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this post was submitted on 05 Oct 2024
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Ok maybe we had bitcoin over a decade and nobody cared. It was mainly used by criminals and tax evader. The concept of a decentralized money system is stupid when they just drop the Blockchain and fork a new one once a too rich person got hacked.
Bitcoin is not regulated by the government, but by rich people. Bitcoin has a 100% virtual value. An artificial scarcity does not create value. If tomorrow the the USA makes bitcoin illegal, it's value will drop a lot.
I mean the stock market is similar, but at least it is regulated.
The rugpull was in the context of ntfs.
Type these things into a search engine first and then read, so you spare yourself and others from blatant ignorance and misinformation.
alternatively, if you can replace Bitcoin with USD and your concerns are identical, then none of your concerns are valid arguments against cryptocurrency.
"Ok maybe we had bitcoin over a decade and nobody cared."
this is incorrect.
cryptographers, economists and governments were and are excited about cryptocurrencies because they're an obvious evolution in centralized currency, in the same way that debit cards linked to bank accounts were, and now QR codes and digital wallets are.
"It was mainly used by criminals and tax evader."
this has been wrong and irrelevant as long as people have been saying it.
Between 35 to 39 percent of USD is used for criminal activity, does this rampant criminal activity make the USD illegitimate?
"The concept of [USD] is stupid when they just [literally print money from nowhere] once a too rich person [gets caught]"
See what I'm saying? literally just replace the words and see if what you're saying is still valid.
Printing USD and writing laws to protect rich people is a problem.
"[USD] is not regulated by the government, but by rich people."
they are called the federal reserve, a private company that manipulates the dollar value at will.
The American aristocracy illegally manipulates the printed paper.
[USD]has a 100% virtual value.
That's what happens when you decouple a currency from It's backing value, like when the USD got taken off the gold standard and private companies are allowed to print fiat currency at their own discretion.
"An artificial scarcity does not create value"
scarcity precisely creates value, that is how the federal reserve manipulates the value of the USD.
It's literally why the interest rates have been lowered this year rather than continuing to increase, the federal reserve is trying to create an artificial scarcity.
"If tomorrow the the USA makes [USD] illegal, it's value will drop a lot."
oh, "a lot"?
The gold price certainly didn't drop after being made illegal.
"I mean the stock market is similar, but at least it is regulated."
leaving aside that you are unaware of existing and developing cryptocurrency regulations, why are you so proud of regulation when it has been shown to facilitate illegal fiat currency manipulation?
Yes, the USD and stock exchange are "regulated" to an extent, but that regulation is completely irrelevant since white collar crime and illegal activity has continued unabated since fiat currency has come into play.
cryptocurrency is also regulated.
it literally has tax forms, just like the fiat currency that criminals use.
"The rugpull was in the context of [USD]."
If you want to talk about rug pulls, type in USD fraud.
you'll get a few hits.
none of what you typed was relevant or correct, just type what you think into a search engine if you're unaware of the facts.
Don't make things up that are demonstrably false with a simple search or substitution.
Ok when you said that NFTs are the same as any crypto currency you definitely showed that you don't understand the difference.
Please tell me how crypto is regulated?
And I mean by a trustworthy entity like a state or at least a company that you can sue in case of error.
What regulations am I talking about?
Imagine you are at twitterX and have to pay some fines to a specific bank account. However because your incompetent ceo fired the accounting department the new people get the account wrong. Now your money is in the wrong place.
However in most countries keeping that money is illegal and the bank will assist you to get it back.
Now imagine they used bitcoin instead. They enter the wrong wallet. Once the transaction is done there is no way back. You could in some way try to get in contact with the person of the wallet, but you can't even be sure you can get a hold of them.
Even better if you entered a nonexistent wallet. Then the money is gone. No backsis takis.
And don't get me started with the cost of transaction, or the power cost.....
"...when you said that NFTs are the same as any crypto currency..."
I made the exact opposite point, that nfts and cryptocurrency are not the same thing and that is the main problem with the meme.
"Please tell me how crypto is regulated?"
In general? currency is regulated by a regulatory organization imposing guidelines and legal restrictions on a currency so that the exploitation of that currency is minimized.
with USD, if you accrue mineral royalties, that is income and you would pay tax on those royalties according to the IRS.
if you mine cryptocurrency, that is income and you have to pay a tax on that mined cryptocurrency according to the IRS.
the IRS is a large regulatory body concerned with collecting taxes from the American population.
these are two examples of federal currency regulation.
since you asked about which companies regulate cryptocurrencies, we can look to coinbase, the largest centralized exchange for cryptocurrency.
coinbase complies with multiple banking acts such as KYC and consumer protection to ensure legitimate transactions the same way that your credit union or banking institution on the corner does.
Afaik coinbase does not actually use the Blockchain. It has a centralized own system for accounts in its system. It mirrors the value of bitcoin in its internal bitcoin. But you can't buy bitcoin on coinbase and then send it to a real bitcoin wallet.
I mean in the case of bitcoin it makes no sense for normal people. You have several hundred $ of transaction fees. If that would happen in coinbase nobody would buy btc.
So your best platform for crypto is only mirroring the prices of the real Blockchains.
If you're referring to the coinbase wallet, that's on the blockchain.
you're sending it to a custodial account owned by coinbase, not your own personal Bitcoin account.
It's the same thing as having a bank account and giving all of your money to the bank.
You're giving up absolute control of your funds for convenience, absolution of responsibility and imagined security.
That's how broad societal financial operations still work for the moment. centralization isn't always nefarious, but it is largely archaic at this point.