I’m not sure FDIC covers things like Venmo,Zelle, etc that may be linked to your bank but are separate apps. For instance, BofA has taken the position that if your Zelle is hacked they are not responsible for any funds drained. There might be a law protecting you, but BofA isn’t taking that position.
Obviously not for speculation reasons. Its great! Everyone is gonna be rich!
I was talking about using it as an every day currency. Is my logic flawed in some way?
But again, how is that an improvement over the current system where I insert my chip card, the machine takes 3-5 seconds to read it, and that’s added to a ledger which I owe my Credit Card company and settle up with them in one instantaneous transaction at the end of the month?
Well for one thing nobody is suggesting putting or denominating your entire life savings in Bitcoin. Bitcoin doesn’t have to replace every currency on the planet. It can be an important one among many.
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It’s not really - but there are lots of people that can’t get credit cards ir even bank accounts without big fees. For them crypto can be much cheaper.
Crypto does also have the advantage of not being reversible - so if you for instance sell something on Craigslist you don’t have to worry about the buyer scamming you and reversing their payment.
Seems like a good time to buy the snoop dog dip. Folks are gonna get irate when they found out they could get it for 200 bucks. "30K seems like fair value … $210, that shit was a scam:
I’m talking wide adoption though. What percentage of people would you say own multiple fiat currencies currently?
The price of Bored Apes went from .1eth to 140eth because a shitload of people wanted to buy them. I don’t really get what you’re disputing.
Pretty obvious I’m disputing your definition of shitload. I’ve heard zero people in my analogverse mention them.
The price of a 10 cent unique collectible went for 100 million because two billlionaires wanted to outbid each other. That means everyone wants it. LDO
A shitload of people wanted to buy beanie babies also and some of them still sell for thousands of dollars. What’s your point?
Supply + demand = beetlejuice buys a boat
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My point is that they created a false scarcity market for a product that had huge demand and less than 1% of them sell for more than their ATH, with more than 90% selling near retail price.
The same will happen to NFTs. I don’t begrudge anybody who got in and sold high, same with those who did it with BB’s in the 90s. But its all speculative and based on false scarcity. It always dries up.
Wait, do you think there’s someone in this thread who doesn’t believe that most NFTs are going to 0?
The flip side of this is if you buy something and get scammed by the seller, you can’t reverse the transaction. What happens more often, buyers running scams or sellers running scams?
One of my theories of government is that one of its roles should be consumer protection. Does crypto make this job harder? Can crypto be implemented in a way to make this job easier? I always come around to the idea of crypto’s best features being security and transparency while wanting to jettison anonymity and pseudonymity as aspects of it.
I believe this misunderstanding is the foundation upon which this thread is built.
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No, which makes it so weird that you responded to my suggestions for how crypto might be adpoted more mainstream as a currency with
