this post was submitted on 15 Apr 2025
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The whole NFT/crypto currency thing is so incredibly frustrating. Like, being able to verify that a given file is unique could be very useful. Instead, we simply used the technology for scamming people.
I don't think NFTs can do that either. Collections are copied to another contract address all the time. There isn't a way to verify if there isn't another copy of an NFT on the blockchain.
It's crazy that people could see NFTs were a scam but can't see the same concept in virtual coins.
because there are some buisness that accept some crypto, mostly grey or black market ones, but respectable companies none the less.
A large majority of "real" money is digital, like 80% non-m1 m2. The only real difference between crypto and USD is that the crypto is a public multiple ledger system that allows you to be your own bank.
I've heard the sales pitch, it's a ponzi scheme with receipts. An open pyramid, so to speak. At best a volatile store of wealth.
So is fiat.
What do you mean with being your own bank? Can you receive deposits from customers? Are you allowed to lend a portion of the deposists onwards for business loans/mortgages? If not, you are not your “own bank”.
I think you mean that you can use it as a deposit for money, similar to, say, an old sock.
Banks have multiple ledgers to keep track of who owns what and where it all came from. They also use ancient fortran/cobol written IBM owned software to manage all bank to bank transactions, which is the barrier for entry.
Blockchain is literally a multiple ledger system. That is all it is. The protocol to send and recieve funds is open for all.
Locally stored BTC is when you're the bank. For all the good and bad that comes with it.
That sounds super cool and stuff, but it has nothing to do with the essence of banking. Banks are businesses that take deposits for safekeeping and that provide credit. Banks in fact outdate Fortran by a 1000 years or so.
Oh, my apologies for not taking note of your 0.18% savings account interest rate.
It's crazy that people see crypto as a scam but can't see the same concept in fiat currencies.
Governments don't accept cryptocurrencies for taxes. They're not real currencies.
They don't usually accept other nation's currencies in general.
No, but for every real currency it's accepted (and required) to pay taxes somewhere.
"Real currency" also gets created or destroyed by a government at whims. Anybody clutching their USD rn isn't going to benefit in the long run.
Yes, and?
So the realness by your definition has no merit.
Real currencies are far more stable and are unlikely to suddenly disappear. It can occasionally happen, but it's rare. Cryptocurrencies are a ponzi scheme.
Consumer price indexes and exchange rates are constantly fluctuating, although admittedly BTC temporarily lost half its value a few times while it climbed from $0.09 to $106,154.15 in 15 years.
The price goes up alongside adoption rates, at this point it takes a massive amount of funds to manipulate, like tens of billions.
The vast majority of scammers ask you to wire transfer funds out of the USA or purchase gift cards.
I agree with you that smaller coins are all pointless and terrible investment but I do see possitive potential for Crypto in the future as a means of people resisting central agencies.
Ponzi schemes sometimes take a while to collapse.