Oh I’m trying to suggest that like many technologies. The infancy of it is laced with people who are scamming others. Medicine had a go about with this phase as well; and to my understanding is now widely regarded as a “good move”. Even if some dude use to sell cocaine mixed with alcohol and called it medicine because it made you feel better.
Like I said. It’s the wild west in that sphere right now. No rules no nothing. But I also think that even the wild west was tamed over time. Meaning I’m not sure if it will stay so unregulated forever.
That may be true. To me, however, not all regulation are ethically or morally sound. I hear people in countries with corrupt governments can use these new fangled monies to avoid the regulations/sanctions put on their countries.
The example that comes to my mind was some guy in Turkey buying medicine. I guess Turkey isn’t allowed to trade many countries because they government is corrupt? And this person was unable to get the medicine they needed in Turkey. Only way was to in port I guess? So they converted their local turkish currency to something the medicine maker would accept.
I can’t really verify such claims but seemed like an alright “breaking of the rules”.
Now a days we peer review medicine. As I mentioned, in the “wild west”. There’s no peer reviewing. The metaphor of the wild west was also pointing out the infancy of a technology. Another example could be how the “self driving cars” aren’t actually that self driving. However I suspect that over time even those cars will actually become peer reviewed, functional and what not.
The example that I saw that I liked the best was video games. Just because someone sells bad video games. Doesn’t mean all video games are a scam. Ya, know?
For clarification. To my understanding, the older cryptographic currencies use an immense amount of power (Proof of Work). But newer models have solved that issue by switching to a Proof of Stake model instead.
Oddly enough lots of people do mess with V-Bucks for FortNite, Riotpoints for League of Legends, and/or CoD points for Call of Duty. Damn you chucky cheese money in my video games!
The government closed the gold standard at once didn’t they? Who is to say they cannot not do the same and say physical paper money?
To my understanding, the older cryptographic currencies are the energy consumers. Newer models have avoided the massive energy consumption. A.k.a Proof of Work vs Proof of Stake.
When the Wild West was around Medicine was used as a scam too. Snake Oil salesmen aren’t very nice people. But that doesn’t mean medicine is a bad idea ya know?
I agree that there are a lot of snake oil sellers in the cryptographic currencies realm. But that world is basically the digital wild west at the moment to me. I too am waiting to see what happens.
Buttcoin is pretty slow. To my understanding many other coins have already evolved past Bitcoin’s slow ass speed.
Well you’re talking about a technology that can obsolete VISA and MasterCard and their predatory transaction fees!. There’s a lot of money riding on cryptographic currencies taking off or not.
Also consider that many peoples (me) would like to move from the older cryptocurrencies that needs lots of power to run (proof of work) and try to advocate for newer proof of stake models.
To my understanding proof of stake models have dramatically lower power requirements.
I look forward to the day VISA and MASTERCARD become obsolete! Please save my aunt’s small business from predatory transaction fees. ♥
Kind of the same idea as explaining how tap your card/phone or credit cards work though.
My parents do this regularly. There are many Latino American families who regularly exchange USD to PESO and vise versa.
How does this working into Foreign Exchange? This also sounds a lot like trading USD to PESO like my aunt does…
In the United States you cannot vote for the people who issue currencies. The Federal Reserve are a bunch of privately owned banks.
That may be true. But then the transaction fees are at the mercy of the credit card company. My aunt pays 3% of all card transactions damn near. That’s pretty spicy.
I can’t wait for the day companies like VISA or Mastercard become obsolete. Please save my aunts small business from predatory transactions fees. ♥
Damn. I guess this is why we can’t have nice things.
I guess I’ll take this opportunity mention if one cannot make a monetary donation to IA. You can always help them out by help seed some of their torrents. I’d appreciate it at least :P