52
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Feb 2024
52 points (88.2% liked)
Ask Lemmy
26527 readers
930 users here now
A Fediverse community for open-ended, thought provoking questions
Rules: (interactive)
1) Be nice and; have fun
Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them
2) All posts must end with a '?'
This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?
3) No spam
Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.
4) NSFW is okay, within reason
Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com.
NSFW comments should be restricted to posts tagged [NSFW].
5) This is not a support community.
It is not a place for 'how do I?', type questions.
If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.
Reminder: The terms of service apply here too.
Partnered Communities:
Logo design credit goes to: tubbadu
founded 1 year ago
MODERATORS
You seem to think about cryptocurrencies like gold as well; an investment. My question was about the future of them as a normal currency that you can use to pay with online. I personally use XMR when I can to pay services.
because that is what it actually is used for.
That is dead and burred.
The one thing a currency needs is a relatively stable value, otherwise it is useless as a medium of exchange...ie: money.
While crypto is as stable as that bear that ate a couple of kg of cocaine.
I think of it as a ponzi scheme because that us what it has become.
From the perspective of the developed world, crypto is unstable. It many countries, though, their home currency could be less stable.
People who downvoted never heard of Argentina, for example, where their currency is so bad that individual provinces have started creating their own local currencies instead.
https://www.bloomberg.com/news/articles/2024-01-19/defying-milei-s-austerity-argentina-province-plans-own-currency
https://www.coindesk.com/markets/2024/02/12/tether-and-circle-stablecoin-purchases-dominate-in-argentina/
https://www.forbes.com/sites/digital-assets/2023/04/26/crypto-usage-rises-across-argentina-despite-the-anti-crypto-imf-deal/?sh=7631cd706ece
They don't need to know anything, as exalted first world white men, it's their burden to enlighten the brown people's from their ignorance
Yes, unfortunately that's the state of things currently, but I won't call the prospect of using cryptocurrencies as actual currencies "dead and buried", yet. Eventually the hype will subside and people who thought they could "make money quick" will leave the game, and those who wanted a decentralized way to keep their money, aware of all the pros and cons, will stay. Hopefully that will lead to a more stable value, and maybe, just maybe they'll come back mainstream as an actual currency.
This is really more what I hope than what I see likely to happen, but one can hope ;)
I doubt any crypto will ever be stable. There was one coin that was tethered to another and would buy/sell/burn automatically to maintain the main coin at 1 usd, and some dudes took advantage of the reaction time to automate flooding the market and tanking the price of the stablecoin then buying a shitload under 1 usd and making free money when it stabilized itself.
Also as others have pointed out, the fact that crypto is (generally) decentralized and unregulated (which is the WHOLE POINT) is its biggest flaw and makes it a hotbed for speculation and scams.
Just look at how many coins have a spike shortly after creation, then crash to basically nothing. That's the "investors" getting suckered in while the coins are cheap hoping for another bitcoin boom, then the creators selling out and walking away while the idiots hold the bag while the coin dies.
There is none, crypto has never been nor will ever be a normal currency, at best it will keep being a fringe currency with dubious reputation and stabillity.
If XMR is anything like BTC in terms of it's energy use per transaction then you are causing massive wastes of energy on a transaction comapred to a normal VISA transaction.