It’s a solution to a few problems, just not positively.
It solves how to buy drugs online very easily.
It also solves many complications with bribery, money laundering and tax evasion.
Comment on New York Mayor Eric Adams to Crypto Industry: Come Build an Empire in NYC
willington@lemmy.dbzer0.com 3 days ago
Crypto is a solution looking for a problem.
The people behind crypto never studied the history of the gold standard.
Crypto is a ponzi scheme virtual asset, not a currency.
Corkyskog@sh.itjust.works 2 days ago
EightBitBlood@lemmy.world 2 days ago
I find it absolutley bizarre that crypto is viewed this way on Lemmy. Because if anyone wants to know the problem crypto is trying to solve, you can read the original anonymous white paper written for Bitcoin where it was clearly stated its creation was for an alternative to fiat currency.
So if you hate the way capitalism has fucked the world by making everything’s value tied to the US Dollar, Crypto is the solution to that.
No need for: banks, the fed, or any government or private institution to regulate currency and manipulate its flow towards corruption if all those institutions are decentralized and accounted for digitally.
That’s what Crypto does.
You have a wallet instead of a bank account (modern ones even have savings and loan features). You have a block chain regulating the currency through diminishing returns instead of the Fed. And you have an uncorruptable fully transparent leger with where transactions are going instead of random bank fees going towards bloated executive salaries.
Is some Crypto a scam? Sure. But there’s scams in literally every new technology where there’s a gap between ignorance and experience.
So don’t let yourself become ignorant about crypto simply because the counter propaganda is strong and made you scared to try using it yourself. I’m not talking about daytrading, or making a quick buck. I’m talking about using it as intended to buy goods and services.
Because not only is it easier to use than money, it’s more lucrative and rewarding, and the sooner you start using it, the more likely the value of your assets will increase. It doesn’t take long using crypto before you’ll see the problems with existing paper currency and the bullshit system it’s designed to perpetuate.
By that I mean - for example:
Take whatevers in your bank account, and look at what was in it 10 years ago. Let’s say $10. Chances are you still have about $10 in your account now, so for arguments sake, let’s say theres been $10 sitting in your account doing nothing for 10 years.
In US currency, due to inflation, the $10 in your account after 10 years is now worth $7.
If you had a Bitcoin wallet, that $10 would now be worth $1000.
If you want to know why the 1% have so much power, it’s because they control the fiat capital in a capitalist system.
Crypto is an alternative to that fiat, and one that endangers the existing system. If people used it more than $Dollars, capitalists literally would no longer have power as the system they use to maintain their control (banks, corrupts government, money laundering) is no longer being used.
Crypto provides a solution to the corruptable fiat in a capitalist system through removing the existing mechanisms of corruption that have been created and replacing them with a decentralized fully transparent digital alternative.
The people who created Bitcoin did so to fight the same people and systems everyone here seems to hate.
So I find it fascinating that the firehose of propaganda about crypto is still readily seen here.
Is Crypto bad? Sure. Nothings perfect. But at this very moment - it’s a much better store of value than the dollar, especially in uncertain times, yet people are convinced it’s a scam.
When unquestionably the best thing for people to do right now is to get away from the tanking dollar. Inflation is guaranteed simply because Trumps policies have dramatically reduced the amount of Treasury Bills the world is now buying from the US. Those TBills are the US debt, and as a deficit spending country, the US economy only works if that debt is purchased.
It ain’t being purchased.
So if you want to know why there’s a firehose of propaganda about crypto right now - it’s because those with $Dollars want you to also have Dollars, so when they diversify into scam coins, they profit and you’re left holding their losses.
Crypto is unquestionably the best currently available solution to fixing the damage capitalism has caused, and those already using it know and feel this. They just have an impossible time convincing anyone else otherwise.