Re:Mastercard ends Binance card partnership in latest blow t...
by highwaylights on Monday August 28, 2023 @04:07AM
(#37291181)
It’s not provably false at all, and your response proves nothing.
Bitcoin got speculated up to 60k USD, that means literally nothing - I can still buy tulip bulbs and eBay still has beanie babies.
It has made paper millionaires and billionaires with money that doesn’t exist. Warren Buffet could buy my old shoe for $1 billion tomorrow, it doesn’t make it worth that amount. Know what is real? The money people chased it up to that value with, meaning that so far it can only be proven that billions have been lost, but nothing has been gained yet except the money converted back to fiat (or a tangible asset) by those shilling the tokens.
Ethereum has not replaced a lot of middleman banking, as its smart contracts don’t have any legal basis, because it fundamentally isn’t trustworthy (it’s already been hacked to the ground once). It also can’t interact with any component that isn’t ultimately part of a digital contract as it has no way to enforce it. (I.e. want to contract someone to do a job? It offers no value beyond risky off-the-books-but-not-really escrow. Want to bet that Tyson Fury clobbers his opponent in the next fight in the first round? Cool. You may or may not get your money if you win as the fight didn’t happen in the form of a Solidity script, so it ultimately still relies on someone being willing to pay out, except without any regulation).
Not wanting to rant so will stop there, but people on HN will probably stop saying cryptocurrency has failed to provide value when it provides value.
Bitcoin got speculated up to 60k USD, that means literally nothing - I can still buy tulip bulbs and eBay still has beanie babies.
It has made paper millionaires and billionaires with money that doesn’t exist. Warren Buffet could buy my old shoe for $1 billion tomorrow, it doesn’t make it worth that amount. Know what is real? The money people chased it up to that value with, meaning that so far it can only be proven that billions have been lost, but nothing has been gained yet except the money converted back to fiat (or a tangible asset) by those shilling the tokens.
Ethereum has not replaced a lot of middleman banking, as its smart contracts don’t have any legal basis, because it fundamentally isn’t trustworthy (it’s already been hacked to the ground once). It also can’t interact with any component that isn’t ultimately part of a digital contract as it has no way to enforce it. (I.e. want to contract someone to do a job? It offers no value beyond risky off-the-books-but-not-really escrow. Want to bet that Tyson Fury clobbers his opponent in the next fight in the first round? Cool. You may or may not get your money if you win as the fight didn’t happen in the form of a Solidity script, so it ultimately still relies on someone being willing to pay out, except without any regulation).
Not wanting to rant so will stop there, but people on HN will probably stop saying cryptocurrency has failed to provide value when it provides value.