Selling crypto for USD is hypocritical to the premise of crypto existing in the first place, amirite?

i think a very small portion of people who use crypto actually think its the "future of currency", most understand that it is and (mostly)always has been more of a speculative asset.

by Anonymous 7 months ago

Yeah, most people I know that use crypto accept that it's basically gambling

by Anonymous 7 months ago

Ya. Crypto is a tool to grift off fools. Not some anti-establishment populist currency.

by trodriguez 7 months ago

No moron that's what it CAN be used for. That's not what it IS used for.

by Commercial-Dog 7 months ago

It's simply not legally possible to use crypto as "future of currency" right now.

by maudie49 7 months ago

I don't think laws really matter here as much as it just being super slow and expensive to do anything, so the only uses that make sense are expensive and illegal things

by florinekutch 7 months ago

How do you figure?

by National_Fish 7 months ago

I feel like eth is getting there as a usable currency especially after they moved away from proof of work to proof of stake instead

by CarpenterMany8816 7 months ago

Like art

by Anonymous 7 months ago

When I get paid in crypto and others manage the hassle and expense, I'll go with crypto sure. Until then it's no different to me than art, beanie babies, or tulip bulbs. Easy enough to buy, but you buy problems too.

by Jodymcclure 7 months ago

I don't recall seeing an expiration date on spanish doubloons.

by Selmer58 7 months ago

Crypto is the most sophisticated pyramid scheme ever created. If you're into it, just make sure you're not the one holding the bag when the whole thing collapses.

by Anonymous 7 months ago

Cryptocurrency is the worst currency around! Currencies primary job is to be stable…$1 today, a $1 tomorrow. Most cryptocurrencies are so crazy volatile, they make janky 3rd world currencies look good!

by Anonymous 7 months ago

Even worse, the other important function of a currency besides being a store of value is that it can be exchanged for good and services. On this front crypto is even worse than the stability measure.

by shieldsgabe 7 months ago

There's thousands of places to use crypto... on the dark web... On a more serious note, there's a big PC parts store near me that accepts bitcoin and it's actually kinda cool - when crypto boomed like 6 years ago I used them to get a free PC

by Anonymous 7 months ago

Basically the only use case for crypto is that it's good for facilitating illegal activity. The fact that your other example is a single tech store just highlights how inconvenient it is to use for licit transactions.

by shieldsgabe 7 months ago

hm why is it that milk is $1 today & $2 tomorrow?

by Arnaldojast 7 months ago

USD isn't perfect. But have you ever heard of the Bitcoin pizza?

by Anonymous 7 months ago

Yes, it's the opposite of the milk example above...

by Anonymous 7 months ago

Woosh

by Anonymous 7 months ago

I think that's where the short term potential is, anti inflationary currency for 3rd world and decentralised so it can't be taken. I think eventually crypto technology will be used to make a digitalised national currency. Probably won't be looked upon as well by crypto enthusiasts as won't be as secure or decentralized tho.

by Crafty-Gas-8751 7 months ago

You could say the same thing about literally any currency, especially a currency like the US dollar that is backed by nothing but a bunch of broken promises.

by Anonymous 7 months ago

The USD is backed by nukes lol

by Anonymous 7 months ago

Also backed by a guarantee that every US dollar depreciates by ~3% every year. Those nukes don't pay for themselves.

by Anonymous 7 months ago

Currently, I'd say that the broken promises are to we citizens whose wealth is being stollen from us because our government freely creates money out of thin air in order to pay off these debts--accrued through reckless spending--while they're also fattening the pockets of the international owner class while they recklessly devalue our currency. Inflation is a tax and people are dreaming if they think we can keep the endless printing machine going and keep the currency solvent.

by Anonymous 7 months ago

I mean I have plenty of complaints about our government. There's definitely a lot of overspending and poor budgeting. All that being said though inflation is a lot more complicated than just "printing more money" and the government is actually doing a lot right now to try and get it under control. A healthy amount of inflation is also absolutely crucial for a healthy economy and we're currently only a little bit above what is normal.

by bartolettiabrah 7 months ago

It absolutely is more complicated than overspending and poor budgeting, you are absolutely right. In four years, we have gone from something like 4 trillion to 18 trillion in us dollars in circulation. Inflation isn't out of control right this second, you are absolutely right. It takes a while for the rubberband to snap. The petrodollar is failing, the money supply is growing out of control, trillions in spending being siphoned overseas to endless wars. We aren't going to keep dodging that bullet.

by Anonymous 7 months ago

So by your logic, the dollar should have inflated 450% in 4 years. Has it?

by Anonymous 7 months ago

The money supply increasing by 80% in the last four years isn't logic, it's a fact. Inflation isn't out of control , I'll grant you, but the buying power of the US dollar has absolutely been reduced by 50% in the last ten years. Which one of those things do you think is more important to the average American?

by Anonymous 7 months ago

buying power of the US dollar has absolutely been reduced by 50% source?

by Anonymous 7 months ago

How exactly is the US dollar a pyramid scheme?

by Anonymous 7 months ago

USD is backed by the military might of the US....

by Anonymous 7 months ago

That military might isn't free. You're paying for it every year by the US dollar losing approx. 3% of its value.

by Anonymous 7 months ago

So then that means it's fine to print money to infinity right...? Right?

by Anonymous 7 months ago

Not really. Crypto ain't going anywhere till criminals exist and need to do payments anonymously.

by Independent_Chair 7 months ago

You just explained the dollar

by Anonymous 7 months ago

It was created and will be used for a very specific purpose. If you haven't realized what that is yet it will become obvious very soon.

by Anonymous 7 months ago

It became corrupted and abused by hedge funds that manipulate the market.

by Anonymous 7 months ago

Don't pyramid schemes usually take less than 15 years to fall apart?

by Distinct-Ad125 7 months ago

Madoff lasted over 15 years

by Altruistic_Grape_361 7 months ago

Madoff ran a ponzi scheme not a pyramid.

by Ethel27 7 months ago

That's because they're typically on a smaller scale. People perpetuate them in person to person interactions. Crypto is global so the scale is huge, and will therefore take a few more years. If you can make money trading it in the meantime, it's up to you

by Anonymous 7 months ago

Meh, what's the point of a currency with an erratic value that no one accepts and needs to be traded into dollars to use it? I guess it's good for people in countrys with crazy inflation or other problems.

by Distinct-Ad125 7 months ago

a few more years Are you willing to put your wallet where your mouth is? Come back in a "few" years and find out.

by Anonymous 7 months ago

Well, crypto was supposed to give people freedom from banks and governments by creating a decentralized currency, but since you have to use heavily regulated, centralized exchanges like Coinbase, the dream has effectively been killed.

by Anonymous 7 months ago

As someone that has mined, bought, and sold crypto for fiat: Nah. The whole idea of cryptocurrency is digital payments that don't require a bank or financial institution to verify transactions and can be used for purchases or as an investment - sometimes with a degree of anonymity.

by Schinnername 7 months ago

This is a satisfying answer, that makes much more sense.

by Anonymous 7 months ago

the only thing giving crypto value is its potential to be exchanged for real money.

by Anonymous 7 months ago

No, the value of crypto is permissionless transfer of value. I can pay a guy 1 Bitcoin today to buy his Mercedes, without ever needing a middleman/bank to put their grubby hands on my funds. And the transfer takes under an hour vs "2-3 business days" for a traditional bank wire.

by Anonymous 7 months ago

Yes but crypto bros won't admit this. They say it'll kill and replace fiat yet are caught up worry about its value in USD

by Anonymous 7 months ago

"Crypto is going to the moon! Now please give me your worthless fiat currency for it!"

by Anonymous 7 months ago

Crypto was never a thing of any real value, only hype. It's always been pump-and-dump. The whole point is to exchange something of no value for dollars.

by Koeppvan 7 months ago

Yet it keeps overperforming the USD year after year...

by Anonymous 7 months ago

Oh don't you worry, they get much less logical from there.

by Mbatz 7 months ago

Its a train to ride back to "even"

by Anonymous 7 months ago

If you are able to remove hypocrisy from crypto let us know. It would be quite the achievement

by AggravatingTheory812 7 months ago