Proper way to use cryptocurrency: global transactions that are relatively cheap, fast, and not dependent on approval by central government oversight bodies

Wrong way to use cryptocurrency: any other way, especially as investment assets

Also note, that unless you're using a certain subset of cryptocurrencies, your transactions are neither untraceable nor anonymous, so you shouldn't expect them to be invisible to taxation or law enforcement authorities.

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@monsieuricon worth noting as well that bitcoin is neither fast nor cheap

@sir, then check prices for overseas transfers and realize how cheap bitcoin transfer is. And also fast, because some bank transfer transactions can last several days.


@dump_stack @sir @monsieuricon

DAI (token built on top of ETH) is faster and cheaper than BTC, and non-volatile

@kravietz, sure, bitcoin is just more useful because there's a local market everywhere.

Sooner or later it'll change, of course.

@sir @monsieuricon

@dump_stack @sir @monsieuricon

Do you mean like localbitcoins or Bisq? I was quite disappointed by both when I was considering this last years to transfer some money to my Russian account.I could sell BTC to ~5 people at rather poor exchange rates, mostly with accounts in Sberbank (which I don't have). Oh and one in person in St Petersburg ;) Ended up using TransferWise, as usual.

@kravietz, yes I mean those two and also in general, bitcoin right now has a better adoption in terms of ability to exchange to fiat almost everywhere.

Sberbank is a default bank account in Russia, you know :)

@sir @monsieuricon

@sir in many parts of the world local banking systems are corrupt or unreliable (and frequently both); so in many places using cryptocurrency transactions makes perfect sense.

@monsieuricon those same communities are already marred by rampant ponzi schemes without introducing another one. This idea of cryptocurrencies to lift up the disadvantaged is how tech workers doublethink their way into exploiting the poor

@sir It's only a ponzi scheme when used as long-term assets. If you only hold cryptocurrency for the duration of transaction from one fiat currency to another, then you don't care about any kind of long-term dynamics.

A seasonal worker in Abu-Dhabi who needs to send some funds to their family in Pakistan only cares about the coin's value for a very short period of time.

@sir they only need to care that it's something they can buy in Abu-Dhabi, and that it's something their family can sell in Karachi a few days later.

@monsieuricon I talked to a normie two or three days ago, and she said about BTC:"Yeah, that's you can buy drugs with?"

@monsieuricon, apart from other usual arguments (money printers et cetera) cryptocurrency is pretty good when you need to make any sort of automation. Regular currencies are just not convenient for this use-case.

Regarding "It's only a ponzi scheme when used as long-term assets", you probably missed the main point of any ponzi scheme — there should be a guy who'll burn the pyramid and take off money.

Also, you miss the important part of using cryptocurrencies for overseas transactions — there should be a market with a big amount of money to make it works. Otherwise, you'll be not able to use it for quick buy in one country and quick sell in another.

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