Comment on Linux Inventor Says He Doesn’t Believe in Crypto

• SchmidtGenetics@lemmy.world ⁨4⁩ ⁨months⁩ ago

  It gains value because people want it and people want it because it gains value is both a perfect description of cryptocurrency and scams.

  Or gold, or any other precious metal, or currency for that matter….

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  • Ciderpunk@lemmy.world ⁨4⁩ ⁨months⁩ ago

    Tangible items can have utility in the real world, where cryptocurrencies can never be anything more than numbers on a display.

    Gold can be used in electronics, and I get that people are mad that currencies are just something we all mutually agree have value, but generally speaking powerful governments back those up. Cryptocurrency is backed up by people promising it’s totally gonna be a real currency any second now. Please ignore that crypto can wildly fluctuate in value which generally a horrible thing for a currency to do.

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    • SchmidtGenetics@lemmy.world ⁨4⁩ ⁨months⁩ ago

      Haven’t multiple govnements accepted it as real currency at this point? The arguments are valid, but fall flat when you actually look into each.

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      • dustyData@lemmy.world ⁨4⁩ ⁨months⁩ ago

        Yeah, El Salvador, people from there told me quite recently that it’s not at all what the government propaganda is trying to sell. Nobody uses Bitcoin and it is only accepted by a few state institutions.

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      • Ciderpunk@lemmy.world ⁨4⁩ ⁨months⁩ ago

        The only two countries that accept bitcoin as a legal tender are noted powerhouses El Salvador and the Central African Republic… not exactly world leaders.

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      • Rustmilian@lemmy.world ⁨4⁩ ⁨months⁩ ago

        No, no major government has completely adopted cryptocurrency as legal tender. El Salvador became the first country in the world to do so in September 2021, but there have been significant challenges. Cryptocurrencies are still considered too volatile and risky by most governments for everyday transactions.

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      • MeekerThanBeaker@lemmy.world ⁨4⁩ ⁨months⁩ ago

        And crypto is more stable than some governments’ real currency. It’s been a life saver for some people.

        It’s also a lot faster for transactions than normal banking when sending money to people in other countries.

        It’s still in the early days… like email in the late 80s / early 90s. It should get better, but there’s so much crap and scams out there right now. It’s still very much the wild west. It’s like Wall Street on acid.

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