You seem to think about cryptocurrencies like gold as well; an investment. My question was about the future of them as a normal currency that you can use to pay with online. I personally use XMR when I can to pay services.
People who downvoted never heard of Argentina, for example, where their currency is so bad that individual provinces have started creating their own local currencies instead.
Yes, unfortunately that’s the state of things currently, but I won’t call the prospect of using cryptocurrencies as actual currencies “dead and buried”, yet. Eventually the hype will subside and people who thought they could “make money quick” will leave the game, and those who wanted a decentralized way to keep their money, aware of all the pros and cons, will stay. Hopefully that will lead to a more stable value, and maybe, just maybe they’ll come back mainstream as an actual currency.
This is really more what I hope than what I see likely to happen, but one can hope ;)
I doubt any crypto will ever be stable. There was one coin that was tethered to another and would buy/sell/burn automatically to maintain the main coin at 1 usd, and some dudes took advantage of the reaction time to automate flooding the market and tanking the price of the stablecoin then buying a shitload under 1 usd and making free money when it stabilized itself.
Also as others have pointed out, the fact that crypto is (generally) decentralized and unregulated (which is the WHOLE POINT) is its biggest flaw and makes it a hotbed for speculation and scams.
Just look at how many coins have a spike shortly after creation, then crash to basically nothing. That’s the “investors” getting suckered in while the coins are cheap hoping for another bitcoin boom, then the creators selling out and walking away while the idiots hold the bag while the coin dies.
My question was about the future of them as a normal currency…
There is none, crypto has never been nor will ever be a normal currency, at best it will keep being a fringe currency with dubious reputation and stabillity.
I personally use XMR when I can to pay for services
If XMR is anything like BTC in terms of it’s energy use per transaction then you are causing massive wastes of energy on a transaction comapred to a normal VISA transaction.
It’s “useless” now because prices are set in dollars, euro, yen or whatever fiat currency you use. Once somebody starts setting prices in bitcoin, monero, etc, then it won’t matter how it fluctuates, cause if you have 1 XMR and something costs 1 XMR, then your crypto money keeps the same buying power no matter what its value to the dollar is.
Of course, we’re pretty far from that happening mainstream, and it’s actually pretty likely it will never happen (sadly, inho, but your opinion might differ).
Agree in general, but I just learned that the word “idiot” is considered ableist language. I was unaware of it’s historic meaning/roots, so this surprised me too.
Some people are desperate for economic or social reasons. That maybe doesn’t give them the same status as other scam victims, but I’ve seen smart and educated people fall for this gambling.
Brings to mind things like the Nigerian 419 letters where they skip proofreading and flood inboxes with fantasy tales of political intrigue in (for their target demographic) far-away lands. Might get a dozen of your average idiots to reply before most people have made it through the first sentence. It’s a way to select victims who aren’t as likely to question what they’re being told but even then, you still hear about people falling for it when, due to their education or business background, they really should know better.
They will continue to be a ponzi scam that hopeful idiots will keep losing money on.
You seem to think about cryptocurrencies like gold as well; an investment. My question was about the future of them as a normal currency that you can use to pay with online. I personally use XMR when I can to pay services.
because that is what it actually is used for.
That is dead and burred.
The one thing a currency needs is a relatively stable value, otherwise it is useless as a medium of exchange…ie: money.
While crypto is as stable as that bear that ate a couple of kg of cocaine.
I think of it as a ponzi scheme because that us what it has become.
From the perspective of the developed world, crypto is unstable. It many countries, though, their home currency could be less stable.
People who downvoted never heard of Argentina, for example, where their currency is so bad that individual provinces have started creating their own local currencies instead.
https://www.bloomberg.com/news/articles/2024-01-19/defying-milei-s-austerity-argentina-province-plans-own-currency
https://www.coindesk.com/markets/2024/02/12/tether-and-circle-stablecoin-purchases-dominate-in-argentina/
https://www.forbes.com/sites/digital-assets/2023/04/26/crypto-usage-rises-across-argentina-despite-the-anti-crypto-imf-deal/?sh=7631cd706ece
They don’t need to know anything, as exalted first world white men, it’s their burden to enlighten the brown people’s from their ignorance
Yes, unfortunately that’s the state of things currently, but I won’t call the prospect of using cryptocurrencies as actual currencies “dead and buried”, yet. Eventually the hype will subside and people who thought they could “make money quick” will leave the game, and those who wanted a decentralized way to keep their money, aware of all the pros and cons, will stay. Hopefully that will lead to a more stable value, and maybe, just maybe they’ll come back mainstream as an actual currency.
This is really more what I hope than what I see likely to happen, but one can hope ;)
I doubt any crypto will ever be stable. There was one coin that was tethered to another and would buy/sell/burn automatically to maintain the main coin at 1 usd, and some dudes took advantage of the reaction time to automate flooding the market and tanking the price of the stablecoin then buying a shitload under 1 usd and making free money when it stabilized itself.
Also as others have pointed out, the fact that crypto is (generally) decentralized and unregulated (which is the WHOLE POINT) is its biggest flaw and makes it a hotbed for speculation and scams.
Just look at how many coins have a spike shortly after creation, then crash to basically nothing. That’s the “investors” getting suckered in while the coins are cheap hoping for another bitcoin boom, then the creators selling out and walking away while the idiots hold the bag while the coin dies.
There is none, crypto has never been nor will ever be a normal currency, at best it will keep being a fringe currency with dubious reputation and stabillity.
If XMR is anything like BTC in terms of it’s energy use per transaction then you are causing massive wastes of energy on a transaction comapred to a normal VISA transaction.
This will happen as long as people keep treating crypto as an investment instead of what it was actually designed to be; a currency.
It can never be a currency as the values fluctuate so wildly it is useless as one.
It’s “useless” now because prices are set in dollars, euro, yen or whatever fiat currency you use. Once somebody starts setting prices in bitcoin, monero, etc, then it won’t matter how it fluctuates, cause if you have 1 XMR and something costs 1 XMR, then your crypto money keeps the same buying power no matter what its value to the dollar is.
Of course, we’re pretty far from that happening mainstream, and it’s actually pretty likely it will never happen (sadly, inho, but your opinion might differ).
Agree in general, but I just learned that the word “idiot” is considered ableist language. I was unaware of it’s historic meaning/roots, so this surprised me too.
Some people are desperate for economic or social reasons. That maybe doesn’t give them the same status as other scam victims, but I’ve seen smart and educated people fall for this gambling.
Removed by mod
Brings to mind things like the Nigerian 419 letters where they skip proofreading and flood inboxes with fantasy tales of political intrigue in (for their target demographic) far-away lands. Might get a dozen of your average idiots to reply before most people have made it through the first sentence. It’s a way to select victims who aren’t as likely to question what they’re being told but even then, you still hear about people falling for it when, due to their education or business background, they really should know better.