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by colesantiago 197 days ago
Yes. It is still a scam.

Just because Wall Street and Silicon Valley are still embracing blockchains, 'stablecoins' and other scammy crypto products, doesn't mean it has any legitimate usecase today or in the future.

Crypto, blockchains, stablecoins and the rest of them still cannot do better that what current system already does and is used primarily for speculative and criminal purposes.

Nothing has changed.
1 comments
spir 197 days ago
We should be increasingly skeptical of the claim that crypto can't do better than the existing system.

I myself use defi all the time. At this moment, I could go borrow money on the blockchain and send it to anybody in the world with 5 minutes of notice. I can also swap dollars into gold or NVDA 24/7/365 with 5 minutes of notice. How can we claim this isn't better than the incumbent traditional finance system?

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colesantiago 197 days ago
“We should be increasingly skeptical of the claim that crypto can't do better than the existing system.”

This is a fact because you can already do that with regulated and safe banking apps such as Transferwise, Revolut, PayPal, Zelle, Venmo, CashApp, MoneyGram, Western Union, MPesa etc.

Using a blockchain for this stuff is already cumbersome (which network?), remember long silly address numbers, incurs additional fees, rapidly fluctuates in price quotes, and you can’t get your money back if you’ve been scammed or you send your ‘cryptos’ to the wrong wallet.

This does not scream to me the future of finance, instead it is an unregulated ‘wildcat-banking-esque’ speculative scam that makes it easy to lose your money very quickly.

How is that better than what we already have?

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