this post was submitted on 30 Apr 2024
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Wait are you telling me that the company that ties a debit card to my name and is owned by the founder of a surveillance company and funder of fascists isn’t secure? /s But yeah, Venmo is the opposite of secure, but it’s filled a specific use case that cash is great for and that crypto often likes to act like it’s good for.
So what would it take for me to trust a cryptocurrency? Stability, wide use, actual security, and low transfer costs and risks. It’s competing with cash and Venmo for use case so it needs to actually compete with them.
I think crypto has more or less shit the bed here. BTC is created by a gold fetishist and is deflationary. The whole of normal people’s perception of crypto is that it’s an investment. There’s also the resource intensity of everything. There’s just so many problems here that cash just resolves.
Yea, crypto is not without its problems. But it is the closest we have to cash for online world. What would you really do when you can't go somewhere physically? Send cash by mail? This is indeed an option in some places, but in other the cash has a high chance of not getting through at all.