[ScarletEmerald]

The solution doesn't fit the problem though. Sure, in theory bitcoin-style cryptocurrencies can replace centralized financial systems. But, as keeps being demonstrated, including by this very example, in practice what you end up with is different, less-efficient, centralized financial systems dominated by fraud.

[TrapLord_Rhodo]

how is it less efficient? Obviously btc can't replace the financial system but crypto can.

Investors in the next 10 years are going to realise that an omnipool was all that was needed in the first place and the NYSE is a dinosaur in comparison.

[Yetioko]

Etherium is looking for a PoS system.

Guess what our current fiat system actually is? A highly finetuned evolutionary PoS system.

It has features like:

- transparency

- fraud detection

- political sanctions (russia vs. ukraine, north korea, iran...)

- fairness due to transparency (you pay your taxes, i do: we both pay our fair share of infrastrucutre cost etc.)

- easy to use (my grandparenst were able to use it)

- save

- easy authentication and authorization system (i can get money with my passport)

- globally accepted

- low transaction fees

- self optimizing system due to capital market (one bank can do transactions faster and cheaper than you can)

[TimJRobinson]

Can you buy options, derivatives, futures? Can you invest in startups? Can you easily send money anywhere in the world in seconds?

99% of the world can't, either because of where they live, or the government deciding they're not allowed to because they're not rich enough to join the elites.

This is the world Ethereum unlocks - a global financial system that allows anyone to participate regardless of where they were born or their background.

If you value freedom you'll see it's a far superior financial system than the one we have today.

It's not technically ready yet, but the path is clear and it will be there sooner than you think.

[meowkit]

I'm just going to point out that you said nothing about proof of stake here, and I am getting the sense from your other comments that you do not understand the technicalities of the traditional finance system, or cryptocurrencies.

[Yetioko]

I'm fully aware how PoS in context of crypto works.

But let me tell you what the PoS part is in our current fiat system:

I get my salary in fiat. I save my fiat in a bank account for being used later. I might not need to hold 1tb of ram available and proof that i have it running, but i already proof that i trust my fiat because i get my salary in it. I pay with it, i save it.

I have a high stake in it. I also have systems/tools available to me for my fiat like banks and laws.

This is no different to what etherium proposes: For PoS you need to buy and hold etherium and you get etherium for doing so.

[TrapLord_Rhodo]

this comment shows a bit of misunderstanding on what the point of POS is.

It is not some saving mechanism, it is a concensus mechanism. It ensures fraud doesn't occur and that more crypto isn't being created out of thin air. It is a way to incentivice node operators to act fairly.

If the USD had a POS system, I would 100% have all my money in it. but i can't verify the whims of the FED

[TrapLord_Rhodo]

- transparency Crypto, besides privacy coins is the most transparent you can possibily get. It's a public, immutable ledger. The US can literally go in an change the total supply anytime with zero transparency. And since USD is the global denomination of debt, when i increase my supply it actually makes my currency more valuable since everyone is shorting their own currency (Since their debt is in USD) and inflation leads to asset inflation which is a good thing for the wealthy, but a negative thing for those holding and dealing in USD. = us plebs.

- fraud detection

See point above, fraud is built into the system.

- political sanctions (russia vs. ukraine, north korea, iran...)

Political sanctions have been this economic philosophy that hasn't entirely played out in the countries doing the sanctions favor. These economies, due to force have been required to be much more verticly integrated and invest into the economies most hit by sanctions. Sanctions don't do much and the problem is, the more you sanction the less leverage you have.

- fairness due to transparency (you pay your taxes, i do: we both pay our fair share of infrastrucutre cost etc.)

What is fair about the current tax system? See my transparency point above, all those people trying to evade crypto taxs are in for a rude awakening when the governmeent develops machine learning to track and trade public ledgers... Everyone knows it's a public ledger... exactly the oposite of being descrete.

- easy to use (my grandparenst were able to use it)

Becausee it started being built when your grandparents grandparents were alive. Most shops didn't accept CC's when they first came out and it took a generation for the technology to preliforate. I'd say crypto has done what the old system did in 1/4 of the time.

- save

I get 4% APR on my stablecoins. 20+% on my DeFi Pools paid in stable coins.

- easy authentication and authorization system (i can get money with my passport)

I can provide authorization with a 10 word pneumonic.

- globally accepted

What is globally accepted exactly? USD? no it's not... it's only acceepted in the US. If i want to do business globally i have to swap to that asset. I not only have to worry about remittance, currency exchanges, trade fees and loan denomination. Terra has the ability to swap between many different currencies using stablecoins with almost no transaction fees.

- low transaction fees

BTC and Eth have extremely high transaction fees, but any V3 crypto has lower transaction fees than the current financial system. - self optimizing system due to capital market (one bank can do transactions faster and cheaper than you can)

self optimizing system due to capital market (one bank can do transactions faster and cheaper than you can)

Play around with some decentralized exchanges, solona or DOT. they can do transactions faster and cheaper than any incumbent, including VISA or the NYSE.

[Yetioko]

You make a lot of wrong assumptions. Not sure why or if you do this on purpose though.

- Crypto is not transparent. Its continuously mentioned as a benefit of crypto. You should be fully aware of all the methods crypto provides to be intransparent. Tumblers, Lightning network or when you go away from bitcoin, monero is inherent intransparent.

- You might ignore the Efficiency of political sanctions, but the struggles for those people are real. I have been to Iran and have seen it by my own eyes.

- Crypto is still not easy to use. Stop lying to yourself. Go to el salvador and look how they use it. There is only one small city able to use the lightning network properly. The rest of the country doesn't know how to handle it properly. They also have fraud as most of them never got their crypto which was promised to them.

- " 20+% on my DeFi Pools" you should understand better what you are actually doing. You do high risk, low sanctioned, under the radar gambling. Stop comparing 20% of some shitty gambling/ponzi schema to anything real life

- "I can provide authorization with a 10 word pneumonic." wow. I forgot my 4 digit pin a few times in the last 10 years. I literally lost my company password and the muscle mnemonic for half a day. I literally can't lose my passport. My country will make a new one for me. Try to rememeber your 10 words when you are 70. Try to make sure that you do not enter your 10 words in a system which can transparently steal your money as soon as you tell it your 10 words.

Have you ever spend the amount of time you spend on learning about crypto to learn about fiat?