It may seem like it, but it sure isn’t like it. You’ll obviously hear about the bad and nothing about 5he good, unfortunately that’s how media works nowadays.
Do you want to elaborate on those issues that are unacceptable and unfixable? I’m not saying there aren’t any, but you’re describing a trade-off, and crypto isn’t the only thing in the world with trade-offs.
Fiat is a great example - conveniet, nice, until it starts hyperinflating, until people use it to fund wars, until the government confiscates it because you insulted a politician on Twitter.
From scams to just cyber attacks with no safe guards would make everything impossible to handle. There is no bank covering you or insurance. People dying, losing keys etc drive deflation. BTC/Mining coins are destined to die. Maybe there is something there, but it certainly isn’t finance.
Inflation is necessary for multiple reasons, but you can read on that yourself. Such as; what would happen if everyone considered holding to money an investment? IMO these facts make Fiat sound so much better…
You’re free to hold your crypto on an exchange, you’re free to buy a hardware wallet and do your due diligence when confirming transactions, you’re free to create a multisig for your coins and tokens to introduce multiple factors for signing.
But it’s your choice.
people dying, losing keys
That’s on them, it’s like stuffing money into a mattress and not telling your family.
mining coins are destined to die
Mining’s not great for sure, but “destined to die” makes no sense.
Inflation is necessary so that people spend the thing
That’s kinda funny, because in the case of Ethereum, the deflation comes from people using and spending Eth on gas.
I’m also not saying that Ethereum is the perfect currency to replace fiat, the utility there comes from everything that’s built on top of it.
Widen your horizon, crypto isn’t just a medium for payments.
Hardware wallets are safe, multisigs are safe. You can be safe if you put in the effort. If you don’t want to do it, that’s your call, doesn’t mean the system sucks.
Yeah difficulty is adjusted depending on how many “devices” (simply put) are mining, the target is a specific blocktime.
What’s gonna kill bitcoin is the ever decreasing issuance, but that’s not the problem of crypto nor mining for that matter, just bitcoin.
Have you skimmed over the point that I think that Ethereum (one of the few sustainably deflating cryptos) isn’t just a currency but also a base for other things that may also serve as a currency?
Also, it’s not bad for the currency itself, just for the economy around it. And again, I’m not saying Ethereum should replace the dollar.
I think I just fundamentally disagree with the system then. I don’t think that the user should be completely responsible for being hacked. The 2FA wallets like metamask still seem to be “hosted” on the computer, so after the user types in the 2FA the private key is exposed. Basically too much complication.
Also the cost for using that tech is also a problem, otherwise the blockchain? size will become too large. But beyond that my knowledge is limited. I guess we just disagree on the fundamentals.
It may seem like it, but it sure isn’t like it. You’ll obviously hear about the bad and nothing about 5he good, unfortunately that’s how media works nowadays.
Do you want to elaborate on those issues that are unacceptable and unfixable? I’m not saying there aren’t any, but you’re describing a trade-off, and crypto isn’t the only thing in the world with trade-offs.
Fiat is a great example - conveniet, nice, until it starts hyperinflating, until people use it to fund wars, until the government confiscates it because you insulted a politician on Twitter.
From scams to just cyber attacks with no safe guards would make everything impossible to handle. There is no bank covering you or insurance. People dying, losing keys etc drive deflation. BTC/Mining coins are destined to die. Maybe there is something there, but it certainly isn’t finance.
Inflation is necessary for multiple reasons, but you can read on that yourself. Such as; what would happen if everyone considered holding to money an investment? IMO these facts make Fiat sound so much better…
That’s the point.jpg
You’re free to hold your crypto on an exchange, you’re free to buy a hardware wallet and do your due diligence when confirming transactions, you’re free to create a multisig for your coins and tokens to introduce multiple factors for signing.
But it’s your choice.
That’s on them, it’s like stuffing money into a mattress and not telling your family.
Mining’s not great for sure, but “destined to die” makes no sense.
That’s kinda funny, because in the case of Ethereum, the deflation comes from people using and spending Eth on gas.
I’m also not saying that Ethereum is the perfect currency to replace fiat, the utility there comes from everything that’s built on top of it.
Widen your horizon, crypto isn’t just a medium for payments.
That is the problem. 1 Fuck up and your money is gone. Whether that is someone else, you, CVE, it’s gone and everyone elses in that network.
By death I was wrong; Difficulty wont kill a coin. Though that then has other issues.
I doubt you understand how bad deflation is for a currency, or you are in this for the money?
Hardware wallets are safe, multisigs are safe. You can be safe if you put in the effort. If you don’t want to do it, that’s your call, doesn’t mean the system sucks.
Yeah difficulty is adjusted depending on how many “devices” (simply put) are mining, the target is a specific blocktime.
What’s gonna kill bitcoin is the ever decreasing issuance, but that’s not the problem of crypto nor mining for that matter, just bitcoin.
Have you skimmed over the point that I think that Ethereum (one of the few sustainably deflating cryptos) isn’t just a currency but also a base for other things that may also serve as a currency?
Also, it’s not bad for the currency itself, just for the economy around it. And again, I’m not saying Ethereum should replace the dollar.
I think I just fundamentally disagree with the system then. I don’t think that the user should be completely responsible for being hacked. The 2FA wallets like metamask still seem to be “hosted” on the computer, so after the user types in the 2FA the private key is exposed. Basically too much complication.
Also the cost for using that tech is also a problem, otherwise the blockchain? size will become too large. But beyond that my knowledge is limited. I guess we just disagree on the fundamentals.