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?
You can say the same about any technology advancement. The fire, wheel, black powder, electricity, radio, tv, internet, crypto, AI, etc. The problem doesn’t reside in the technology but in the people exploiting it for evil intentions.
Rekorse@sh.itjust.works 3 weeks ago
orosus@lemmy.world 3 weeks ago
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.
Saleh@feddit.org 3 weeks ago
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.
grrgyle@slrpnk.net 3 weeks ago
As soon as you could exchange it for real money it just became another tool of capital to move in secret.
RedditIsDeddit@lemmy.world 3 weeks ago
That’s oversimplifying things quite a lot. And is also not accurate.
untakenusername@sh.itjust.works 3 weeks ago
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.
Rekorse@sh.itjust.works 3 weeks ago
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.
orosus@lemmy.world 3 weeks ago
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.
mudstickmcgee@sh.itjust.works 3 weeks ago
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.
Guacamole@lemmy.world 3 weeks ago
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 in control by the open community. That’s regarding BTC, other cryptocurrency nah
Hawk@lemmynsfw.com 3 weeks ago
One can buy weed with crypto. I can’t do that with a bank card.
I guess, not everyone wants a centralised currency
jaemo@sh.itjust.works 3 weeks ago
Canadian belly laugh
RedditIsDeddit@lemmy.world 3 weeks ago
I buy weed with a bank card all the time.
RedditIsDeddit@lemmy.world 3 weeks ago
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.
LandedGentry@lemmy.zip 3 weeks ago
[deleted]RedditIsDeddit@lemmy.world 3 weeks ago
Very few cryptos are PoW at this point as well. But lets just ignore that.
Rin@lemm.ee 3 weeks ago
Monero will:
- 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)
- forego NFTs
Honytawk@feddit.nl 3 weeks ago
- Monero will just allow other instances (including itself) to fuck you over.
- That is just ripe for crime and terrorism
- You are just trading (wasting) electricity for money at a bad rate
- Cool, so they don’t fall for one of the blockchain scam, just all the other ones
Rin@lemm.ee 3 weeks ago
- monero is foss?
- just like money irl
- they pay almost nothing in return for excess power,
- i think don’t know what you’re talking about
Knock_Knock_Lemmy_In@lemmy.world 3 weeks ago
It’s used as money in Vietnam and Argentina.
LandedGentry@lemmy.zip 3 weeks ago
StereoCode@lemmy.world 3 weeks ago
Guns don’t kill people, people kill people excuse.
LandedGentry@lemmy.zip 3 weeks ago
echodot@feddit.uk 3 weeks ago
If bitcoin didn’t use 40 terawatts to mine and was more reasonable in its electricity demand then I don’t think that many people would care about it. It still wouldn’t make it useful but at least it wouldn’t be actively damaging the environment.
We might even be able to find a use for it at that point. But as it stands now the energy requirements essentially make the technology not worth it given the very minor benefits.
echodot@feddit.uk 3 weeks ago
I hate that argument because it’s already been disproven. People use guns to kill people, often in heated situations.
If everyone wasn’t wandering around with guns in their pockets all of the time then they wouldn’t be the opportunity to shoot someone. Things would massively improve if the law was simply adjusted to not allow people to carry guns in public and they’re only allowed to own them in their house. The gun nuts will still be able to play with their toys, but the murder rate would drop.