stormdelta t1_jebegik wrote

There is almost zero legitimate reason for the entire "fintech" space to exist at all.

First and second order financial service derivatives are acceptable, and add real utility/value to the economy - things like basic banking and lending services, properly regulated stocks/bonds, even options/futures trading to a lesser extent.

Past that, it's pretty much just corporations leeching money from the real economy, producing nothing of value and creating mass systemic risks. It's the same kind of shit that gave us the 2008 crisis.

The worst part is that the same kinds of people who push fintech have successfully convinced a ton of people to get mad at the wrong targets, and to support the worst form of fintech yet (cryptocurrencies).


stormdelta t1_j6ji0m4 wrote

> Understanding things before passing judgement

As a software engineer with a decade of experience, I understand the tech better than you think. And spoiler: most experienced engineers are skeptical/critical of cryptocurrency as anything but a risky speculative asset (i.e. gambling) at best.

> government adopts crypto technology in fiat currency systems

If you're talking about CBDCs, nobody is seriously proposing those use cryptocurrency chains because it would literally defeat the only supposed point of the tech.

Even the use of CBDCs at all is honestly a bit questionable, as there doesn't seem to be much real need for them in most places, and people are worried after seeing what China did with theirs.


stormdelta t1_j6jh6ya wrote

As someone who lives in Colorado, no they didn't.

They made a partnership with PayPal where you give PayPal a % fee to exchange your cryptocurrency for actual USD, which PayPal then gives to the government. At no point is the government actually accepting Bitcoin as part of that process.

> Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash.

Complete lack of privacy isn't a positive for most people.