Re:Crypto firm BlockFi files for bankruptcy as FTX fallout s...
by andirk on Monday November 28, 2022 @03:39PM
(#33779259)
Yes, exactly. I disagree that it's a distraction. It is to point out that there are a plethora of issues with crypto but pointing out issues with faith-based currency doesn't separate crypto from fiat. As a fan of crypto I see these issues as very glaring:
- one of the main advantages of crypto is lack of centralized regulation, which is also why no one stopped FTX from having back doors to loot the vault
- if one can print their own coins at will (like FTT), its value is at the whim of the printer
- inflation is not necessarily a bad thing. It can be used responsibly.
- a credit card has almost no risk and can crank out transactions as much as necessary
- fiat is accepted all over the place whereas crypto as a transactional currency is more similar to trading gold and cowhides
We have seen how many bad actors control USA fiat and are deemed "too big to fail". That is a failed system and we have seen its ugly face plenty of times. Much of crypto challenges that. How successful it is so far is up for debate.
- one of the main advantages of crypto is lack of centralized regulation, which is also why no one stopped FTX from having back doors to loot the vault
- if one can print their own coins at will (like FTT), its value is at the whim of the printer
- inflation is not necessarily a bad thing. It can be used responsibly.
- a credit card has almost no risk and can crank out transactions as much as necessary
- fiat is accepted all over the place whereas crypto as a transactional currency is more similar to trading gold and cowhides
We have seen how many bad actors control USA fiat and are deemed "too big to fail". That is a failed system and we have seen its ugly face plenty of times. Much of crypto challenges that. How successful it is so far is up for debate.