Crypto's Big Rupture Is Coming In 2021 (coindesk.com) 86
An anonymous reader shares an opinion piece from CoinDesk, written by Ryan Zurrer. Zurrer is founder of Dialectic AG, an alternative-assets focused multi-family office. Previously, he was a Director at the Web3 Foundation and led the investment team at Polychain Capital, pioneering the SAFT as a legitimate investment instrument. From the report: Crypto is set to bifurcate and we will begin to see two parallel economic superhighways being built and used. One economic superhighway will be for know your customer (KYC)-compliant "digital currencies" such as central bank digital currencies (CBDC) or corporate-backed digital currencies such as USDC or diem (formerly libra). In parallel, the other economic superhighway will be a detour-filled adventure of crypto-anarchist money Legos being stacked and iterated on by anonymous teams, self-organized via a myriad of DAO-like governance structures. It's all about to get quite strange. Diversification is the only coherent path forward both within crypto ecosystems and beyond during these uncertain times.
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In 2021, we are going to see layer 2 apps for the first time and not only to entertain or as early experiments. We will see entire micro-economies emerge and transform thousands of people's lives. In 2021, we'll see more anonymous teams governed by DAOs popping up and experimenting with exotic derivatives and porting real-world assets on-chain with NFTs. Layer 2 will also usher in crypto's own "SoMo" (social + mobile native) moment, whereby applications will look to be native and seamless on many of the apps that billions of users already have on their home screen: WeChat, WhatsApp, Facebook, the App Store and so on. This is where corporate-cryptos and CBDCs will have a clear advantage and will foster significant innovation. We'll see the backers of CBDCs and corporate-cryptos spend lavishly to seed ecosystems of layer 2 app development.
We'll continue to see consolidation between crypto projects. DeFi yield strategies will begin to stack on one another combining debt, exchange and derivative strategies under unified liquidity while novel layer 1 experiments, often branded abhorrently as "Eth Killers" will ironically need to combine teams, treasuries and economically rebase to survive against Ethereum's accelerating network effects, community and composability. We'll also see an acceleration in "treasury raids" as protocols with enormous sums of money leftover from the 2017 initial coin offering (ICO) era are pressured by their token holders to pay a dividend, tie the treasury to the token or unwind and distribute the funds back to project funders. For those who got into crypto because of ideals like freedom and self-sovereignty, Zurrer says "we're likely to see a significant portion of the space migrating to FATF-compliant regulations regarding KYC/anti-money laundering and primarily transacting in centralized digital currencies." He encourages everyone to "remain open-minded about the innovation that CBDCs and corporate currencies will bring" as they "will drive adoption beyond what we've achieved thus far."
[...]
In 2021, we are going to see layer 2 apps for the first time and not only to entertain or as early experiments. We will see entire micro-economies emerge and transform thousands of people's lives. In 2021, we'll see more anonymous teams governed by DAOs popping up and experimenting with exotic derivatives and porting real-world assets on-chain with NFTs. Layer 2 will also usher in crypto's own "SoMo" (social + mobile native) moment, whereby applications will look to be native and seamless on many of the apps that billions of users already have on their home screen: WeChat, WhatsApp, Facebook, the App Store and so on. This is where corporate-cryptos and CBDCs will have a clear advantage and will foster significant innovation. We'll see the backers of CBDCs and corporate-cryptos spend lavishly to seed ecosystems of layer 2 app development.
We'll continue to see consolidation between crypto projects. DeFi yield strategies will begin to stack on one another combining debt, exchange and derivative strategies under unified liquidity while novel layer 1 experiments, often branded abhorrently as "Eth Killers" will ironically need to combine teams, treasuries and economically rebase to survive against Ethereum's accelerating network effects, community and composability. We'll also see an acceleration in "treasury raids" as protocols with enormous sums of money leftover from the 2017 initial coin offering (ICO) era are pressured by their token holders to pay a dividend, tie the treasury to the token or unwind and distribute the funds back to project funders. For those who got into crypto because of ideals like freedom and self-sovereignty, Zurrer says "we're likely to see a significant portion of the space migrating to FATF-compliant regulations regarding KYC/anti-money laundering and primarily transacting in centralized digital currencies." He encourages everyone to "remain open-minded about the innovation that CBDCs and corporate currencies will bring" as they "will drive adoption beyond what we've achieved thus far."
Still too volatile (Score:5, Insightful)
Until cryptocurrencies solve the elephant in the room problem of their high volatility, large sums will be used for nothing but speculation. They are simply too volatile for the average person to use as a store of value on any regular basis.
Re: Still too volatile (Score:4, Interesting)
And, not being tied to something actually real, and the whole point being that there is no regulator (that would otherwise kepnit stable), means it will never become stable.
Btw, does anyone know any actual physical thing that is both universally useful and very stable, in terms of worth?
Because gold and the like is definitely not it.
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Inflation is based on a grab-bag of common consumer products. Such a diversified measure also suits for value.
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Generally speaking the best approach is diversification. I bought a house for that reason... even though it made zero economic sense for me. Happy I did it for other reasons though, even if it is a never-ending money pit.
Re: Still too volatile (Score:2)
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Bitcoin: Volatility is not an issue (Score:1)
Response: Bitcoin’s volatility is a trade-off it makes for perfect supply inelasticity and an intervention-free market. However, with greater adoption of bitcoin and the development of derivatives and investment products, bitcoin’s volatility may continue to decrease, as it has historically...
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Nonsense. They'll continue to be extensively used for money laundering and crime in general, something that, thanks to the design principles of anonymity and irrevocability, they're superbly suited towards.
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If you look at most of the crypto space, you will see that most of the tokens that are not BTC-clones aren't even intended to be used as money. Unless you're talking about stuff like TUSD, USDC, DAI, etc.
Disruption? It will not be used to commit crimes a (Score:1)
Literally WHAT??? (Score:5, Insightful)
I was reading that text and realized it sounds exactly like those art critics' columns, filled with pompous words but devoid of content.
Re: Literally WHAT??? (Score:2)
All this makes sense, if you realize what BizX's business is.
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I was reading that text and realized it sounds exactly like those art critics' columns, filled with pompous words but devoid of content.
Big mistake! Just read the comments here, far more entertaining and far clearer...
Money is already digital! (Score:2)
Errrrr ... wut? (Score:5, Insightful)
Rarely have I seen a piece containing so much incoherent gibberish. What is the guy even talking about?
Re: Errrrr ... wut? (Score:2)
See, you made the error of reading TFS.
We don't do that here in Slashdot. Now you know why. ;)
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Rarely have I seen a piece containing so much incoherent gibberish. What is the guy even talking about?
Her is not talking to you. He is talking to the usual semi-conscious, fuzzily partially rational scam victims that will find great profoundness in his words and fall for the scam like the morons they are. For anybody sane, this is just "pseudo profound bullshit".
No More Crypto! (Score:4, Interesting)
Other than large-scale drug deals and Ransomware Payoffs (and now, likely Nation-States funding their own nefarious crap), what is the "purpose" of Cryptocurrencies?
IOW, if Cryptocurrencies magically winked out of existence tomorrow, how would that be a bad thing for the vast majority of the planet's population?
And the fact that it isn't being universally squashed right now tells me those same Nation-States actually enjoy having another way to clandestinely finance their private armies, regime-changes and assassinations.
Meanwhile, the rest of us have to deal with the most common use for Cryptocurrency: Ransomware.
Something just doesn't smell right about the whole concept of "private monetary systems".
Re: No More Crypto! (Score:1)
Uum, no, it isn't wiped out because really most leaders are proud to now use an iPad instead of printing out the Internet the regular way.
And your theory of dictators using it to finance armies is so out of touch with anything in world politics, I wonder if you've been born in lockdown and never left. ;) ... at least the basics ... to gain the basis needed for this discussion, so I can
I don't even know what to say, other than "I'm not your life teacher." and "Please read up on how any of this actually works
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Dictators are not interested in funding armies larger than that needed to control their own population. As kleptocrats, they would be far more interested in profiting it themselves. That is, after all, why they do what they do.
Re:No More Crypto! (Score:4, Interesting)
Today, if you travel internationally, you have a small number of options to allow you to make purchases in a foreign country. You can use a credit card; you can buy traveller's checks; you can use a debit card in an ATM machine while you are in-country. Problem is, *all* of these mechanisms require the participation of established financial institutions. You will notice that when you "buy" currency for an overseas trip, you don't get the quoted exchange rate, but rather slightly less. If you use your credit or debit card, there will be a "foreign currency transaction fee", *plus* an "exchange rate", in which the exchange rate is almost always worse than what is actually being quoted.
The difference, known as the "spread", is a financial mechanism that allows the big banks to make *billions* of dollars every year. This is done through aggregation/exchange services like CLS Group [wikipedia.org], the "Continuous Linked Settlment" banking service, which is owned by several of the largest global banks. To give you an idea of the scale of operations, about 15 years ago I was working a contract for one of the participating banks and their "CLS Gateway" was processing over $1 Trillion in business every day. Now obviously, the vast majority of that is commercial finance, on which the margins are a lot thinner, but even a tiny fraction of 1% of exchanged value amounts to tens of millions of dollars of profit, per day...
Now, let's suppose that instead of getting suckered in to that scheme, you decide to use a cryptocurrency like Bitcoin. While at home, you convert say $1,000 from your funds in to Bitcoin. You fly to your destination, say the UK. You find someone who trades in Bitcoin and arrange a price to "buy" UK Sterling from them... You meet up: they provide you with the paper cash and you send them the Bitcoin.
If you operate like this, there is no agent, no middle man, no multinational bank taking a fat cut from the deal. So it means that you are going to save a modest but useful sum in doing so.
Sadly, there's a problem with this: greed. If you look at what has happened with coin exchanges and organizations trying to offer "professional" level services for cryptocurrencies, you quickly realise that the cut they want to take [for example to convert between Bitcoin you've mined and local dollar currency] is likely to be higher than the cut that a high street bank wants to charge you for using your credit card overseas. In other words, some of the most exciting and potentially lucrative uses of crypto-currency - specifically the ability to use it as a universal conversion mechanism - have been quickly "squashed" by middlemen. Obviously the next thing we'll see is that the middlemen will be indistinguishable from banks in terms of the way they fleece their customers.
But this is hopefully one reasonably clear example of the potential benefit of a crypto-currency: using it to break the monopoly that multi-national banks have on something as trivial as "holiday money". We tend not to get wound up about this because, hey, we're going abroad for a holiday. But that doesn't make the outrageous pricing any less corrupt. Oh, and: if you ever wonder why financial regulators and market regulators have never looked in detail at the great con that is ForEx handling... it's because no national regulatory body is able to do so... If the Fed or OCC were to ask a US bank about the charges, that bank, with a straight face, would say, "Oh, well, you see, the charges don't occur at *this* end of the deal, here in the US... but at the *other* end of the deal, overseas. Sorry..." Even while they say exactly the same thing to the regulator at the other end of the transaction.
So yeah: plenty of useful, honest things that a good, distributed cryptocurrency can do. One of them would be by being a good enough alternative to keep established banks from behaving like pirates in international waters.
Re: No More Crypto! (Score:4, Interesting)
Now, let's suppose that instead of getting suckered in to that scheme, you decide to use a cryptocurrency like Bitcoin. While at home, you convert say $1,000 from your funds in to Bitcoin. You fly to your destination, say the UK. You find someone who trades in Bitcoin and arrange a price to "buy" UK Sterling from them... You meet up: they provide you with the paper cash and you send them the Bitcoin.
If you operate like this, there is no agent, no middle man, no multinational bank taking a fat cut from the deal. So it means that you are going to save a modest but useful sum in doing so.
So you say that trading one Agent (and their "spread") for another Agent (and their "spread") is somehow of sufficient benefit to us common meatsacks-on-parade that it actually justifies a money-laundering system trying to pass itself off as a legitimate "currency exchange" service?
Sorry. Doesn't pass the smell test.
Try again.
Re:No More Crypto! (Score:5, Informative)
And any company can establish their own money transfer system and establish competition against existing systems. The amount of profit that exists on transfers is a reflection of the competitive profit for the agent against their potential losses from volatility, theft, etc. Volatility is the reason why bid-ask spreads widen in times of economic uncertainty (for example, in the UK before Brexit). And they always have to reflect supply and demand for what is being bought and sold in the exchange - the fewer buyers and sellers, the wider the spread, as the longer you have to hold onto a given asset, and the more you have to hold onto, the more your carrying costs (people would rather have assets in interest / growth / dividend-yielding resources than sitting around).
Cryptocurrencies offer you no protection. They're insanely volatile (which is one reason why most retailers hate them; they're not in the business of speculating on cryptocurrency, they're in the business of getting a specific amount of money for a specific good or service). They're prime targets for criminals, who love their design principles of anonymity and irrevocability (it's almost like it was designed for A) crime, and B) tax evasion). And of course, the economic impact of bid-ask spreads does not cease applying simply because you use bitcoin instead of dollars - it actually gets worse. If you're using bitcoin to buy X, instead of dollars, you now have not only the limits of the rate of people who want to trade X, but you're adding to it the limit of the rate of people who want to own bitcoin - a "currency" that's only rarely ever used as a currency, and who even most of its biggest advocates have stopped trying to refer to it as a currency and instead refer to it as a "store of value" (despite how unstable of a store of value it actually is; the real term you're looking for is "a gamble on inflating demand").
While the transfer fees on bitcoin are technically low, the physical cost of a currency transfer firm changing a record in a database is also very low. The cost of a transfer is not the cost of changing a record in a database. It's the cost of the above.**
** - You can also add extra requisite costs onto a transfer - for example, with currency exchange you usually get the worst exchange rates on kiosks because the owners have to pay for the hardware and its operation, and the best rates on credit cards, because it's just a change in a record in a database.
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I travelled internationally for many years, and stopped paying foreign currency fees long ago. Many credit cards offer that these days. You wrote a wall of text that is no longer a problem.
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Come again? How do you get your money into and out of bitcoin without using middle men? And if you think about it, the entire blockchain is one giant middle man.
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If you want actual physical currency, then you are going to have to meet in person. Say you fly to Paris and want some Euro's. I live there and arrange to meet you. You have converted USD$500 to BTC before your trip and you have them in your mobile wallet. When we meet, we agree the equivalent amount in Euros. I go to an ATM machine and withdraw the cash. I give you the cash and you transfer the BTC from your mobile wallet to my mobile wallet using NFC.
This is a
Sub-dollar payments (Score:2)
I'm interested in how you would approach paying for services valued in the 0.10 to 0.50 USD range such as reading an individual paywalled article. At this scale, the fee of about 0.30 USD per transaction that major credit card processors charge tends to overwhelm what the merchant sees. At times, proponents of cryptocurrency have claimed that side-chains like Lightning Network can help lower transaction fees well below what the credit card industry charges.
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There is nothing stopping the credit processors from offering that as a new service, though. There aren't any insurmountable technical costs. The problem is in how they've structured their agreements with banks and vendors.
Okay, dumb question. (Score:1)
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All of them?
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OK, I'm familiar with layer two of the seven layer OSI model, but what's a layer 2 app?
A term used without validity or foundation to imply something of great significance and depth. Typical scammer vocabulary where the victims are made to believe they know something secret and special everybody else is overlooking.
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https://medium.com/the-capital... [medium.com]
capital/layer-1-vs-layer-2-what-you-need-to-know-about-different-blockchain-layer-solutions-69f91904ce40
You misspelled "rapture" there. (Score:3)
Sure, I agree, scams and especially Ponzi schemes are as popular as ever. ;)
But it is, interestingly, exactly the hype that will drive crypto to its destruction.
Because the higher the hype "worth" goes, the less believable it will be. And at some point, the neural treshold for "This has *got* to be a sarcastic joke!" is crossed in more than the key 10% that leads the pack, and the dam of the rest will break. Leading to a crash as healthy and refreshingly air-cleansing as a thunderstorm. (Unless you *are* the dirt, I guess.
And all that is happening whenever profit maximization collides with something that it isn't tied to a true real-world good of real value that sets boundaries on the possible worth.
This has all been studied and researched, decades ago.
If you want to give crypotcurrencies what they are missing, to become more than just a pump and dumb tool, make sure they are tied to something real. :)
No. "Mining" does not count. Unless it is the dirt and digger kind.
Re: You misspelled "rapture" there. (Score:3)
But it is, interestingly, exactly the hype that will drive crypto to its destruction.
Hype? Hype?!?
Name me:
1. Any major Ransomware attack that doesn't depend on Cryptocurrency for the Ransom Payments? Why don't the Crooks just get a PayPal account?
2. Any large-scale Ransomware attack that began before Cryptocurrency was a "thing".
I'll wait...
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Exactly this. The difference is that regular Ponzi schemes are illegal about everywhere. Cryptocurrencies (as a sub-species of recurring Ponzi schemes via pump&dump and having aspects of multi-level marketing) are legal. Hence the scammers that would otherwise run a regular Ponzi scheme or multi-level marketing scams have all moved to cryptocurrencies.
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You know, I thought our resident Amazon affiliate-link posting friend was the worst self-promoter on this site, but you're taking the cake.
Nobody cares about your Bitcoin maximalism.
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I am not "shilling" for any one token. So your comment is grossly inaccurate. However you keep spamming Twitter links. You are a BTC shill.
Article Selection (Score:3)
Put another way, if not, how the #### did this #### manage to get voted up and posted?
Or is it possible that people are paying the editors to host specific articles and links?
Whatever the reason, it really feels as though editorial quality has fallen through the floor lately.
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Any chance of a translation (Score:5, Funny)
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Sure...
"You must buy crypto currencies in order to keep mine from crashing. BUY, BUY, BUY."
Love BeauHD
Worthless as a currency. (Score:3)
The Gresham's law! (Score:1)
Bad money is always spent first (Gresham's law), you can't assume a new monetary medium will be MoE first. The best money will always be SoV first, and the MoE will happen later once the bad money is refused.
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In the meantime, what's the solution to MoE for sub-dollar payment over the Internet?
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The Lightning Network is being developed as a means of making bitcoin payments faster, cheaper, and more private. It's still experimental and reckless to use for large amounts of money. The goal of this page is to provide an index of curated high quality educational resources and information about the network to make it easier to educate yourself.
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Exactly. Nobody trading actual goods will accept any "currency" with this much volatility. It is a risk they do not need and that disrupts their business.
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There are crypto projects (actually DEX token projects) out there to address that issue. I would name them but you would be better off investigating ERC20 tokens yourself and learning more about them.
Smoke and mirrors (Score:2, Insightful)
They're trying to trick people with a knowledge in finance to invest into crypto currencies. It's the same old plot as it always has been. You either lead a trend or you follow a trend. They're setting up other finance businesses to invest after they've invested themselves. Then at a later time, once the value of the crypto currency has increased, do they sell out with a win and anyone who followed and believed their words will be left standing with a falling crypto currency and with less money than before.
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Now with Bitcoin which is a 1000x better Gold.
No. That's just pure nonsense and make-believe. You couldn't even why 1000x and why not 1,000x or 100x, could you? That is called a belief. Bitcoin is infinitely worse than anything material, because Bitcoin is information and as such can be lost without a trace. A tiny data drive is easier to steal than it is to steal 10t of gold. Gold lasts for a very long and is chemical stable and needs to support through electronics and electrical power to work. Thus will gold always be the default, just like precious
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No idea why comment turned into such garbage, so I'll fix it. Wish it had an edit...
No. That's just pure nonsense and make-believe. You couldn't even say why 1000x and why not 10,000x or 100x, could you? That is called a belief. Bitcoin is infinitely worse than anything material, because Bitcoin is information and as such can it be lost without a trace. A tiny data drive is easier to steal than it is to steal 10t of gold. Gold lasts for a very long time and it is chemical stable and needs no support through
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Gold didn't survived the 20th century as sound money ...
Gold is more valuable than ever. It's now several times more valuable in Dollar and Pound than it was a century ago. It was replaced, because the population need a currency that was more dividable and of less value, like Copper for instance. Hence the Penny was born as a currency and one could produce many more coins with it than with old. But Gold hasn't gone anywhere. It's only gone from your head.
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"Here's what I continue to tell people: name to me a business that was honest and got robbed, and the robbed version is smaller than the honest version. It doesn't happen. It's because robbing brings all kinds of advantages.
It's a market-expanding technology." Pompliano
FTFY.
But joke aside... There are many things you cannot digitise like for instance food. Digitisation can only be done with numbers. So has music itself not been digitised, but only the value of the electrical signals, which represents sound gets digitised. To actually listen to the music does one still need to produce an analogue signal as output. Gold can also not be digitised, but only the mass when it's represented as a number (a mass measurement). It is the same with everything else. One cannot digitis
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You can't fork gold.
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In short, they are herding other investors into a cage that is crypto currency to farm their money.
Very much so. That is also why their arguments are, at best, of mediocre quality: They just need to find enough "greater fools" to make this work, they do not need to establish this as anything real.
What a load of utter crap... (Score:3)
So, yeah, I dipped into the 2017 bubble - and still HODL - didn't invest enough to be a worry.
It seems after 3 years of stopping even reading about crypto, the same bullshit is still flying. Surprise surprise.
After my initial idiocy, it became apparent 99.9% of the entire "market" was built on sand. Loads of buzzwords, loads of excitement.
Sure, of course, anyone with enough capital could churn out a shit coin and start the pump 'n dump cycle, watching as millions of suckers got lured in - the ultimate pyramid scheme. The only difficult bit, being getting on enough of the larger "exchanges". If you get your shit coin on Binance, you've hit the big time.
The vast bulk of these shit coins spun myriads of yarns around utility, but all any of them amounted to, is an immutable database of transactions that is decentralised and encrypted.
That is it. That's all it is. It's an amazing concept at the most fundamental level, granted - there's some serious marketing genius behind bitcoin.
Also so easy to spin out in a myriad different ways with a million utter bullshit stories and marketing - snake oil on steroids.
So, this article - heck, it just makes me laugh.
Take a peek at some of the top crypto news websites and have a trawl through the predictions of the market.
Have a good look at the gobbledygook that is derived from stock markets.
It's like people who read the fucking tealeaves in your cup, or read your palms - it's a massive crock of shit for the most part.
"Well, the upward swing is forming a triangle shape, which could be a bullish sign" - heh, bullshit sign.
And have a good look at the those shouting how awesome crypto is - the bigger players - yeah, sure they'd shout that, because the vast bulk of the rubes money stopped flowing in when the market tanked and 99% of those rubes lost everything to the snake oil merchants.
There's some interesting things happening nonetheless - despite being a fool to get involved in the first instance, I was wise enough to shift everything out of shit coins into Bitcoin - I learned something, at least. Turned out to be a wise move wrapped in a stupid one - I may break even next year then bail.
Fuck crypto. It's full of sharks.
For the record... (Score:2)
... I knew it was BS when I first bought in, tentatively, made a chunk of easy money in about 3 hours, then got hooked - just like a gambler does.
I figured I could ride the market waves, after my initial "win", not realising, it was on the back of an upward manic trend.
I saw my ass in many different ways.
You cannot ride these waves unless you can make them - unless you are in on the 'pump and dump' - and that is so fucking immoral, sucking money out of suckers - sucks.
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So what you're really saying is
you lost money
and now all the crypto-based projects out there are worthless to you. Not surprising. The Softbank CEO (sort of) had the same problem, though he lost his money in Bitcoin.
Meanwhile, blockchain concepts move forward, albeit far more-slowly than I would have liked (looking at you, Ethereum). Some of the projects actually have working products that you will never notice so long as they continue to work properly.
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Shut up, maximalist. XMR isn't "noise", it's the underworld cryptocurrency of choice now. Real criminals abandoned BTC ages ago. Get with the program!
And honestly everything else you say is nonsense. You are a hopeless propagandist.
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Nope, I'm saying this article is a load of utter crap and the vast majority of cryptocurrency is a load of utter crap.
I also said I was foolish to invest, knowing full well I was gambling, but ... got greedy after an initial gain.
I also haven't lost money *yet*, as I held onto what I had purchased and funnelled all the tiny shit coins into the mother of all shit coins, bitcoin.
I'm now approaching break even, will bail once that happens and will have learned a valuable lesson about my own greed and the lure
It is "cryptocurrency" you morons (Score:2)
"Crypto" in "cryptocurrency" is already an abbreviation for "cryptography". You cannot recursively abbreviate the same term twice.
That said, when will be the year this type of scam dies?
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+1
those who use crypto as cryptocurrency replacement need to be kicked around due to lazyness
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"Crypto" in "cryptocurrency" is already an abbreviation for "cryptography". You cannot recursively abbreviate the same term twice.
At least the "crypto" there refers to "cryptography", so the abbreviation makes some sense. Compare to "cyber" when used for doing things online, which has nothing to do with cybernetics.
BTW, since "crypto" simply means "hidden", we might as well say "Hidden's big rupture is coming" or "I use hidden to pay for my VPN". Neither of those makes much sense, so we shouldn't say "crypto" for "cryptocurrency" either.
That said, when will be the year this type of scam dies?
Cryptocurrencies are a scam in the same way that traditional currencies are. Have a look at th
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Cryptocurrencies are a scam in the same way that traditional currencies are. Have a look at the "Money as Debt" videos, for example. The main difference is that while fiat currencies are controlled by government-like entities, cryptocurrencies are governed by math and open source.
Nope. "Governed by math and open source" basically means the same as "not governed at all". They may be based on these things, but "governed" means there is some entity that exercises control based on actual understanding of things. In the case of fiat currencies, a healthy state or association of states (e.g. EU) wants the currency to be stable and dependable, because that is the only thing that makes sense for trade. Everything else kills trade except for very high profit margin things (illegal drugs, ill
USD Collapse (Score:2)
The reason why cryptocurrency has taken off recently is it's withstanding a test of time. BTC has been around for over 10 yrs now. Secondly due to it's limitations, helps it to retain value.
Those who understand currencies will see the times we live in. The USD is a failing currency and many countries around the world smell the blood in the water. Every time the government raises the deficit, they're basically asking the FED to devalue what money everyone has by making more. Sooner or later the USD will
Not even a zero-sum game (Score:2)
If we add up all payments made and all payments received, the total payments made are always higher than the total payment