Author: Tom Gauld
Not really. You can use crypto to make non-criminal transactions too. You sound exactly like EU politicians, “if you have nothing to hide, you have nothing to fear”. Are you saying that you don’t need privacy with your transactions? If privacy is outlawed, only outlaws will have privacy. And it’s the same with crypto.
I definitely like having some money that doesn’t rely on the stability of the government
single governments collapse all the time, and even ones that don’t occasionally invalidate their currency for other reasons. My particular government does not seem the most stable right now.
Theoretically yes. But practically, the whole tech hasn’t reached any noteworthy application at the same age as the Android OS.
The tech is garbage because of its inefficiency and blockchain’s only selling point, trustlessness, is a lie because you have to trust someone eventually to get your tokens - or your notary substitute not to fuck up the code of your smart contract (lol).
This only works for criminals in countries that don’t give a shit if you scam foreigners, like Russia, for example. They know full well who those criminals are though. But that’s fine. Blockchain tech never was meant for privacy (how could it with the ledger being public?)
Blockchain tech never was meant for privacy (how could it with the ledger being public?)
Stuff like Monero can hide that. And even bitcoin is better than banks. You don’t have to link your identity to a Bitcoin wallet, meanwhile some banks even want a sample of your voice.
Monero is the only crypto that may actually provide the most barebones version of what Bitcoin was originally supposed to be, but it still has the problem of being massively slow inefficient and unscalable, compared to existing fiat currency electronic banking systems.
Crypto is never going to be widely adopted at PoS, by retailers, basically every attempt at doing that has failed, and I remember when that was the main sales pitch for Bitcoin.
Monero might work for hiding some money, illicit transactions, or doing cross border remittances without massive fees… but in general, crypto is 99% completely baseless speculation and scam grifts.