Crypto
I'm sure #crypto will still be around in various forms, but, years after introduction, it still has no actual uses.
It's fiat money with no intrinsic value, but not backed by a government.
It's impossible to reverse fraudulent transfers, but easy to trace private ones.
It's too volatile for typical transactions, but too energy-intensive for microtransactions.
It fills no role but speculation.
https://www.nytimes.com/2022/11/17/opinion/crypto-banks-regulation-ftx.html?smid=tw-share
Crypto
@maxkennerly its good for buying digital art
Crypto
@maxwell Regular money is still 100x better. I'd be willing to bet the vast majority of online artists would prefer to be paid in US Dollars instead of Ethereum.
The crypto art trade is just a money laundering machine. It's not for the actual buying of art.
Crypto
@LouisIngenthron if youre paid in crypto you just send it to your coinbase account and convert to usd and its in your bank account as usd instantly
Crypto
@LouisIngenthron also ive bought more art in the last year than i have in my entire life…. Your general statement doesnt apply to me
Crypto
@maxwell Presumably, you haven't actually bought any art. Just tokens with links to art.
Crypto
@LouisIngenthron i pay artists and then they give me digital art and the receipt of the transaction is recorded on a blockchain
Crypto
@maxwell Whereas I paid cash.
You got a receipt. I got a framed canvas covered in paint.
Enjoy your receipt.
Crypto
@LouisIngenthron huh? i get physical prints with some purchases too, depending on the artist. Buying art isnt less legitimate just because it’s digital art
Crypto
@maxwell Not because it's digital art, no.
But when you involve the blockchain into it, it does lose legitimacy. You're just wasting extra energy and money for zero benefit, while lending legitimacy to a Ponzi scheme, encouraging others to lose out as well.
What benefit do you think you derive from buying art with crypto instead of through a service like PayPal or Venmo with regular old fiat currency?
Crypto
@LouisIngenthron i buy from artists across the world who are unable to use services such as those for various reasons.
Crypto
@maxwell And you wonder why people question the legitimacy of your transactions? Lol. Might as well be using Western Union to wire money to a Nigerian prince.
Crypto
@LouisIngenthron calling artists nigerian princes is very insulting, im not sure what your point is. You seem to have some kind of aggressive agenda and i dont think im interested in hearing more
Crypto
@LouisIngenthron you make so many assumptions and use so many broad generalizations. Truly a sign of an uncurious mind. I’m done with you