Comment on SEC says it will deregulate cryptocurrencies with 'Project Crypto'
NewNewAugustEast@lemmy.zip 3 weeks agoIt was great to trade and move value around. You could send to other countries, or do work for it. But Bitcoin fucked it all by basically being a ponzi scheme. People below will talk about it and how it holds or increases in value. Thats because most people are still buying in and hording it. Making it terrible as a currency.
I never bought crypto, I only traded, bartered, worked for it. I never put it on an exchange or used another company. Another sink of value and a stupid place to keep it. But that is the vast majority of people now.
So it is not good for anything anymore.
icylobster@lemmy.world 3 weeks ago
Bitcoin specifically was never meant as a currency. There is a reason why people call it “digital gold”. I do find myself hesitant to buy it since people buy it with the goal of getting rich, it ruins the entire point.
In theory I actually love the idea of Bitcoin, something independent of resources. I know that sounds weird, but the moment asteroid mining gets big, traditional money storage will get rocked, hard. While something like Bitcoin, in theory, would be safe.
I see deregulation as generally a bad thing if you want any of this to be taken seriously and not be manipulated. At least, for most of them. In theory you could have a crypto that is very resilient to manipulation, I just don’t know if that exists right now.
NewNewAugustEast@lemmy.zip 3 weeks ago
Sure it was, look at the name of Satoshi’s paper: Bitcoin: A Peer-to-Peer Electronic Cash System
explodicle@sh.itjust.works 3 weeks ago
Um ackchually by electronic cash they mean like bearer bonds, irreversible but not necessarily usable at all.
Reverendender@sh.itjust.works 3 weeks ago
I’m going to go ahead and not worry about asteroid mining