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If people had used cryptocurrency as a currency instead of as a “it’s totally not a security, we swear, even though we’re only saying that to evade SEC regulations a little longer” there’d be a lot fewer people calling it a scam.

For sixteen years, crypto’s only use cases seemed to be buying illegal goods and securities fraud. Finally, we have another use case presenting: perfectly legal transactions that credit card companies have gotten cold feet about.

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Saleh@feddit.org ⁨4⁩ ⁨weeks⁩ ago
There also has been cases where people increasingly used cryptocurrencies as their national currency was subject to instability and severe inflation. Usually the governments cracked down on it hard, like in Turkiye.

apnews.com/…/technology-financial-markets-turkey-…

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Vanilla_PuddinFudge@infosec.pub ⁨4⁩ ⁨weeks⁩ ago
If people had used cryptocurrency as a currency instead of as a “it’s totally not a security, we swear, even though we’re only saying that to evade SEC regulations a little longer” …LTC did. Monero has and is. BTC’s fall was a massive pullback on an extremely new and volatile idea that not even half the buyers entirely understood. BTC now is held up by ETF funds, private equity and everyone that cares putting a few chips in. Is it a scam now? Is everyone scamming everyone?

…there’d be a lot fewer people calling it a scam. For sixteen years, crypto’s only use cases seemed to be buying illegal goods and securities fraud. Some would call that decentralization and freedom. Spin it however you like.

Finally, we have another use case presenting: perfectly legal transactions that credit card companies have gotten cold feet about. They deserve every negative degree.

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Bronzebeard@lemmy.zip ⁨4⁩ ⁨weeks⁩ ago
The SEC had every opportunity to make up it’s fucking mind for years, but even after repeated promptings from all the big crypto exchanges, they kept putting things off and randomly throwing lawsuits for violations for things they were asked for guidance on.

Also, this is the exact kind of transaction they had in mind when they created the tech, but everyone decided it was only ever for drugs, because that’s what the Wall St owned media told them to think

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- meeeeetch@lemmy.world ⁨4⁩ ⁨weeks⁩ ago
  
  Also, this is the exact kind of transaction they had in mind when they created the tech, but everyone decided it was only ever for drugs, because that’s what the Wall St owned media told them to think
  
  What were the completely legal products that had Visa and Mastercard standing on the sidelines in 2009? Because without a real life example, I don’t think big media had to do much to get people to ignore this use case at the time.
  
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  - Bronzebeard@lemmy.zip ⁨4⁩ ⁨weeks⁩ ago
    Some people are able to see potential problems before they happen.
    
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Vanilla_PuddinFudge@infosec.pub ⁨4⁩ ⁨weeks⁩ ago
Not every country has a corrupt securities administration. Don’t push your third-world Americanism on others like its their problem.

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- Warl0k3@lemmy.world ⁨4⁩ ⁨weeks⁩ ago
  
  Not every country has a corrupt securities administration.
  
  Man, imagine how nice it would be if this were true.
  
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swelter_spark@reddthat.com ⁨4⁩ ⁨weeks⁩ ago
The only thing I’ve ever used crypto for was to buy totally legal goods and services.

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