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But crypto is borderline useless that consumes more electricity than the entire AI industry while enabling alot of illegal activities and money laundering. I was quite susprised when my drug money found their way into normal people's lives.
But crypto is borderline useless
As decentralized money it's great. Even central banks are making their own crypto. It's a great technology for supply chains.
that consumes more electricity than the entire AI industry
AI and cryptocurrencies consumed around 460 terawatt-hours (TWh) of electricity
Bitcoin is estimated at 155 TWh per year to 172 TWh per year
while enabling alot of illegal activities and money laundering.
Given the public and immutable nature of crypto, it's a really bad way to do anything illegal. In 2024 Illicit volume dropped to USD 45 billion, down 24% since 2023. This represents 0.4% of overall crypto transactions
As decentralized money, it's great
It's not money. It's not accepted as money anywhere that matters.
It's a market speculation vehicle built on the fucking aether, that you can currently sell easily enough in small quanties in order to get some actual currency that retailers will accept.
But it sure as fuck ain't money. It's just a bunch or techno-utopians huffing farts.
It's not accepted as money anywhere that matters.
You can buy houses and cars with crypto.
It's a market speculation vehicle built on the fucking aether
Heard of futures, options and swaps? Aren't they equally built out fucking aether.
But it sure as fuck ain't money
It is accepted as payment for goods and services and repayment of debts.
The estimated amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars.
If crypto was so great for money laundering and illegal activity, we'd see so much more of it. The number is as high as it is because Bitcoin is super convenient, so people go out of their way to try to make it work.
Agreed. The upper estimate is that only 5% of money laundering goes through crypto.
If we can somehow kill off the bulk of the pump and dump nonsense and discourage speculation, maybe we can get somewhere with crypto.
First wave was ICOs
Second wave was NFTs
Third wave was (is) memecoins
Are the waves are getting smaller?
Next wave is real-world asset tokenization. I think we'll see more and more shifts to useful applications as the tech matures.
Hopefully. It seems like the whole dapps/web 3 thing fizzled, so it's probably not going to be that next.
As decentralized money it’s great.
I think you mean, it’d be great if it took off… as money. Right now it’s an investment barely more useful for buying things than corn futures.
Crypto is definitely money.
I think you mean, it’d be great if it took off… as cash. Soon it will be as easy as using Visa.
s/cypto/banks/