• Wodge@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      edit-2
      5 months ago

      Crypto isn’t a currency, it’s a commodity for trading. One that doesn’t physically exist. No inherent use and no inherent value.

      • S410@kbin.social
        link
        fedilink
        arrow-up
        0
        ·
        5 months ago

        The vast majority of “real” currencies are fiat currencies and don’t have inherent value or use either.
        US dollar hasn’t been backed by gold since 1971, for example.
        The only reason money has any perceived value at all, is because it’s collectively agreed to have some value. Just like crypto currencies.

        • frezik@midwest.social
          link
          fedilink
          English
          arrow-up
          0
          ·
          5 months ago

          But there’s so few uses of actually buying things with crypto. People don’t use it as a medium of exchange outside of illicit goods and money laundering. We’re more than a decade into this and using crypto to buy a pizza is still a novelty.

          A major proof of this is that FTX collapsed and took a chunk of the crypto market out with it. The market at large shrugged this off. If it were actually linked in to the broader economy, then it would have had similar ripple effects to a major US bank failing.

          • S410@kbin.social
            link
            fedilink
            arrow-up
            1
            ·
            5 months ago

            I, personally, use crypto to do art commissions (I’m an artist) and to pay my VPS’s rent. Neither is an illicit good or related to money laundering.

            And, honesty, it’s pretty great, compared to alternatives.
            Last time I’ve used PayPal, it decided to withhold the funds for a month, for whatever reason. Plus, the transaction fee was about a dollar.
            Transferring the same amount of money via Monero is guaranteed take only about a minute or two to process, since a transaction in that system would never get withhold, plus the processing fee would be about a hundred times smaller.