What is the actual practical purpose of cryptocurrencies other than being a vessel for speculation? What value does it provide to people? Its value used to be sort of understandable in the early days because it was a lawless tax-free casino and some people simply have a gambling addiction to feed but now that governments regulate it and track all your swaps and charge you capital gains tax anyway doesn't that all kind of defeat the purpose of it being "decentralized"? Crypto just seems like a zero-sum game Ponzi scheme where you buy some and shill it on Twitter to make the next guy hold your bag for you. Is there even a single company trying to build something actually useful with this shit? Surely the lack of fundamentals means this will eventually HAVE to go to zero, right?
>>62723886Its a great way to store your wealth if you live in a shithole country.
>>62723893How though? Isn't it one of the most volatile markets in existence? Shouldn't stores of value be stable? And how would third-worlders even use their wealth if transaction fees are bigger than the average day's wage in those countries? Doesn't make sense.
>>62723886My gfs grandma is rich in Venezuela because she had money in buttcoin to send back and for with her son, while everyone else was in the local fiat which evaporated with inflation
>>62723886>There are over 21,000 tracked cryptocurrencies and tens of millions of total digital tokensWhy don't you do some actual research, and stop being a retard? There is no practical way of explaining this to you here.
>>62723886Transacting wealth. That's why the only crypto currencies that will succeed are the ones who focus on improving that process by making it hassle free, anonymous, private and safe.
>>62723933>There are over 21,000 tracked cryptocurrencies and tens of millions of total digital tokensAnd how does that disprove the fact that none of then actually do anything? The fact that you're bringing tokens into the discussion is even weirder because not only do none of those do anything, 99.99% of them crash to zero within the day they're released. I'm asking you if there's any coins or tokens that actually provide some sort of inherent value to the holder that's not just pushing more imaginary internet money around.
>>62723886That’s the point of any asset class if not for speculation, you midwit?
>>62723957
>>62723956And how would you cash out? Let's say I have a million in Monero and I wanna buy a house. Wouldn't I still have to go through a regulated exchange to turn them back into dollars and buy shit with them?
>>62723963There's this thing called "value" and this thing called "profit" that these things called "companies" generate by providing goods and services that people actually want. And if you own part of such a company a part of that profit can be distributed to you through a thing called "dividends". This is how the ACTUAL economy works, dipshit. There's more to the economy than just speculation.
>>62723968Not an argument and also if it goes to zero you will be the poor one. So why won't it go to zero?
>>62723987>Not an argumentThis isn't a serious conversation. You're a troll.
>>62723973>And how would you cash out? Let's say I have a million in Monero and I wanna buy a house. Wouldn't I still have to go through a regulated exchange to turn them back into dollars and buy shit with them?Do you want the legally correct answer? Then you'd have to announce all of your gains to the IRC and be taxed for them. However, Monero has been persecuted a lot so we've largely stepped away from the CEX model and mostly do P2P trades (for goods, services and other currencies) over DEXes so many of the AML and KYC laws don't apply as they normally just focus on CEXes only. If the previous owner is very deep in the privacy game he likely will accept payment in XMR which is his right in most countries.
>>62724059So I take it this is only used for buying drugs and not anything large and physical like a house or a car that the government would have an easy job tracking down?
>>62723886>What is the actual practical purpose of cryptocurrencies other than being a vessel for speculation?At this time the most practical use of crypto currencies is to be a money laundering machine. It will soon be an attractive blow-off valve to hide bad debt in away from the main markets. I imagine most of the money magic they are going to pull this time around will be centered off of cycling treasuries through stable coins and into crypto.
>>62724088I'd guess most of it is just used on dnms but the beauty of XMR is that we can't tell where and how it's used, we do however note a steady climb in usage. Sites like xmrbazaar show also legal offerings, but I doubt anyone is buying or selling cars/houses with XMR currently.
>>62724107>we do however note a steady climb in usageSo how much are they paying you to shill this crap here?
>>62724119Feel free to prove me wrong or go back to your point about cryptocurrencies not doing anything.
>>62724105This is actually the first compelling argument I've heard for why this shitheap might provide a benefit to certain institutions: facilitating illegal Jew schemes.
>>62723886I don't know what half of the stuff I own does. Just buy low and sell high.
>>62723911> Isn't it one of the most volatile markets in existence?You'd be surprised. A lot of African currencies are extremely volatile due to the never ending war and turmoil on that continent. Ukraine's currency ate shit after the war started.>Shouldn't stores of value be stable?Define stable, because there's always inflation and times change, and no currency is the world reserve forever so far. If your country is going to civil war, then crypto is probably more stable.>And how would third-worlders even use their wealth if transaction fees are bigger than the average day's wage in those countries? Doesn't make sense.This is assuming you're using a cryptocurrency that has a massive transaction fee. There are plenty of them out there that have such minute fees that even someone in 'those countries' can be okay with paying.
>>62724123You still haven't actually said what it does outside of facilitating digital black market trades. I suppose that is some purpose. As soon as you use it to actually move anything in the physical world it'll still raise eyebrows, though.
>>62724126They have to do something or the party is going to end. I think the crypto market presents an opportunity to kick the can down the road another twenty years and they can rug it at the end anyway.
>>62724144Check >>62723956>Transacting wealth.
>>62723886crypto currency was a NVIDA scamsince they sold their GPUs to crypto minesthen they needed a new scam, which was AIboth crypto and AI are Nvidia scams
>>62724167That literally means nothing. If I buy a sandwich and pay with a debit card, am I not "transacting" my wealth? Idiot. Oh but XMR is more private than a debit transaction, right? Ok so if I don't want to buy anything from the black market how exactly does that benefit me? Again, what the fuck does any of this crap actually DO to improve anyone's life?
>>62724088Well you can buy silver or gold with it.Is that any value to you?
>>62724198Who says you'll be able to buy gold or silver with it tomorrow? It's a featureless box you can put your money in that you can't eat, doesn't protect you from the elements, doesn't provide you with healthcare, doesn't provide you with transportation, doesn't entertain you when you're bored and you can't fuck it. It has zero inherent value to any ensouled human being so what exactly is to say that this shit will be worth anything in the future? Again, I get that it currently has some dollar or gold equivalent price because of speculation but how is that any different than going to a casino? WHAT DOES IT FUCKING DO.
>>62723984Not anymore gramps the economy is goon and gamble that’s it
>>62724186>Ok so if I don't want to buy anything from the black market how exactly does that benefit me? Again, what the fuck does any of this crap actually DO to improve anyone's life?The point of privacy is that you're able to choose when to give what data to whom. A bank account won't give you that choice, your information is disclosed to your bank. Same goes for a credit card and they will likely use that info to advertise to you and put you into different brackets. Most XMR users believe it's nobody's right to know who you are transacting with and for what purpose. Others just enjoy not being dependent on a bank. Others still like having a system that's free from jewish influence. Whether you share any of those beliefs or just want convenient internet money is up to you.
>>62724263>just want convenient internet moneyExcept currently it's not more convenient, it's a lot LESS convenient because you can't buy groceries with it (or basically anything else for that matter). Also, any time you buy something you are expected to pay sales tax (again, unless you're a criminal buying on the black market) and so other people are going to know what you bought anyway. The company you bought from will obviously also know and probably sell that sales data to third parties like they already have been doing for decades at this point. You are straight up retarded.
>>62723911https://bitref.com/fees/
>>62724288In Eritrea the minimum wage for work in the public sector is US$24 per month. Gotta love spending 1% of your monthly wage every time you buy something and still having to wait 10 minutes for the transaction to go through.
>>62723886Allows drug cartels to move money around rather than just trading on the fungibility of drugs in a market.
>>62723886>a vessel for speculationThis. Welcome to clown world OP. You can either fight it or embrace it.
>>62723886it wont go to zero because my gymrat friends need them to buy roids
>>62724523anyone talking about usecase is delusion, yes its all speculation in clown-worldI pick my alt-coins by how retarded they are. The more retarded, the better. When I say "holy shit thats retarded" its a def buy>Doge>Shib>dogwifhat>moo-deng or whateverits the meta
>>62724285>and so other people are going to know what you bought anyway.
>>62723886>xmrYou can send and receive digital money anonymously. This enables you to do things like buy anonymous sim cards, buy drugs or evade international sanctions placed on your country.Pretty big if you ask me.
