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21198243 No.21198243 [Reply] [Original]

Will crypto ever become a new paradigm, or will it just remain a gambling avenue for the foreseeable future until it inevitably crashes forever?

>> No.21198410

sending money through the current system is such a fucking hassle, even just to transfer measly $1k takes 2 business days, at least in Canada. I could send crypto in minutes to any individual or institution on earth, in any amount. $1 or $1m. Essentially instantly, reliably and trustlessly

That to me is why I feel we're still so early in crypto after all this time, and it's bound to become the dominant paradigm eventually. Yeah adoption has been slow but it takes time to prove itself, we're almost at that stage now after a decade of "beta testing"

>> No.21198431

Its global, immediate transparency and inability to be regulated means that crypto will always be prone to speculative bubbles, and so will only be used for things like international money transfers, money laundering, and gambling.

>> No.21198784

If VISA and Mastercard accept crypto and you can pay rent, groceries and all basic essentials with a VISA card. I see no reason why not.

COVID-19 really woke me up to the idea that fiat is dying. Stores only accept VISA or Mastercard nowadays. Imagine removing the aspect of a credit machine entirely. You just go to some 7-11, grab your goods then to the register. They scan each item then present a QR code for your phone. You scan it using Visa/Crypto app powered by Chainlink. Smart Contract initiates, your receipt in printed in both the digital ledger and phone app. You double check then leave with your stuff. No contact, no machine needing to be wiped down, no crappy credit machine being broken, same concept as tapping your card.

>> No.21199241

this. However, there will always be fiat. Kind of like how there is still silver and gold coins, its not common for transactions but its still valuable.

>> No.21199313

>fiat is dying
Physical cash is dying, not fiat and that's a terrible thing. The US is trying to push a digital dollar, but that isn't hard money like Bitcoin. It would literally just be the Federal Reserve with the same abilities it has now (communist dictator), plus the ability to track every single transaction because it now has a ledger like Bitcoin only completely controlled by them.

Bitcoin's growth has been completely stunted over the past five years. Because of that many of the advantages it had in fintech have been captured by shit like Apple Pay and normalfag idiot retards don't care about how money actually works. They just want to buy their cheeseburgers. Since those first mover advantages were squandered by scaling limitations and protocol changes we now have to rely almost entirely on sound money principals to attract society into using Bitcoin, which society at large as already stated gives no fucks about.

So remains the issue, how can this ever catch on in any reasonable way?

>> No.21199470
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New paradigm 100%. No doubt about it in my mind. May take a decade or more to get there though.

>> No.21199554

>just pay capital gains on every transaction!
Nobody is going to do that.

>> No.21199593

Amazon already did that and they don't need to use crypto.

>> No.21199721

>What is PayPal

>> No.21199772

That would still be currency and not money though. Which nations or private entities could still do ontop of Bitcoin. I actually support the notion of doing this. Oddly enough this is what Facebook is trying to achieve, though I wouldn't want to use their currency.

A good idea for a nation that wants to still issue currency would be to use Bitcoin as the infrastructure to issue it. They can fiddle with the currency all they want really, but it wouldn't be able to alter the underlying protocol. It's pretty similar to what all these token scams on ETH do. I'd still hold my money in Bitcoin, but I'd like to see this done someday.

>> No.21199783

you only pay capital gains when you trade currencies, not if you trade crypto for a product

>> No.21199817

fiat will crash first

>> No.21199841

Yes. And Ethereum will be the backbone of it all.

>> No.21199921

you're not thinking globally enough if this is even a question to you

>> No.21199928

Those are all growth industries tho

>> No.21199948

Imagine taking minutes to send money when you could take less than 5 seconds with XRP. Someday, you will understand.

>> No.21199967
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I kinda think this will happen first too. We're doing unlimited money printing now. An event like that could be enough to push people into a commodity money like Bitcoin or Gold. They'd have to, nobody would have faith in government issued money after that. Then again though, Hitler issued money right after Wiemar so maybe this will never catch on. Granted it's better to have your own people issuing your currency then a bunch of Jews, but still.

>> No.21200048


>> No.21200416
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You're all just poor. People who actually have something lose with the collapse of the dollar system don't worry about it at all. They just keep making more dollars.