This is as useless as saying “fuck currency shit ffs”.
furzegulo@lemmy.dbzer0.com 4 months ago
fuck crypto shit ffs
Varyk@sh.itjust.works 4 months ago
Wodge@lemmy.world 4 months ago
Crypto isn’t a currency, it’s a commodity for trading. One that doesn’t physically exist. In inherent use and no inherent value.
S410@kbin.social 4 months ago
The vast majority of "real" currencies are fiat currencies and don't have inherent value or use either.
US dollar hasn't been backed by gold since 1971, for example.
The only reason money has any perceived value at all, is because it's collectively agreed to have some value. Just like crypto currencies.darthelmet@lemmy.world 4 months ago
But this is actually why crypto isn’t a real currency: we haven’t collectively agreed to value it, or at least not in any way that makes it useful as a medium for exchange. Ironically it can’t possibly become a proper currency while speculators are making its price so volatile. The very act of investing in it is making it worthless.
frezik@midwest.social 4 months ago
But there’s so few uses of actually buying things with crypto. People don’t use it as a medium of exchange outside of illicit goods and money laundering. We’re more than a decade into this and using crypto to buy a pizza is still a novelty.
A major proof of this is that FTX collapsed and took a chunk of the crypto market out with it. The market at large shrugged this off. If it were actually linked in to the broader economy, then it would have had similar ripple effects to a major US bank failing.
bhmnscmm@lemmy.world 4 months ago
You literally just gave the textbook definition of a currency. The only difference is that crypto isn’t backed by a government.
parpol@programming.dev 4 months ago
“Crypto isn’t backed by a government”
“CBDC is a digital form of fiat—money that is issued by central banks. It is designed to be a digital representation of the country’s physical currency. Unlike cryptocurrencies like Bitcoin or Ethereum, CBDC is backed by the government and is legal tender.”
CBDC is blockchain based, i.e cryptocurrency.
Japan is developing a similar cryptocurrency as well.
General_Effort@lemmy.world 4 months ago
The big difference is that crypto is “decentralized”. Traditional currency is, to some extent, controlled by a central bank. The CB seeks to ensure price stability.
Digital cash schemes are much older than bitcoin/crypto. It’s not “crypto” just because it’s digital money.
doylio@lemmy.ca 4 months ago
Tbf, most money nowadays doesn’t physically exist nowadays. Only a tiny fraction of the “money” that is out there has a physical instantiation. Most of it is just numbers in bank servers
Varyk@sh.itjust.works 4 months ago
Sure, it’s like if you printed ink on paper and pretended it was equivalent in cost to material goods.
snooggums@kbin.social 4 months ago
Or if you pretended that material goods had an inherent value.
zergtoshi@lemmy.world 4 months ago
Not all crypto are the same.
Nano has been designed as digital money.
It has no mining, 0 fees (none for transactions, none for opening accounts), finalizes transactions sub-second (typically), has no built-in throughput limits and works across (political) borders.
I’d say these attributes offer some use and value.BleatingZombie@lemmy.world 4 months ago
Does my grocery store or gas station accept it?
deafboy@lemmy.world 4 months ago
There is no such thing as inherent value.
TheGrandNagus@lemmy.world 4 months ago
Except it’s not really a currency is it? Nobody actually uses this stuff for buying goods and services, they treat it as a stock. Usually short-term trading that’s essentially just gambling.
Normal currency also doesn’t use more than 2% of the power generation of a massive country.
FaceDeer@kbin.social 4 months ago
People speculate on the price of "normal currency" too.
TheGrandNagus@lemmy.world 4 months ago
I’m well aware.
But far, far, far, far more people use it as currency. Exchanging it for goods and services is clearly the main use for it.
Crypto is used like a stock.
rigatti@lemmy.world 4 months ago
But faaaarr fewer than those who use it for transactions. In the crypto world it’s reversed.
Varyk@sh.itjust.works 4 months ago
It is.
Yes, cryptocurrencies are used for buying goods and services.
Third, energy consumption is a great point if you ignore the material resource acquisition cost, worker cost, production cost, sundry cost, hardware cost, conventional debit and credit fees, service personnel cost, data centers, servers, and telecommunication network costs of conventional currency infrastructure.
Yeah, if we ignore all of that, then the resource consumption of a single energy intensive cryptocurrency seems high.
TheGrandNagus@lemmy.world 4 months ago
Yes, cryptocurrencies, aka “currencies”, are used for buying goods and services.
No no no. Cryptocurrencies aren’t used for buying goods and services outside of extremely fringe scenarios.
People trade them like they do stocks. You can pretend that’s not the case all you want, but you know it to be true.
I can’t go to Aldi and pay for my shopping with bitcoin or whatever shitcoin you hold. I can’t pay my bills with it. I can’t go get a haircut with it.
All I can do is treat it like a stock.
Energy consumption is a great point if you ignore the material resource acquisition cost, worker cost, production cost, sundry cost, hardware cost, conventional debit and credit fees, service personnel cost, data centers, servers, and telecommunication network costs of conventional currency infrastructure
I’m not ignoring any of that. Crypto still uses far more, and to top it all off, isn’t even used as a currency.
You cryptobros have been saying crypto will replace real currency any day now for years. It’s not happening. Sorry to burst your bubble.
Revan343@lemmy.ca 4 months ago
Except it’s not really a currency is it? Nobody actually uses this stuff for buying goods and services
Except Montero
aniki@lemm.ee 4 months ago
LOL wake me up when you’re circulating currency instead of just speculating against the bag holders.
Varyk@sh.itjust.works 4 months ago
Pst. Pssst
bamboo@lemm.ee 4 months ago
Real currencies use significantly less power despite orders of magnitude higher transaction volumes. They also have physical exchange options that incur no transaction costs and require no digital infrastructure. Crypto is just bad as a currency.
Varyk@sh.itjust.works 4 months ago
Love to see some proof. Seems unlikely with the amount of necessary infrastructure, especially relative to ultra high efficiency cryptos.
bamboo@lemm.ee 4 months ago
What proof do you want? Real currency can be printed on paper or forged into coins, and then used until the physical medium wears out with zero electrical usage and zero transaction fees. No digital currency of any form can beat literally zero.
lickmygiggle@lemmy.world 4 months ago
Yes, all those dollars that get pulled out of the earth by the blood sweat and tears of miners?
What are you talking about. If there are coins that don’t need mining why are we wasting electricity (or anything really)on the ones that do.
Varyk@sh.itjust.works 4 months ago
?
I don’t get it, you sound combative but are reiterating my point.
parpol@programming.dev 4 months ago
Yes, all those dollars that get pulled out of the earth by the blood sweat and tears of miners?
You mean the nickel and copper mines?
theskyisfalling@lemmy.dbzer0.com 4 months ago
Centralised banking Stockholm syndrome is real.
bamboo@lemm.ee 4 months ago
Don’t most crypto users use one of a handful of highly centralized exchanges anyways? Like sure you can self host everything, but you can do that with real money too, and most people don’t have the care nor the skill to do it.
WallEx@feddit.de 4 months ago
More like fuck crypto mining. There are cryptos that dont need mining.
FaceDeer@kbin.social 4 months ago
If there's no demand for a particular crypto then people mining it can't sell it and go out of business. People mine this stuff because other people will pay them for it.
WallEx@feddit.de 4 months ago
Good job, totally missed my point.
You can buy/sell ones that arent dependend on mining. Not every crypto is the same.
FaceDeer@kbin.social 4 months ago
Ah, you're referring to non-proof-of-work chains. There's no need to be snarky, your comment could be interpreted in multiple ways.
jollyrogue@lemmy.ml 4 months ago
Which ones? I’m curious since I don’t follow the scene and only know of mainstream stuff.
WallEx@feddit.de 4 months ago
Beats me, I’m only interested in the technology :D Chia was plotted and not mined I think, but other then that …