This is as useless as saying “fuck currency shit ffs”.
furzegulo@lemmy.dbzer0.com 1 year ago
fuck crypto shit ffs
Varyk@sh.itjust.works 1 year ago
Wodge@lemmy.world 1 year 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 1 year 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 1 year 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 1 year 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 1 year ago
You literally just gave the textbook definition of a currency. The only difference is that crypto isn’t backed by a government.
General_Effort@lemmy.world 1 year 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 1 year 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 1 year ago
Sure, it’s like if you printed ink on paper and pretended it was equivalent in cost to material goods.
snooggums@kbin.social 1 year ago
Or if you pretended that material goods had an inherent value.
zergtoshi@lemmy.world 1 year 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 1 year ago
Does my grocery store or gas station accept it?
deafboy@lemmy.world 1 year ago
There is no such thing as inherent value.
TheGrandNagus@lemmy.world 1 year 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 1 year ago
People speculate on the price of "normal currency" too.
TheGrandNagus@lemmy.world 1 year 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 1 year ago
But faaaarr fewer than those who use it for transactions. In the crypto world it’s reversed.
Varyk@sh.itjust.works 1 year 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 1 year 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 1 year 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 1 year ago
LOL wake me up when you’re circulating currency instead of just speculating against the bag holders.
Varyk@sh.itjust.works 1 year ago
Pst. Pssst
bamboo@lemm.ee 1 year 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 1 year ago
Love to see some proof. Seems unlikely with the amount of necessary infrastructure, especially relative to ultra high efficiency cryptos.
bamboo@lemm.ee 1 year 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 1 year 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 1 year ago
?
I don’t get it, you sound combative but are reiterating my point.
theskyisfalling@lemmy.dbzer0.com 1 year ago
Centralised banking Stockholm syndrome is real.
bamboo@lemm.ee 1 year 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 1 year ago
More like fuck crypto mining. There are cryptos that dont need mining.
FaceDeer@kbin.social 1 year 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 1 year 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 1 year 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 1 year ago
Which ones? I’m curious since I don’t follow the scene and only know of mainstream stuff.
WallEx@feddit.de 1 year ago
Beats me, I’m only interested in the technology :D Chia was plotted and not mined I think, but other then that …