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point_breeze69 t1_j517rdm wrote

Reply to comment by LordOfTheTennisDance in Russian founder of cryptocurrency exchange arrested in Miami, accused of dealing with dirty money as part of "high-tech axis of crypto crime" by Clem_Doore

Which one? The US Dollar?

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unforgiven91 t1_j519myk wrote

USD can be spent on pretty much anything.

I ain't paying $50+ in exchange fees to buy a beer with bitcoin

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BagHolder9001 t1_j5715u5 wrote

you don't realize everything you buy has a build credit card fee ? Whether you like it or not there is a middle man so where making money if every transaction you make

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unforgiven91 t1_j571q2e wrote

that 10 cents is already built in to the price tag, and it doesn't rapidly fluctuate based on random market forces

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BagHolder9001 t1_j574v05 wrote

Last time I checked inflation makes prices swing and so does that build in fee

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unforgiven91 t1_j5795sc wrote

note the word "wildly"

inflation increases prices at a fairly steady rate. A snickers bar isn't 10 dollars one minute, and 25 cents the next minute

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BagHolder9001 t1_j57adye wrote

do you know that MoneyGram gram is building international money transfers via blockchain? give it time prices will stabilize and you will be using it without even knowing

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unforgiven91 t1_j57ay5t wrote

I can't wait for the whole world to be tied in to the blockchain, having that chain be immutably broken and exploited then forked in to a new blockchain because wealthy investors lost money. Now we live in a reality where 2 similar chains exist and neither chain can identify what's real.

Definitely a system I look forward to existing, and definitely not the worst idea I've ever heard

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BagHolder9001 t1_j57kyzg wrote

we don't need the whole world to run on it just things that make sense (transparency) like transactions and eliminate hundredths of bankers across the world

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unforgiven91 t1_j57l9yl wrote

that mandates regulation, though.

effectively, it'll just become the banks we currently have but more vulnerable to attacks and doxxing

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BagHolder9001 t1_j57lw0h wrote

huh looking and bs going on at US bank right now, all the hacks at insurance companies ( blue cross blue shield) credit companies lost a lot of info ( Equifax?) target and home Depot got hacked...I don't think we are any less vulnerable via blockchain actually exponentially MORE secure

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point_breeze69 t1_j53hirb wrote

Bitcoin may not be the chain to perform beer transactions. Ethereum using layer-2s and roll-ups are though. Major companies like visa and MasterCard are already in the processing of adopting this tech because it’s cheaper and faster.

Bitcoin is great for moving large amounts of value though. Nothing comes close to its efficiency. Recently a billion dollars of value was transferred for something like .68 cents in tx fees. That isn’t happening with cash or gold, not even close.

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PoopyBootyhole t1_j521bdf wrote

You don’t? You can actually pay a fee that’s a fraction of a penny…

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unforgiven91 t1_j5224wg wrote

gas fees are a dollar from what I can tell. so i was being a bit hyperbolic but within the loooooooong time that bitcoin takes to process a transaction, those fees (and your bitcoin) can fluctuate wildly

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PoopyBootyhole t1_j522t29 wrote

Have you heard of the lightning network? It’s instantaneous payments, and fees are literally like .000001$.

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unforgiven91 t1_j5230w7 wrote

i wonder how that'll eventually be used to scam people

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PoopyBootyhole t1_j5242is wrote

Lmao you should do some reading. If someone gets scammed that’s their own fault. Not bitcoins.

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Actual__Wizard t1_j51dtdk wrote

You have certainly used the US dollar for legitimate and legal transactions.

Cryptocurrency is not currently used for those types of transactions...

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point_breeze69 t1_j53h5t5 wrote

Maybe not in the US but in a lot of other countries it is being used for everyday things. Latin America, Ukraine, parts of Africa for example.

It’s coming to the US soon too. Mastercard and Visa are currently working to integrate the Ethereum blockchain into their payment process system. Layer 2s are faster and cheaper then traditional ways of payment processing.

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Ed_Durr t1_j53vgn4 wrote

El Salvador has lost nearly $100,000,000 in the year since they adopted bitcoin as a currency.

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PoopyBootyhole t1_j521sfi wrote

Crazy how people think the US dollar isn’t an actual Ponzi scheme and a larger percentage of dollars is used for fraudulent transactions than crypto. It’s actually really stupid to use crypto for illicit activities considering it’s a public ledger. You gotta be extra stupid to use crypto for fraud.

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point_breeze69 t1_j53iqg1 wrote

People love to defend the monetary system that fuels war, raises inflation, helped to create an ever increasing wealth gap, and is controlled by politicians and big banks. I can understand why, those guys have been ardent defenders of the workingman since the invention of the wheel.

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Ed_Durr t1_j53vot8 wrote

You’re right, we should just let Scam Bankman-Fraud control the system instead.

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PoopyBootyhole t1_j53lyp8 wrote

People are conditioned to the current system so they think there isn’t another way or the one we have is fine. It’s not. An infinite money/ cheep debt based system where wealth funnels to the top creates more problems than people realize. It’s a Ponzi scheme on a absolutely massive scale and the losers are us through a hidden tax called inflation.

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