Read the last 10 posts and then wonder why the “crypto enthusiasts” aren’t posting
Literally this is the reason . The same characters who do not care about crypto just want to keep explaining their same viewpoint over and over why they dislike crypto
Eventually anyone who would contribute real discussion just moved on with better things to do with their time.
Location: In a land without pants, or war, or want. But mostly we care about the pants.
Exp:
Quote:
Originally Posted by Jason14h
explaining their same viewpoint over and over why they dislike crypto
So explain the good news around crypto and why the nay-sayers are being proven wrong. Fuzz asks what good projects are out there, and gets no useful answers, just vague hand-waving.
There's lots of bad news around crypto to discuss - exchanges failing, projects being exposed as Ponzi schemes, coins being used to facilitate money laundering or evasion of sanctions against reprehensible regimes. Should nobody bring those up or comment on them?
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Better educated sadness than oblivious joy.
You just need to learn more about it then, because that kind of comment suggests you just don't know much about what's going on with it.
I previously linked to this course on web3 by UNIC. All the lectures so far are free and if you're actually curious you could watch some of them and get an idea of the ways in which people are finding value in crypto that isn't at all dependent on dark web utility.
I'm drawing a distinction between crypto and blockchain, I agree blockchain may well have some non-currency utility, crypto on the other hand is utterly useless to anyone who isnt able to risk kissing goodbye to 30 or 40% of their money as the cost of transferring the 60 to 70% left over, that's just the cost of business in certain economic activities, it isnt a bad thing though if you invest in crypto, that is its use right now and unless it stabilizes that is all it will ever be used for
Crypto is, by definition, a really unstable currency, I could conceivably use dollar bills to wipe my arse with but it doesnt alter the basic nature of what a dollar bill is and what it does
On a side note. It's easy to lose sight of the fact that this is affecting real people. If anyone on here has been affected by the recent crypto downturn, as bad as it might feel, it's not the end of the world.
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The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
CSPR - Layer 1 blockchain, looks to be growing and very enterprise friendly
API3 - Web 3
XRP - Real utility in cross border payments
QNT - Linking Blockchains
VeChain - Bringing supply chain to the block chain
I've always been a fan of utility in the crypto space as I think that's where the blockchain will excel and disrupt industries. I don't think crypto "currencies" will really be a thing worldwide.
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Shocker. The whole thing was a mess from the start,
Also wondering if we'll see all the collusion between Sam and his cronies, including government officials and high level public people. Likely not. I'd imagine the SEC is scrambling right now.
These companies have had months/years to provide proper audits.
If I had any cryptocurrency in any exchange, I'd be pulling it ASAP and putting it into a cold wallet.
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The Delhi police have announced the formation of a crack team dedicated to nabbing the elusive 'Monkey Man' and offered a reward for his -- or its -- capture.
Shocker. The whole thing was a mess from the start,
Also wondering if we'll see all the collusion between Sam and his cronies, including government officials and high level public people. Likely not. I'd imagine the SEC is scrambling right now.
This is the problem though. Most 'normies' are going to have no idea if something is a mess or not. They are going to see Tom Brady or whoever else in advertising or press releases and think - this company is legit.
For the average person - crypto has had its reputation crater in the past little bit because even the 'big' companies involved are coming out as a house of cards.
No, I think it was fairly obvious that FTX was shady from the start if you bothered paying attention. But as with most get rich quick schemes, people are willing to overlook almost everything in order to make a buck.
And if people think I'm just saying they were shady because hindsight is 20/20, go find the hundreds of videos online where interviews were done, questions asked, etc....and it was obvious the whole thing was a scam.
Looking at that tweet it appears their 'proven reserves' are in crypto, an unstable risky asset, I'm not sure I would even call that a reserve, it's more of proof of an ongoing bet, like presenting unscratched lotto cards as an asset
Those are the customer assets that they are holding.
The point of this is to show that they actually do hold them, instead of selling them off like FTX did, and then when users want to withdraw, there is nothing there.
Those are the customer assets that they are holding.
The point of this is to show that they actually do hold them, instead of selling them off like FTX did, and then when users want to withdraw, there is nothing there.
ah then that's a relief, I tend to think of proof of reserves in banking terms, can you withstand an uptick in loan defaults etc.
although it does pose a question, what's the point of the exchanges then?
Converting cash to cryptocurrency.
And they are about the only way that paying for everyday things with cryptocurrency is currently viable. Actually transferring it is too slow and few businesses want to take on the currency risk of accepting it. So they act as an intermediary where they pay the business with fiat currency and then deduct the equivalent in cryptocurrency from your holdings with them. For instance, here's how you spend Bitcoin at Whole Foods:
Quote:
Originally Posted by opendoor
And of course you can't actually directly buy things with Bitcoin at Whole Foods. You have to sign up for a custodial wallet with Spedn, deposit funds there (but not too much, since you can't withdraw money and these companies seem to become insolvent with regularity), and then the transaction is funneled through Spedn's payment system (because a blockchain transaction would take too long to be practical) where the vendor immediately receives fiat money.
Wouldn't it be better for Crypto.com to show those holdings in reserve as a ratio relative to liabilities? Unless I am missing something. That just shows they have 3 billion in reserves....seeing as FTX overnight owed 8 billion it wouldn't take long for a similar run on Crypto.com.
although it does pose a question, what's the point of the exchanges then?
Conversion/convenience.
You're not supposed to leave crypto in an exchange, you're supposed to put it there to swap to other crypto or fiat currency and then pull out. The exchange is supposed to be a hub of people looking to do the same and you leave your stuff there kinda in trust to facilitate the swap.
The exchange IMO is supposed to be more like an aggregate with a little bit more reliability. Perhaps something like a website like Autotrader that aids a bit more connecting buyers/sellers vs someone manually going through individual requests via something like Ebay, Kijiji and Craigslist?
But I'd also argue a crypto exchange is not quite the same as other types of exchanges we are used to due to differences in regulation/lack thereof/adding other conveniences that other exchanges don't have.
