• aviation_hydrated@infosec.pub
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    5 months ago

    Well, most of our current economic payment system is smoke and mirrors for the majority of the world. In the US, bank transfers can take up to weeks to process, and the only reason why it looks fast to end users is it’s insured so they just change the digits on the screen

    I’m not necessarily sold on crypto, I am just over the fiat system. Living through multiple economic collapses, seeing prices rise and only held low due to government supplements and corrupt lobbying, and the general way fiat leads to over consumption will do that

    Give me something better and I’ll take it. I know it’s slower than cash, clunky and uses as much resources as google, but right now those aren’t draw backs to me in this current environment where we need debt to sustain day to day existence

    • symthetics@lemmy.world
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      5 months ago

      You know bank transfers are almost instant across most of Europe right?

      That’s a US specific problem. Solutions already exist.

      Yes, there are serious problems with the current system. I hear you, and I agree.

      Fiat isn’t the problem. These are problems with human behaviour, lack of oversight, and a system that incentivises bad practice.

      Crypto does nothing to fix any of them, and in most cases simply makes them worse. It’s not a solution, it’s just touted as one by the crypto rich to bring in new money.

      Just look at the rhetoric vs reality. It’s not ok for governments to just print money on demand, but it is ok for Tether to print Tether on demand which they then use to buy shitloads of BTC to pump and dump the market?

      It’s the same shit, just even worse.

      We’re all being fucked over by the same ultra rich, and technology is not the answer to that.

      Voting in and supporting people who want to start taxing these fuckers and holding them to account is a step in the right direction.

      • aviation_hydrated@infosec.pub
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        5 months ago

        Yeah there are lots of bad actors in the crypto sector, similar patterns existed in the US when towns and companies were issuing their own currencies

        And yeah the US and many developing nations have old infrastructure, the EU and China have the pinnacles of fiat payment systems, but the roll out for upgrades are low and expensive

        I couldn’t agree more, it’s a human issue. I think a finite transparent currency would be useful since it would squash the worst actors (fraud, embezzlement and hidden budgets, in the private and public sectors), but that’s just my guess

        I think more importantly is community and having conversations like these because nothing is a “silver bullet” and we should better as a species. Thanks for chatting, you seem cool

        • symthetics@lemmy.world
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          5 months ago

          Yep I definitely agree with your last point. And likewise, appreciate that we could have a discussion about this sensibly. Not sure a finite currency would solve these issues as they are human issues. My take would be addressing the human aspect of these problems through education, which is to be fair pretty unlikely to happen.

          As you say though conversation is the way forward, whether we’re taking about crypto or anything else. Cheers :)