this post was submitted on 14 Sep 2023
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So the use cases are:
Buying illegal shit
Scummy crypto exchange as middle men
Small payments that never got used
Trying to become rich by sitting on money
The argument is more that we already have better solutions than the one crypto tries to fill. Instead of finding a solution for a problem, crypto tries to find a problem to solve.
Blockchain may have some use case somewhere, but it is definitely not in money.
And you think the companies charging exorbitant fees to remit money aren't scummy? Crypto has its myriad issues, but remittance is one rock-solid example of it disrupting an egregiously predatory industry in a very positive way.
Buying illegal shit is important. I never would have accomplished the truama recovery I have in the care access desert we lived in without being able to buy psychedelics online. I'm thriving personally because of a few high quality darkweb dealers. I'm great at my job in part because they sent me accurately labeled and carefully grown cannabis when it was illegal, so I was gaining strain knowledge and experience when most of my coworkers were getting the best generic weed they could find in town. If the fascists succeed in making trans care illegal, I'll use it buy my hormones. It pains me to see the intense turn against crypto, because, used for actual commerce rather than as an investment, it kinda saved me. We never used bitcoin unless we couldn't help it. I've always been angry that using the least energy efficient coin as an investment became the norm. The value of crypto, in my opinion, lies entirely in its prompt and regular use as currency. Hodlers ruined things for everyone.
Yeah crypto critics often gloss over the fact that the war on drugs is an example of repressive government policy and that darknet markets where a lifeline for folks using drugs. As an example, psychedelic have genuine therapeutic uses and on the street level, many "research chemicals" with horrible safety profiles are sold as things like LSD or MDMA.
With a darknet market you get access to a community that can help vet sellers through forums, comments and rating that help keep users safe.
Moreover what this shows is crypto can help organizations or people under repressive governments. Another example was a group in Nigeria who was protesting against the police group SARS. The Nigerian government froze their bank accounts but the group was still able to fundraise using BTC.
You are just putting a negative spin on things that are not necessarily negative. The last one is not at all specific to crypto.
Let's not forget that monitary structures are currently backed by governments, crypto offers a way out of the risks associated with that structure as well. Of course if crypto ever takes off it will end up controlled by corporations which is not inherently better, but at least it offers a choice / way out from governmental whims.
A lot of technological changes start as things trying to find problems to solve - that's often how discovery works.
I don't share your confidence. Clearly crypto isn't going to sprout in popularity any time soon, but there aren't nails in this coffin.