Re:Wikipedia RFC to stop accepting cryptocurrencies passes b...
by namdnay on Thursday April 14, 2022 @05:52AM
(#31024909)
The problem isn’t that there is a fiat step, the problem is that only one side of the transaction is in crypto. Expedia aren’t “accepting crypto” - they’re sending you to someone who will swap your crypto for cash and then taking the cash. The fact that refunds are in dollars means there is no fundamental difference with just swapping the crypto yourself before booking
I'm tired of these shifting goalposts in crypto conversations. They always go like this:
1. I derive value from crypto
2. There's no value in crypto! Show me a usecase!
3. <Presents usecase where crypto is used to derive value>
4. But that uses Fiat/off-chain/<something not crypto>/<vendor that doesn't know what crypto is>/<workflow that's replacable by fiat> so crypto has no value!
The claim the GP made is that an individual can derive value from crypto, not that this value is untainted by fiat, off-chain movement, or any of the other incidental claims. When you use USD or GBP to buy a good, the good itself has probably traded hands between many currencies before the final product was sold to you using the fiat you paid. Does that mean USD or GBP are "useless" because input costs for your product were paid for in RMB? No, you still derive value from fiat.