Will no one think of the scammers?
jmp242@sopuli.xyz 6 months ago
Crypto is entirely an extremely expensive gambling system. It serves no actual explainable purpose for the vast majority of people. It’s trivially provable to be worse than existing alternatives in every way that isn’t scams and or money laundering.
modifier@lemmy.ca 6 months ago
otter@lemmy.dbzer0.com 6 months ago
Please do.
EngineerGaming@feddit.nl 6 months ago
It frustrates me how it strayed from its original course. It was supposed to be a payment system independent of banks and thus not capable of screwing people over. Sanctions would have made it hard for me to pay for some things, but Monero offers a way. People who need to make sensitive payments can do so without their bank having a record of that. It is just cash for the digital world. A tool, not a stock.
That is - I wish the people that want to get rich from it just quit. Leave the system for people who really need it.
jmp242@sopuli.xyz 6 months ago
Sorry, I meant than using Zelle, a credit or debit card, Paypal, etc. Last time I looked, most crypto is completely traceable because of the public ledger (monero does built in illegal in the US money laundering style transaction mixing to try and make it less traceable, not sure how well that works, but the rest apply to it), and the distributed public ledgers are the only way it works. I’d argue the way most people can get crypto requires a bank account tied to something like Coinbase, so that’s a link from your bank, to your crypto wallet, then the rest is even more public.
However, for most people, crypto doesn’t work like cash, and does work like a stock. You need a special broker, you need to move money with fees into the crypto account, then pay fees to buy the crypto. This is way more analogous to stocks, so that’s how people think of it, than cash or bank transfers.
Assuming you can figure out the right crypto to buy, now every time you spend it or try and send it to a different wallet, there’s stupid high fees for the common Bitcoin and Etherium networks (I haven’t actually tried to use the other ones as they get very obscure). We tried to move $30 dollars in Etherium to a different wallet (granted this was 4 years ago) and it cost $15 in “gas fees”. This makes me long for the 3% credit card processing fee.
After the fee, it takes quite a while to transfer, I recall Bitcoin took over an hour, and it was like several minutes or more for Etherium. Paypal, Zelle, Card are all instant, or maybe seconds.
Basically if you’re not buying something highly illegal, there’s 0 benefit to a normal person and masses of costs, complexity, opportunities to get hacked and all your crypto stolen, and exchanges to either collapse or also steal whatever money you had in there. It doesn’t solve a problem, and so normal people are right to not use it. I’d suggest after 13 years it’s only been used by speculators and scammers “successfully”.
EngineerGaming@feddit.nl 6 months ago
True, but it is possible to purchase anonymously. KYC exchanges are just the most convenient option. Or exchange with Monero, which is what a lot of people do as well. Although if there were actual stakes, I wouldn’t depend just on what Monero provides, just because you shouldn’t have just one layer of safety anyway.
Not exactly the tool’s fault that it was used not for its initial purpose. It is quite literally hammering in nails with a microscope, lol.
I myself have only used Monero, and the fees there are negligeable. But yea, transactions do still take a while. Never dealt with BTC yet, but it is a bit frustrating that it’s so much more widely accepted despite higher fees.
First - there might be things as simple as sanctions. My own purchases are completely innocent, but crypto turned out to be the simplest and safest way to pay in such a situation. Second - this argument kind of steps into the “I have nothing to hide” territory. Normal things might turn into “highly illegal” overnight - first thing that comes to mind is what happened with abortion laws. There are always vulnerable people who aren’t criminals, and saying they shouldn’t have such a payment option is kind of close to “only criminals would need end-to-end encryption”.
jmp242@sopuli.xyz 6 months ago
I’m not saying people have nothing to hide, or making that case. I’m saying the ask is so high that people who don’t feel like they must use crypto don’t, and this is one of the hills it would have to conquer to be taken seriously. There are obvious negatives like the environmental impact, the PITA complicated tech that is hard to understand, the slow transactions, and the difficulty of getting usable money into and out of crypto. And the vast majority of purchases, the mass adoption, aren’t stuff that people care to hide or they would already be only using cash.
I’d love to pay for my VPN with crypto, but I’m not willing to spend the hours it would take to figure it out in the current form, not to mention actually make it at all actually anonymous, plus pay roughly 2x in payment fees.
Now think of people who don’t even care about privacy to use a VPN…
raktheundead@fedia.io 6 months ago
Its original purpose was always Gold Standard 2: The Digitalisation for Austrian School-influenced ancap wankers.