Regulating Crypto: How we move forward as an industry from here

Re:Regulating Crypto: How we move forward as an industry fro... by JofArnold on Wednesday December 21, 2022 @09:16AM (#34080973)

Except that's not really what's happening. In Venezuela the only people using crypto to any extent is people who already are tech savvy and have the skills to work around these limitations. The "unbanked" however still don't use crypto and hardly any shops are using it because of the volatility and the long times to approve transactions. It's good for payments of services (e.g. utilities) I hear, however.

But I think more crucially is that what's increasingly looking like "the only good use of crypto" is really a consequence of social issues a similar way to how cars are very popular in countries with poor infrastructure (e.g. USA). If the country gets its act together, this aspect of crypto's value add vanishes and will just be seen as a slow and poor quality volatile payment system.

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Re:Regulating Crypto: How we move forward as an industry fro... by nyolfen on Wednesday December 21, 2022 @09:18AM (#34080998)

if the existence of cryptocurrency uhh, solves central banking then i think it will have achieved its purpose regardless

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Re:Regulating Crypto: How we move forward as an industry fro... by achow on Wednesday December 21, 2022 @09:24AM (#34081075)

That's not the point OP is making.

"If the country gets its act together".. you know by fair elections, good governance and you know by similar such 'non-crypto' things.

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Re:Regulating Crypto: How we move forward as an industry fro... by imtringued on Thursday December 22, 2022 @06:30AM (#34092312)

Ok but the only one that even attempts to "solve" central banking is RAI. So according to your hypothesis, the vast majority of cryptocurrencies don't serve any purpose.

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Re:Regulating Crypto: How we move forward as an industry fro... by RestlessMind on Wednesday December 21, 2022 @12:50PM (#34083955)

> Except that's not really what's happening.

Or maybe you are just ignorant? Here are some examples I have compiled (took me <5 min): https://news.ycombinator.com/item?id=32406095

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Re:Regulating Crypto: How we move forward as an industry fro... by JofArnold on Wednesday December 21, 2022 @01:21PM (#34084346)

I've been in crypto a long time. I chose specifically Venezuela as I know that is a good case of Bitcoin not achieving its objectives and was called out specifically as an example of it supposedly being successful. And I very much stand by this and my related points.

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Re:Regulating Crypto: How we move forward as an industry fro... by RestlessMind on Wednesday December 21, 2022 @02:05PM (#34084898)

> And I very much stand by this and my related points.

You say - "If the country gets its act together...". I think crypto will get its act together and get around the adoption blockers before despot regimes of the world get their act together. Just a gut feeling based on our history so far. I also agree that there will be multiple crypto scams along the way. Such is the allure of the new tech.

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Re:Regulating Crypto: How we move forward as an industry fro... by RestlessMind on Wednesday December 21, 2022 @05:19PM (#34087162)

Since I cannot edit my other reply to this comment anymore, here is one more counterpoint: Nigeria is 11th in terms of Crypto adoption [1] while its government is hostile to Crypto [2]. A great example of how Crypto can help ordinary people fight shitty regimes with unstable currencies.

[1] https://blog.chainalysis.com/reports/2022-global-crypto-adop...

[2] https://www.bloomberg.com/news/articles/2022-11-27/nigeria-s...

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