samiya

Samiya

Alt Account
Banned
Nov 30, 2019
4,811
cryptocurrency is just used as an investment vehicle, not as a a medium of exchange. People bringing up the potentials of transacations via crypto don't have their feet on the ground.

the vast majority of people are using crypto to speculate and make money through investments, not as a medium of exchange. This is also why so many are defending it despite the inherent pyramid schematic nature of it and the massive ecological costs to them.
 

Deleted member 15395

Unshakable Resolve
Banned
Oct 27, 2017
3,145
An example or two wouldn't hurt.

I'm being genuine too, as I'm really curious.

So this is all within my group of friends:

One of my friends made about 30000 US dollars out of the last Shiba spike. Down here in Argentina, that's almost life-changing money. Certainly the downpayment for a decent mortgage on an apartment or house (owning property is pretty much the endgame if you live in argentina, well that or migrating to a 1st world country...)

Another one of my friends got laid off last year when the company we both worked for made massive cuts due to covid. He managed to stay afloat mining ETH (still hasn't found a job), he's no millionaire but he's getting by.

Our genius government decided (again) to limit the purchase of foreign currency to 200 USD per month. Crypto allowed us to bypass that limit by purchasing crypto with our local currency (Peso) and then selling that crypto to USD, effectively securing our income against the inflation generated by an inefficient and corrupt state.

I got tired of getting left behind on these trends so I invested $200, made $1200 in over a month. I'm fully aware its the wild west at this point and I wont argue against the environmental damage (though there are coins that are moving away from GPU mining), but the results cannot be denied.
 

samoyed

Banned
Oct 26, 2017
15,191
Ironically, the more they're used for speculation, the less they'll be used for transacting. If you really want cryptocurrency adoption, you should actually root for the bubble to pop.
 

DrowsyJungle

Member
Oct 25, 2017
986
They are useless as currency, when tesla accepted Bitcoin as payment for a short time it was easier to just buy the car with cash

and like another person said in here you would be charged 20$ worth of bitcoin in a transaction to just buy a loaf of bread

and If they aren't good for real world uses then what are they good for
There are other cryptocurrencies that have MUCH lower fees. Bitcoin is used actually for a storage of value (similar to gold but fits on a flash drive), it's not meant to be an everyday transactional form of payment.

Decentralized finance needs to happen. Anyone who is against that is supporting outdated systems that have had major banks and or governments control money since it's existance.
 

BlueManifest

One Winged Slayer
Member
Oct 25, 2017
15,839
There are other cryptocurrencies that have MUCH lower fees. Bitcoin is used actually for a storage of value (similar to gold but fits on a flash drive), it's not meant to be an everyday transactional form of payment.

Decentralized finance needs to happen. Anyone who is against that is supporting outdated systems that have had major banks and or governments control money since it's existance.
A store of value is land or a savings account something that doesn't drop 50% in 1 week
 

Rune Walsh

Too many boners
Member
Oct 25, 2017
6,959
What? this doesn't even make sense when most of the people in 3rd world countries don't have proper access to internet and basic amenities in general. You think they have flawless access to internet and use Cypto for daily transactions?

You comment sounds like snake oil.

IOHK, World Mobile Group to implement Cardano Digital Identity platform for Tanzania businesses

I think IOHK is doing this the right way where they look for places that can start fresh and use their blockchain in partnerships where it's mutually beneficial. Cardano gets the proof of work while the country gets better infrastructure. Not everything is a 'too the moon' currency.
 

Garrett 2U

Banned
Oct 25, 2017
5,511
Chinese citizens are being blocked from liquidizing their capital and Era is out cheering on the PRC lmao. I am just so shocked right now. People are missing the forest for the trees.
 

Damaniel

The Fallen
Oct 27, 2017
6,636
Portland, OR
Coins are speculation of value and participation on a specific blockchain. Fiat currency is almost the same (based on participation and speculation).

The US dollar, Euro, Yen and GBP don't lose 30% of their value in less than 24 hours. Gold and silver don't do that either. Stocks rarely do, and even then only rarely in aggregate. Cryptocurrencies swing wildly on a daily - or even hourly - basis, depending on who's pumping them up at any given time. Elon Musk can't pump or tank the Euro with a tweet, but he does it all the time with Dogecoin.
 

Rune Walsh

Too many boners
Member
Oct 25, 2017
6,959
Chinese citizens are being blocked from liquidizing their capital and Era is out here cheering them on lmao. I am just so shocked right now.

This is what I don't understand. You can hate on cryptocurrency but why do you think China is doing this; because of their love of the environment? They just want to push outside influences away because they can't regulate it. I don't want to go tinfoil hat, but they'll probably create their own coin and try to get the world to buy in.
 

Ra

Rap Genius
Moderator
Oct 27, 2017
12,947
Dark Space
So this is all within my group of friends:

One of my friends made about 30000 US dollars out of the last Shiba spike. Down here in Argentina, that's almost life-changing money. Certainly the downpayment for a decent mortgage on an apartment or house (owning property is pretty much the endgame if you live in argentina, well that or migrating to a 1st world country...)

Another one of my friends got laid off last year when the company we both worked for made massive cuts due to covid. He managed to stay afloat mining ETH (still hasn't found a job), he's no millionaire but he's getting by.

Our genius government decided (again) to limit the purchase of foreign currency to 200 USD per month. Crypto allowed us to bypass that limit by purchasing crypto with our local currency (Peso) and then selling that crypto to USD, effectively securing our income against the inflation generated by an inefficient and corrupt state.

I got tired of getting left behind on these trends so I invested $200, made $1200 in over a month. I'm fully aware its the wild west at this point and I wont argue against the environmental damage (though there are coins that are moving away from GPU mining), but the results cannot be denied.
I'll be honest with you. As a black American, the last thing I'm going to do is question people doing what they have to do to survive. It's always the privileged who preach and tell you to choose homelessness for a good cause. $30k USD is life-changing money where I am from too.

Why does your government limit the purchase of foreign currency? Is it because the value of USD is so much higher, I'm guessing?

but they'll probably create their own coin and try to get the world to buy in.
Have you heard about the digital yuan?
 

Skytylz

Member
Oct 25, 2017
785
Chinese citizens are being blocked from liquidizing their capital and Era is out cheering on the PRC lmao. I am just so shocked right now. People are missing the forest for the trees.
Someone is gonna get caught holding the bag when this thing tumbles down. They might just be some of the first.
 

eathdemon

Banned
Oct 27, 2017
9,690
This is what I don't understand. You can hate on cryptocurrency but why do you think China is doing this; because of their love of the environment? They just want to push outside influences away because they can't regulate it. I don't want to go tinfoil hat, but they'll probably create their own coin and try to get the world to buy in.
but it doesnt matter bitcoin is bad the only case for it disqualifies it because if we are at a point where the global economy collapses there isnt going to be daca centers running bitcoin anyways.
 

Deleted member 24854

User requested account closure
Banned
Oct 29, 2017
2,669
I'll be honest with you. As a black American, the last thing I'm going to do is question people doing what they have to do to survive. It's always the privileged who preach and tell you to choose homelessness for a good cause. $30k USD is life-changing money where I am from too.

Why does your government limit the purchase of foreign currency? Is it because the value of USD is so much higher, I'm guessing?

Because Argentina has a chronic problem of inflation, international debt etc. It's basically trapped for life. 30k USD is life-changing money anywhere -- just not for a country.
 

EloKa

GSP
Verified
Oct 25, 2017
1,928
Im in a group FB BTC with 100k people, we are in a third world country.

Please dont think we dont know what to do with our money to have a bit better life quality.
A selected group of 100k people is not "the average joe" even if its a large public group. Thank you for understanding that.
 

StereoVSN

Member
Nov 1, 2017
13,620
Eastern US
This is what I don't understand. You can hate on cryptocurrency but why do you think China is doing this; because of their love of the environment? They just want to push outside influences away because they can't regulate it. I don't want to go tinfoil hat, but they'll probably create their own coin and try to get the world to buy in.
They already created their own digital Yuan and it's in trial all over China, HK, and just now started with Alipay and WeChat.

It's obvious why China is doing this since they are an authoritarian state which wants distopian level of control over it's citizens.

None of that means that crypto doesn't suck.

Edit: Note that China is also going to be pushing it for transactions with foreign countries to bypass Western currencies and banking and therefore avoid any sort of impact from sanctions. It's not a good thing overall.
 

test_account

Member
Oct 25, 2017
4,659
GPU production aside, this is a good first step. Cyrpto has long been used to circumvent legal routes and it's mostly all dirty money. Granted, I'm sure new alt coins will come out that will utilize other parts, maybe CPU? Who knows. But the US should be the next country to implement something like this.
I dont know if crypto is mostly all dirty money, or are there any info regarding that? I'm honestly wondering. Its definitely true that crypto can be used for e.g laundering money because crypto is quite anonymously, and there are several of cases where this has happened, indeed, but considering how popular crypto has become in general, i am personally guessing that most of the transcations are people who legitimately trade/invest in it, hoping that crypto in general will find some real usage in the future and therefor maintain its value (or increase in value). Thats just my guess though :)

Or do you only mean in the cases where someone is circumventing legal routes and use crypto instead, that in those cases in specific its mostly all dirty money? If so, i see what you mean, and its true that illegal stuff like that does happen, no doubt about that, i agree.



there really isn't.

Also whenever someone criticizes crypto some guy has to come in and go "well the tech is good and the blockchain blah blah blah", like can it nerd, everybody is in to crypto solely to make money. Stop pretending anyone actually gives a shit about the tech behind it or that is a "decentralized currency."
I agree that most people who trades/invest in crypto is basically just interested in the money that can be made from it, indeed, but i do think that there are people who believe in the tech/concept around crypto as well. If no one belived in the tech in some way, and didnt think that crypto can have some real use in the future, i personally dont think crypto in general would be worth much today. Or are you only referring to that not many care about exactly how the tech itself works (but they can still care about the concept itself without caring much exactly how it work on a technical level)? If so, i can see that being the case, that not many really care that much about exactly how the tech itself work, i agree.

I think it shall be interesting to see if crypto will get some real usage in the future :) If no one find any good usage for crypto, i wont be surprised if the basically the whole crypto market/idea might be pretty much gone in 10-20 years from now.

EDIT: I added some text.

EDIT 2: Reading the post and what you replied to, i'm guessing that your reply was more about that people dont care about if the blockchain tech can be used for something other than currencies and NFTs? If so, i agree that there might not be that much usage for the tech outside of currencies and NFTs, indeed.
 
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