The banking system is fully regulated as you’ve pointed out but it’s full to the brim with criminals many of them with the formal blessing of the state so regulation wouldn’t solve anything. No one can force people to do the right thing over and over we tell newcomers to run your node, do due diligence on development teams, read the terms and conditions of the dapps you use, don’t store your keys on exchanges/in the cloud etc and people don’t listen just like how governments have warned people for centuries about drugs and people have ruined themselves and their families.
You asked what can one do, I answered. I’ve been doing my part about the financial sector. Perhaps it’s time you do yours about the cryptoscams, instead of insisting nothing can be done.
I can’t force developers to stop working on bad projects I can only withhold funding from them and encourage others to do the same it’s not my responsibility to ensure that no scams exist because that would be impossible I can only guide people to the information and the decision to use/not to use is up to them
fuck off it with your claims about whataboutism i just said I don’t use/nor provide support to any of the applications/blockchains mentioned just like the traditional finance world there are risks are involved and it is your responsibility to avoid scams and the best sources of information on scams what a joke there are so many well written blogs, academic papers and podcasts etc that go into detail all about what’s wrong in the space from people who are actually knowledgeable about distributed systems and economics some of what is even there aren’t scams but just news about people not/accepting crypto, bug releases and user stupidity
i just said I don’t use/nor provide support to any of the applications/blockchains mentioned just like the traditional finance world there are risks are involved and it is your responsibility to avoid scams and the best sources of information on scams
Sorry, whataboutism and No True Scotsman. Right, you do use both.
I have not seen you say which chains/solutions you do support. Every time I provided sources on how screwed up a particular popular one (Bitcoin, Ethereum, etc) is, you just move the goalposts (“I don’t support that particular one”), while hand-waving about “traditional finance”.
Fact of the matter is: one has way less chance of getting screwed out of their money in traditional finance than in crypto. And, if that does happens, one has way more chance of getting their money back, and of getting the scammers brought to justice. It’s far from perfect, and far too many people still get scammed. But it’s orders of magnitude safer than crypto.
Now, if you’d like to perhaps be explicit for once (other than dropping f-bombs) and commit to saying what exactly do you support, instead of constantly moving the goalposts, that would be great.
You pointed out that btc mining is dominated by a few groups that is irrelevant as they cannot mint more than 21 million btc into existence unless all miners voted to undo this which they aren’t very likely to do because their votes have to take into consideration all constituents of the chain since they derive their income from them even if they decided to do that I could still just choose to use a version of the chain that does enforce the rule/use another existing chain/even create another currency myself in the traditional finance world if my country’s central bank decides to raise their inflation rate to 50% I cannot remain on a version of the currency that maintains the 7% inflation rate in a lot of developing countries around the world central banks do exactly this and citizens have zero means of recourse yes they could the usd, euro etc but the government could expropriate this as well and this has happened in argentina and other states.
I support btc, cardano, ergo, oxen monero and nym none of which are listed in the op. Decentralised finance because of the decentralised nature obviously doesn’t have the same legal protections and other advantages of traditional finance and this is known from the getgo just like with traditional finance you’re told the benefits and drawbacks and it’s up you the user to make your choice no one in either sphere is holding a gun to your head saying you must use my particular bank/blockchain/defi application for defi you can have the option of being able to view/modify the source code of the blockchain/smart contracts ( the only notable exception to this being legal tender where states compel you to use a particular currency/ies whether fiat/crypto to pay debts, fees and taxes in)
The banking system is fully regulated as you’ve pointed out but it’s full to the brim with criminals many of them with the formal blessing of the state so regulation wouldn’t solve anything. No one can force people to do the right thing over and over we tell newcomers to run your node, do due diligence on development teams, read the terms and conditions of the dapps you use, don’t store your keys on exchanges/in the cloud etc and people don’t listen just like how governments have warned people for centuries about drugs and people have ruined themselves and their families.
You asked what can one do, I answered. I’ve been doing my part about the financial sector. Perhaps it’s time you do yours about the cryptoscams, instead of insisting nothing can be done.
I can’t force developers to stop working on bad projects I can only withhold funding from them and encourage others to do the same it’s not my responsibility to ensure that no scams exist because that would be impossible I can only guide people to the information and the decision to use/not to use is up to them
And yet you focus on whataboutism after somebody posts one of the best sources of information about recent cryptoscams.
fuck off it with your claims about whataboutism i just said I don’t use/nor provide support to any of the applications/blockchains mentioned just like the traditional finance world there are risks are involved and it is your responsibility to avoid scams and the best sources of information on scams what a joke there are so many well written blogs, academic papers and podcasts etc that go into detail all about what’s wrong in the space from people who are actually knowledgeable about distributed systems and economics some of what is even there aren’t scams but just news about people not/accepting crypto, bug releases and user stupidity
Bad form, really.
Sorry, whataboutism and No True Scotsman. Right, you do use both.
I have not seen you say which chains/solutions you do support. Every time I provided sources on how screwed up a particular popular one (Bitcoin, Ethereum, etc) is, you just move the goalposts (“I don’t support that particular one”), while hand-waving about “traditional finance”.
Fact of the matter is: one has way less chance of getting screwed out of their money in traditional finance than in crypto. And, if that does happens, one has way more chance of getting their money back, and of getting the scammers brought to justice. It’s far from perfect, and far too many people still get scammed. But it’s orders of magnitude safer than crypto.
Now, if you’d like to perhaps be explicit for once (other than dropping f-bombs) and commit to saying what exactly do you support, instead of constantly moving the goalposts, that would be great.
You pointed out that btc mining is dominated by a few groups that is irrelevant as they cannot mint more than 21 million btc into existence unless all miners voted to undo this which they aren’t very likely to do because their votes have to take into consideration all constituents of the chain since they derive their income from them even if they decided to do that I could still just choose to use a version of the chain that does enforce the rule/use another existing chain/even create another currency myself in the traditional finance world if my country’s central bank decides to raise their inflation rate to 50% I cannot remain on a version of the currency that maintains the 7% inflation rate in a lot of developing countries around the world central banks do exactly this and citizens have zero means of recourse yes they could the usd, euro etc but the government could expropriate this as well and this has happened in argentina and other states. I support btc, cardano, ergo, oxen monero and nym none of which are listed in the op. Decentralised finance because of the decentralised nature obviously doesn’t have the same legal protections and other advantages of traditional finance and this is known from the getgo just like with traditional finance you’re told the benefits and drawbacks and it’s up you the user to make your choice no one in either sphere is holding a gun to your head saying you must use my particular bank/blockchain/defi application for defi you can have the option of being able to view/modify the source code of the blockchain/smart contracts ( the only notable exception to this being legal tender where states compel you to use a particular currency/ies whether fiat/crypto to pay debts, fees and taxes in)