Does Bitcoin count?
Would it be possible to build a FOSS alternative to all this?
BrianTheeBiscuiteer@lemmy.world 3 weeks ago
Resonosity@lemmy.dbzer0.com 3 weeks ago
With how volatile cryptocurrency has been in general in the last decade or so, I wouldn’t bet on it.
Crypto is ultimately a different form of money, as compared with fiat.
What I think people in this discussion are seeking is an electronic, FOSS , secure network that can facilitate economic transactions of fiat currency.
Of course the two don’t have to be mutually exclusive
arin@lemmy.world 3 weeks ago
Fiat currency is the problem
hraegsvelmir@ani.social 3 weeks ago
It really isn’t, in this case. The issue is not the currency being used for the transactions, but rather two companies having a duopoly on processing those transactions that allow them to dictate terms to other people on how they can legally use their money. If there were two similar points of failure in processing cryptocurrency transactions, they would be just as vulnerable to having whoever occupied those two spots throwing their weight around. Sure, I suppose in that situations, companies could take payments to a new wallet easier than they could open new business accounts, and bypass the restrictions temporarily, but it still wouldn’t be a viable solution in the long term.
pibfyhd7g57gd5u64f@piefed.social 3 weeks ago
Yes, it does. Pretty wild that people will proudly fly their luddite flag even in threads like these lol.
orclev@lemmy.world 3 weeks ago
Bitcoin is sadly a failed experiment and you’re not a luddite for pointing out its various shortcomings. I was an early adopter back when you could get an entire coin for a buck or two, but never invested much in it and lost most of what I had when one of the early exchanges imploded.
The concept of bitcoin was great, a decentralized currency not under the control of any government or institution, but that was still reliable and pseudo-anonymous. The execution however was beyond disappointing. It was quickly commandeered by “investors” looking to gamble on something even more volatile than forex markets and ceased being able to function as an actual currency due to the wild swings in value. In order to be a useful currency something must have a relatively stable value. Additionally scammers and criminals also gravitated to bitcoin further driving legitimate businesses away from it not wanting the guilt by association. Finally it turned out that the anonymity was even easier to break than initially thought and the tax headaches involved in buying, selling, or trading in bitcoin or any cryptocurrency make it too annoying to actually use (massively compounded by its wildly fluctuating exchange rates).
orclev@lemmy.world 3 weeks ago
They’re trying with GNU Taler, but it’s pretty much a pipe dream at this point.