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What is the utility provided by crypto ? Money laundering, avoiding capital controls, financial speculation ? All while burning insane amount of energy and hogi

What is the utility provided by crypto ? Money laundering, avoiding capital controls, financial speculation ? All while burning insane amount of energy and hoging up limited chip making supplies. It's clear cut that o the whole crypto is a huge negative for society.

koonsolo 5y ago
Are computer games also a huge negative for society? With your reasoning, they provide no utility, waste an insane amount of energy, mostly involve violence, etc. I don't want to live in a country that starts banning things for those reasons. The utility of cryptocurrencies is not decided by governments, or companies, or you. The utility will be decided by reality. I like living in democracy and capitalism, but it seems you prefer a dictatorships.
- reader_mode 5y ago
  >The utility of cryptocurrencies is not decided by governments, or companies, or you. The utility will be decided by reality. No the utility is determined by you me and everyone else collectively. The problem is financial mechanisms that allow inflating these bubbles are not market driven, central banks are flooding the markets with low interest rates, if they want to direct the markets they need to react to negative distortions they cause.
  - koonsolo 5y ago
    > central banks are flooding the markets with low interest rates Seems like a good reason to store your value in something else than central bank tokens. You call it "inflating bubbles", I call it competition for something central banks have a monopoly on.
  - weare138 5y ago
    Crypto is no different but instead of central banks you have a shadowy network of large investors at the top artificially moving the market. It's like a continuous pump and dump scheme.
deleted 5y ago
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tarboreus 5y ago
The use case of crypto is to purchase things online without the knowledge or permission of your government. How you feel about that probably tells you more about how your feel about your government than anything else.

koonsolo 5y ago

Are computer games also a huge negative for society? With your reasoning, they provide no utility, waste an insane amount of energy, mostly involve violence, etc. I don't want to live in a country that starts banning things for those reasons. The utility of cryptocurrencies is not decided by governments, or companies, or you. The utility will be decided by reality. I like living in democracy and capitalism, but it seems you prefer a dictatorships.

reader_mode 5y ago
>The utility of cryptocurrencies is not decided by governments, or companies, or you. The utility will be decided by reality. No the utility is determined by you me and everyone else collectively. The problem is financial mechanisms that allow inflating these bubbles are not market driven, central banks are flooding the markets with low interest rates, if they want to direct the markets they need to react to negative distortions they cause.
- koonsolo 5y ago
  > central banks are flooding the markets with low interest rates Seems like a good reason to store your value in something else than central bank tokens. You call it "inflating bubbles", I call it competition for something central banks have a monopoly on.
- weare138 5y ago
  Crypto is no different but instead of central banks you have a shadowy network of large investors at the top artificially moving the market. It's like a continuous pump and dump scheme.

deleted 5y ago

[deleted]

tarboreus 5y ago

The use case of crypto is to purchase things online without the knowledge or permission of your government. How you feel about that probably tells you more about how your feel about your government than anything else.