Quote:
Originally Posted by indes
And this is where I believe misinformation comes in as there isn't main stream adoption yet.
Your post in 1990 would read "I can send a letter and it works fine. Why would I ever need to send a digital letter, it takes forever and it's a pain to make sure someone can even receive it and it's the same thing.
I'll agree that Bitcoin is useless but there are other cryptos looking to tokenize as smart contracts or others that are looking to provide on demand liquidity between standardized currencies. Right now it costs us 20$ to send a wire transfer and takes days to settle payments between accounts. Sure we can pay a bill online but actual payment is 2-5 days afterwards. The fees to exchange between currencies are exorbitant. These are just some of the uses people are exploring.
Again I'm just trying to argue that's it's disingenuous to paint the entire crypto space with the same brush. I agree that it's being manipulated and it's definitely needs regulations and government intervention. I just believe it's the obvious future of our financial system world wide.
There are lots of countries worldwide that don't have the benefits of the G20 banking systems, crypto will help level the playing field for those countries.
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The difficulty with the mail analogy though is that unlike money it wasnt possible for the mail to magically copy what the internet does where as the banks and regular currency can do all the things crypto does, its just the choice of the system not to so far, what crypto really means is banks will just start offering faster and cheaper services, regular money will just copy crypto, theres nothing stopping banks from offering free instant money transfers except greed and lack of competition