Is it too soon to talk about Crypto yet?

[MinnesotaEric]

Well they sure ain't putting that on any of the extant blockchains lol.


Not on blockchain.. Because it doesn't scale. Also putting voting records on there is a terrible idea, PUBLIC ledger.. no thanks (and yes even the "less than public ones" have a lot of .. interesting.. features in that regard).


Why have no banks actually launched a crypto then? "deeply interested" in soaking some suckers I'm sure.. in crypto itself.. IDK.. gonna need a little more support for that one (and not from the "we're already heavily invested in money laundering" crowd... an extension of one criminal enterprise into another does not a "banks are deeply interested" make).


Which are not blockchain based. But the why is mostly because they want a cut of the CC fees (this isn't.. complicated.. although the digital wallet tech kinda is.. and also isn't super.. what I'd call.. safe yet..).


"decentralized storage" LOL LMAO ROFL even. Are you trying to bring back NFT's? Yes dozens of QPS globally.. super enabling...

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This is what happens when you outsource your thinking I guess.

But back to the whole "reserve" thing.. so far it's just "crypto the government has seized" which a) isn't very exciting (as witnessed by the failure to moon..) and b) says a lot about the whole "secure from governments" theory. Personally I'm a bit sad they're not just dumping it mostly because watching the market meltdown would have been fun as there's so very much not enough liquidity to absorb it.

There were however a few "mysteriously well timed" transactions around the whole "strategic reserve" announcements... Tell me again how it's not all just insiders soaking retail hard. Seriously who does a 50x long position.. hah.


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Are we done with Paul Krugman? I ask because the focus of my response was on the question that there isn't a viable use for crypto.

Your response highlights the missteps that have been taken in the development of crypto or the motivation to avoid merchant fees through Visa and Master Card but not really on the changes that seem to be on the immediate horizon.

Do you think that commerce will not continue to evolve on the internet as the world continues to shift from physical to digital services?

If not, then my luddite friend, throw your sabbo into the works because change is coming!

 

[quicksandfarmer]

We need to distinguish between blockchain and cryptocurrency. Blockchain is a useful technology when you need to keep records and none of the participants trust each other. There are applications for that, although so far they are few and somewhat contrived. For most applications it's just better to have a trusted intermediary do the record-keeping.

Cryptocurrency is an application of blockchain. What are the real-world applications of cryptocurrency?

 

[Fuddyduddy1952]

To me everything in life boils down to the tangible and intangible. Love is intangible but has value. Value but not monetary value.
Everything tangible has monetary value. We have a composter that turns vegetable scraps into fertile soil, same with our horse manure.
The fallacy to me is assigning a monetary value to cryptocurrency. Never before in history can I think of anything intangible assigned a monetary value that wasn't nefarious such as "Give me $XXX and I will give you XXX" (object, labor, etc.). You hand someone money assuming you'll receive something in return which you may never get.
It's ludicrous to me comparing crypto to currency. Currency at least you have a tangible paper note or coin.

 

[rumwrks]

Your response highlights the missteps that have been taken in the development of crypto or the motivation to avoid merchant fees through Visa and Master Card but not really on the changes that seem to be on the immediate horizon.

These "changes" have been "real soon now" since crypto started, wake me up when something is actually useful outside of the limited transaction rate crime and scam uses.

Comparing it to the internet is a false analogy. There were early and obvious USEFUL uses of the internet (I mean email for starters.. but I also was a member of a team of 2 that put the first hotel inventory on the internet in '93, which wasn't all that far in.. even before that we heavily used gopher, usenet, and ftp services as well).

Do you think that commerce will not continue to evolve on the internet as the world continues to shift from physical to digital services?

Obviously yes, again you're (I presume at this point intentionally) confounding "digital services" with "cryptocurrency" when the only real association is a contrived one (also not to be confused with cryptography which is also evolving).

I ask because the focus of my response was on the question that there isn't a viable use for crypto.

Which I'm notseeing a lot evidence of in your response either other than a bunch more "soon", "early" and "line go up" nonsense.

 

[MinnesotaEric]

To me everything in life boils down to the tangible and intangible. Love is intangible but has value. Value but not monetary value.
Everything tangible has monetary value. We have a composter that turns vegetable scraps into fertile soil, same with our horse manure.
The fallacy to me is assigning a monetary value to cryptocurrency. Never before in history can I think of anything intangible assigned a monetary value that wasn't nefarious such as "Give me $XXX and I will give you XXX" (object, labor, etc.). You hand someone money assuming you'll receive something in return which you may never get.
It's ludicrous to me comparing crypto to currency. Currency at least you have a tangible paper note or coin.

I'm into HiFi stuff. In my house, I've got vintage MacIntosh kit driving Alon IV reference loudspeakers which are the same type that were used to mix the original Star Wars movies. They sound terrific, with a wide, tight soundstage while the MacIntosh amp and preamp deliver a nice warm, analog sound. Outside I have 2000W of goodness with an extended Bluetooth range that allows me to play toe-tappers from my phone pretty much wherever I am around my home from outside.

Years ago when mp3 music was coming on stage and Steve Jobs stopped shipping Macs with CD-ROM drives I was irked because I wanted the physical music. I wanted to own the records and CDs for my music collection. Then Steve Jobs started selling music through iTunes online and started making iPods. I bought an iPod and slowly all of my music was converted to digital versions and I saw the light: everything was moving toward its digital equivalent because the digital equivalent was easier to acquire, easier to find and manage, easier to reference, easier to store, and broadly accessible to more devices making the digital version better than the physical version.

These days when we make changes to our investments, we go online and do so. Our paper statements are downloaded as PDFs. Often when we pay our bills we do so online. And how many of us are still making cash purchases when our credit cards offer us better security than cash and rewards, something cash cannot offer? Everything is moving toward a digital equivalent.

 

[MinnesotaEric]

Here is a live feed for the 2025 Crypto Summit.

https://twitter.com/x/status/1898113819127259431

The 12 Apostles picture format is not lost on much of the audience. LOL

 

[quicksandfarmer]

Here is a live feed for the 2025 Crypto Summit.

https://twitter.com/x/status/1898113819127259431

The 12 Apostles picture format is not lost on much of the audience. LOL

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So I'm confused.

I thought the whole point of having a “cryptocurrency” was to have a currency that was not dependent on a government or authority; a currency that was immune to any government regulation, tracking, or taxation.

And now for some reason, cryptocurrency enthusiasts want governments involved in their government-less currency.

 

[MinnesotaEric]

So I'm confused.

I thought the whole point of having a “cryptocurrency” was to have a currency that was not dependent on a government or authority; a currency that was immune to any government regulation, tracking, or taxation.

And now for some reason, cryptocurrency enthusiasts want governments involved in their government-less currency.

There are many discussions on X about your very point. Today in an interview with Bloomberg, David Sacks, our AI and Crypto Czar, said we need to have a Reserve because we already own Crypto and we need a better way to manage it.

https://twitter.com/x/status/1898066897326748084

 

[Fuddyduddy1952]

I'm into HiFi stuff. In my house, I've got vintage MacIntosh kit driving Alon IV reference loudspeakers which are the same type that were used to mix the original Star Wars movies. They sound terrific, with a wide, tight soundstage while the MacIntosh amp and preamp deliver a nice warm, analog sound. Outside I have 2000W of goodness with an extended Bluetooth range that allows me to play toe-tappers from my phone pretty much wherever I am around my home from outside.

Years ago when mp3 music was coming on stage and Steve Jobs stopped shipping Macs with CD-ROM drives I was irked because I wanted the physical music. I wanted to own the records and CDs for my music collection. Then Steve Jobs started selling music through iTunes online and started making iPods. I bought an iPod and slowly all of my music was converted to digital versions and I saw the light: everything was moving toward its digital equivalent because the digital equivalent was easier to acquire, easier to find and manage, easier to reference, easier to store, and broadly accessible to more devices making the digital version better than the physical version.

These days when we make changes to our investments, we go online and do so. Our paper statements are downloaded as PDFs. Often when we pay our bills we do so online. And how many of us are still making cash purchases when our credit cards offer us better security than cash and rewards, something cash cannot offer? Everything is moving toward a digital equivalent.

True...but those digital examples all originate from tangible things, not ether. Music made by musicians with instruments.

 

[MinnesotaEric]

We need to distinguish between blockchain and cryptocurrency. Blockchain is a useful technology when you need to keep records and none of the participants trust each other. There are applications for that, although so far they are few and somewhat contrived. For most applications it's just better to have a trusted intermediary do the record-keeping.

Cryptocurrency is an application of blockchain. What are the real-world applications of cryptocurrency?

Here is a specific use.

https://finance.yahoo.com/news/spacex-uses-stablecoins-collect-payments-170027463.html