alt Hacker NewsThe issue isn't that it solves the wrong problem.
The issue is that crypto boosters (including a few already here) claim it solves a whole host of other problems without thinking things through, kind of like some communists. Then if you argue enough they'll point out that things can be fixed ... but bitcoin is now indistinguishable from any other currency, other than its payment system that will no longer be widely used.
Like, you can make it easy to use if there are banks. And those banks will be subject to regulations. Boom, now you have banks and regulations.
You can get a loan from those banks. Now there's fractional reserve banking, with something like a virtual gold standard.
If it ever gets big enough, the fed can write bitcoin denominated bonds, and it's now prerty much a fiat currency, not even virtual gold.
Yes you still have a shadow sector where you can use bitcoin to buy drugs or dodge the taxman. But all the other supposed benefits have gone.
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Your argument here appears to be "crypto is no better than fiat, because you can build the same systems on top of them."
What you put on top is not the core value proposition of cryptocurrencies? It's what's underneath that's different, that was always the point. Fiat currency is built on a foundation of gov't control, whether it's the physical currency or the money in your bank account. Cryptocurrencies, fundamentally, are under no such control. If you're stupid enough to go get a 5mil loan in bitcoin from a bank who is only holding 1.7mil, and the delivery of said bitcoin is a slip of paper saying "iou btc lol" that's not the currency failing you, it's you acting stupidly.
Ultra-capitalist libertarians are communists... riiiiiight...
btw I was banned from r/bitcoin Discord for saying that exchanges are banks.
> Yes you still have a shadow sector where you can use bitcoin to buy drugs or dodge the taxman. But all the other supposed benefits have gone.
You use monero to do those things or zano or freedomusd and similar things for these but I didnt understand the conclusion of this statement
Basically you are saying crypto is just an less regulated fiat nowadays?
A legal curry of tech jargon just meant to replace laws and regulations?