Explain to me why I'm 5 why anyone would ever actually use Crypto Currency?
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Date: June 25th, 2017 6:34 PM Author: Ocher Splenetic Trust Fund
Drugs, human organs, massive bribes to government officials, having somebody killed, etc....
Crypto is entirely about a safer way to pay for shit that could get you locked up.
Its the currency of choice for bribing Russian officials now. They wont take real money.
(http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33639070) |
Date: June 26th, 2017 4:05 PM Author: Disturbing kitty cat
Hey kid, I'd be happy to answer your question, but get in my van first. You like candy? I got lots of candy. Yeah, and it's hot out so why don't you take off your pants? All kids take off their pants when it's hot out! Now, before we talk about crypto-currency, let's be clear on something: don't tell anyone about playing with me in my van or else I will kill your parents. Ok? Now, I can answer your question, but I have to put a finger in your butt first. It helps me concentrate. There, that feels good, doesn't it? Now, what do you want to know about crypto-currency?
(http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33646440) |
Date: June 29th, 2017 12:43 PM Author: frisky legal warrant
crypto is simultaneously valuable and worthless so it is useful in instances where you want to give people money but where it would be awkward to give them cash
Awkward: giving cash to a friend who needs to pay pressing credit card bills which places him in debt to u
Not awkward: sending that friend thousands of dollars of monopoly money that will nevertheless change his life
(http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668324)
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Date: June 29th, 2017 1:04 PM Author: Swashbuckling Transparent Double Fault Principal's Office
money is just violence coupons issued by the state.
in virtually every country with a working tax system, citizens cannot transact to their own benefit without accruing tax liability.
in the U.S., that tax liability can only be satisfied in dollars.
if you don't satisfy your tax liability, the U.S. government can come to your house and use its monopoly on violence to take and sell your shit until your tax liability is satisfied. this repo/foreclosure process is not always swift but it is certain and ALWAYS more expensive than just paying the accrued liability up front.
this is the only reason that paper currency has value: to pay off the state so it doesn't exercise its unique ability to come and take your shit by force.
this is why cryptocurrencies make no sense to me. the issuer (i.e., the code) would need to be able to tax users for crypto to be a real liquid currency.
(http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33668501)
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Date: June 29th, 2017 3:07 PM Author: Swashbuckling Transparent Double Fault Principal's Office
The point about counterparty risk is helpful. Bitcoin makes a lot more sense if you think about it maybe 10-20 years from now and imagine it being deeply integrated into the payment AND delivery systems of, e.g., Amazon, such that the exchange of bitcoin didn't occur until the exact moment when counterparty risk shifts from seller to buyer as agreed among the parties (e.g., FOB destination). If the exact moment of exchange is calculated by computer code that is constantly being updated to eliminate errors, then I think it's possible to practically (if not technically) eliminate counterparty risk.
In other words, cryptocurrency makes a lot of sense in a world where we are ruled by robot overlords who rule not by force but by placating us with perfect satisfaction of our highly predictable consumerist impulses.
I'm sold. Buying in now.
(http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33669680) |
Date: June 30th, 2017 5:33 PM Author: frisky legal warrant
crypto is not that useful for buying stuff u could get with cash bc, as u point out, u could just use cash
but when u can't use cash, or don't want to use cash bc it would expose u to risk, that's where crypto is useful
actually this bort is not a bad example of that happening. it would be somewhat risky/difficult for a multimillionaire to humiliate a bunch of lawyers by making them beg for USD, but he can do so easily by using crypto
there are a lot of pseudoanonymous/anonymous businesses where this could be valuable, e.g. SA/escort review/gambling/other industries with significant reg and identity disclosure risk
(http://www.autoadmit.com/thread.php?thread_id=3657694&forum_id=2#33678146)
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