twohundred37 t1_j00dyfu wrote on December 13, 2022 at 4:02 AM

Reply to comment by sleazy24 in Former FTX CEO Sam Bankman-Fried refuses to testify before Senate, committee says. by AdamCannon

It’s necessary because it’s closer to actually becoming a stable way to trade value than the current fiat system, in that it is non-inflationary (how you can’t hear those alarm bells of inflation ringing is beyond me), sometimes deflationary, and decentralized, meaning the tool (the currency) works so efficiently that it needs no central bank or federal reserve.

The project you found sounds really fucking cool when reading the words you wrote about it, but I could see how there would be a confusion between what service you were getting in exchange for what value you were generating or providing. Also, I can see it getting really greedy from non artists preying on artists. That tends to happen no matter what currency you exchange. Lol.

sleazy24 t1_j00fn4j wrote on December 13, 2022 at 4:17 AM

Fair enough, fiat isnt perfect. Could crypto and fiat exist in some sort of harmony? Chaos and order haha. Hopefully but I really don't like the prospect. I'm really considering buying big chunks of gold at this point...

jazir5 t1_j01di65 wrote on December 13, 2022 at 11:09 AM

>meaning the tool (the currency) works so efficiently that it needs no central bank or federal reserve.

It also means there is literally no one who can help you when you are a victim of fraud. The crypto that Sam Bankman-Fried managed is gone. No regulatory agency like FDIC will cover your losses. Crypto transactions are irreversible. Someone takes your cash, you're fucked. And a shitload of people lost all of their holdings in the FTX scandal.

We can see the results of that playing out before our eyes. Crypto is good for gambling(that's all you're doing as you wait for the price to rise or fall), racking up a win by selling when the price is higher than you bought it for, and then pulling out your money into real cash as fast as possible before the value inevitably crashes(and then recovers again at some indeterminate point in the future), if you're lucky enough to time it right. It's not very easy to catch that falling knife.