Can Crypto be trusted?
these guys really dominated the crypto marketing
Yes, I love crypto vs classic stock market BUT at the right time.
I love crypto vs stock market but at the right time.
USDT / USDC
You know that stablecoins are not crypto right?
You may as well say to me "Googly gaggly waajactiyaiya,l jumpoodly doo" They both pretty much have the same meaning. I don't understand what I said, and I don't understand what you said.
Absolutely not! To me it sounds absolutely delusional to claim that the main use case for cryptocurrencies is money transfers. It's high risk investment, it's speculation, I would even accept a store of value. But money transfers? Sure, it happens sometimes, but the vast majority of people do not own crypto, so they can use it to pay for things. The whole HODL thing is antithetical to an actual everyday currency, so are the high fees and the waste of energy on mining.
That’s not correct—USDT and USDC are cryptocurrencies and work just like other coins or tokens on the blockchain. The main difference is how they’re designed to maintain stability. They’re built as stablecoins, which means their value stays pegged to $1 by being backed by reserves. While they share all the core features of other blockchain assets, like transferability and smart contract compatibility, their unique setup is what keeps their price stable.
FTX didn’t fail because of crypto itself—it failed because of bad actors and mismanagement, just like a traditional financial institution might collapse if someone misused client funds. Sam Bankman-Fried (FTX's founder) was accused of siphoning customer assets to fund personal ventures and cover bad bets. This wasn’t a failure of the technology behind crypto; it was a failure of the people running it.
If you're saying, "Show me someone who’s cashed out successfully," there are plenty of examples. People have cashed out millions during bull runs. (Heck, Coinbase and Binance wouldn’t even exist if there weren’t people cashing out and paying fees on their way out the door.) But like any investment, success depends on when and how you play the game.Show me someone who took $100k back out of crypto after putting in either less or the same after they wanted it back. I double dare you...
Thanks for the info. I still think it's one big scam, hahah
and I'd rather have my brain for business principles over gambling my made money on digital currency amounts going up over time (hopefully).
When does such a time come?
You're comparing apples and oranges. You're talking about centralized platforms messing up, not crypto itself. If I send you fiat to your bank account and it doesn't arrive, how do you prove you didn't receive it? You have to deal with the bank, which can hold your money and tell you all sorts of stories, especially with international transfers. Now, about your examples: FTX wasn't about crypto, but derivatives; Luna offered 19% APY without explaining how, and its tokens weren't backed by anything; BUSD was backed, and everyone got their funds back when it was shut down. These are examples of centralized failures, not a problem with the core idea of crypto: peer-to-peer transactions. If I send crypto to your wallet, you can't deny receiving it – there's a public transaction ID and blockchain record.
My pension? Oh, you mean the thing the government generously "borrowed" 10 years ago and never returned? Yeah, they also decided I need to work a few more years for good measure. So, to answer your question: yes, it's pretty much gone.
Depends where you're at, bro. In developed countries, people go into government for the power trip, in developing ones, where the government's power is limited by poverty, they go in to become super-rich. But that's not really about crypto. Getting back to digital assets, governments are slowly figuring out how to profit from them.
Check the facts, bro. The second biggest crypto, USDT, has 66% of its volume used for international business payments, not speculation or investment. It's way easier and cheaper for businesses to do cross-border transactions this way, especially in countries with unstable currencies.
Fair enough. I did not think stable coin at all. I might have underestimated that use case. Still, it's important to put those numbers in perspective. The USD FX turnover per day was 6.6 trillion in 2022. Not exactly retail and that does include speculation, but it's just a banana for scale number I found with a quick Google search.
That's good news for the cryptocurrency community and investors.
Yeah, I work in Forex, so I'm familiar with the stats. Actually, the FX turnover hit $15 trillion in 2023, not 6.6.
Care to expand on that a bit more or point me to a thread where you have already?
The 10 trillion number comes from the concept of reserve requirements for banks. Basically, central banks force commercial banks to hold a portion of their deposits in reserve accounts at the central bank. This money is essentially "frozen" and can't be used for loans or other active operations. It's there to ensure smooth transactions and provide liquidity.