Crypto is so "safe:"
Hackers and scammers are constantly stealing it.
If it's on an old laptop and you lose it, tough luck.
Politicians are gaming the system, pumping/dumping, and scamming, making the "value" fluctuate wildly.
It has zero intrinsic value.
And now, self-serving and self-interested politicians want the US public to use our money to buy crypto so private investors can profit.
NYTimes: "The cryptocurrency exchange Bybit lost $1.5 billion to North Korean hackers last month"
@not2b @petergleick 'crytptocurrency' is too dignified, like pretending it could be 'currency.' How about we call it 'crapto'.
Imagine this scenario: Treasury drops $100 billion in tokens, loses secret key.
@petergleick
Yup, that's part of the hack, make US a huge ass mining farm, cryptocurrentize major part of US state and citizens financial reserves and transfer them parsimoniously in the rightful pockets..
Various backdoors are already in place, but as you can see, with the right set of tools or attributions, they are not even needed.
Farm baby farm until the harvest :)
@theearthisapringle @petergleick Cryptocurrencies are pitched as a “new gold standard”. A significant part of gold’s value is its utility. Cryptocurrencies have no utility, therefore no intrinsic value.
They’re all the worst parts of fiat currencies, zero-dividend stocks, and commodities synthesized into something that manages to be worse in every way than any of the things which came before.
@theearthisapringle @bob_zim @petergleick
like i said it.
Crypto will never be a "Gold Standard"
Crypto is setup in such a way that that can never happen.
One of the primary issues with cryptocurrencies is their lack of regulation. Unlike gold, which is a well-established asset with a long history of regulation and market stability, cryptocurrencies operate in a largely unregulated environment.
@theearthisapringle @petergleick Currencies don’t need intrinsic value, but the ones which don’t have intrinsic value are just fiat currencies, the things cryptocurrency bros claim to hate.
Cryptocurrencies don’t behave similarly to gold in any measurable way. They’re strongly *deflationary*, which is the worst possible thing for a currency to be. If we actually used Bitcoin or Ethereum as currency rather than speculative investments, we would have experienced an economic depression so severe all of the “first world” nations would have collapsed entirely.
If only you are holding the private keys or the seed of your wallet and if you keep it safe, no one can steal it.
Regarding the price, when #Trump came up, everything was shaked. Not just crypto. One of them, #EUR rate with respect to #USD.
I agree these #decentralized #money are not as much decentralized as they should be. But as a matter of comparing, the USD is under control of just one entity. But as for #Bitcoin, several parties share authority.
Not to mention that #cryptocurrencies are not all the same. And there is #Monero which is much more decentralized thanks to their #P2P mining pool.
We are not in a perfect world. Sometimes you haven't got a good choice. Only "bad" and "very bad" ones. In which case it's logical to choose "bad" because it's the "best" choice.
Last but not the least, cryptocurrencies are developed in the open in the general case. Where in the case of something like USD, it's up to the #US government and central bank. If you don't like a crypto and you think your idea is better, it is possible to fork it and form your own community and network. For instance #BCH is a fork of #BTC. Because some community members had the opinion BTC is going the wrong way.
@petergleick @farooqkz thats all it is...
Fantasy money.
But crypto bro morons tout it as the realest thing ever...
Its not.
Time and time again those same bros have proven that they aswell as crypto can't be trusted.
@petergleick No matter what one may think of #cryptocurrencies or #blockchain tech. But this whole notion of 'safe' is too often misinterpreted and muddled up.
If a bank is being robbed with money stolen, it's not the US$ that's the problem. If someone scams somebody else out of money, it's not the US$ that's the problem.
Similarly, if a crypto exchange is being 'robbed' or people are being scammed, it's not the crypto asset that's the problem, but the parties playing along in the game.
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