Mandatory Registry For Bitcoin And Crypto

[lunar]

how can you say something is "on a par" when its customers get swindled and hacked regularly, and there is no recourse?

You are confusing security and protection. You can do things securely on your own. However, if you make a mistake or get defrauded, - yes - there's no protection for you. On the positive side, nobody can freeze your crypto wallet if you keep your keys.

sorry, but the chance of losing your money with crypto is much much more than with a normal bank.
And within Argentina, bank transfers from my phone are instant and free. Whats the handling charge if I buy a new frio/calor at fravega by buying bitcoin, then selling it again? Assuming Fravega took bitcoin, which, of course, they dont.

I am not telling you to use cryptocurrencies for things you don't think are necessary.

I previously provided an example involving money transfers. Currently, you can conduct these transactions entirely online. However, if crypto-exchanges in Argentina were to disappear due to draconian regulations, people would have to go to 'cuevas' and face higher spread fees, because of the lack of competition.

Additionally, carrying cash could expose them to increased risk. For me, the risk of being robbed while carrying cash around outweighs the risk of making the transfer via crypto.

 

[Reply Guy]

It's a nascent industry with lots of scams and valuable products being built. That website that you keep linking will have stories every day for years I'm sure. Investors lost billions during the dot com boom. Web Van lost 800 million alone for investors. Investors will lose billions in the AI bubble. Does this mean the whole technology is a scam?

NO assets back any of this stuff, as much as the stable coin guys tried to convince you that there were.

Which stable coins? https://www.circle.com/en/ has no assets backing their coin? Partners include Visa, Blackrock, BNY Mellon.

how can you say something is "on a par" when its customers get swindled and hacked regularly, and there is no recourse? I once had someone steal a check I wrote from my mailbox, change the amount, and cash it. My bank covered the entire amount, and free of charge changed my account to a new account for security reasons. Does Ethereum do that?

Ethereum doesn't get hacked. Applications on top of it can get hacked. Let's take your example of Prisma. It appears to be a lending market. You can take your Ethereum - lend it and get paid a yield. That program got hacked, and the people lost their money. Shitty product. There are lending markets like Aave, that have been around for many years with no such incidents.

Yes if the organization that built an application on Ethereum wanted to provide insurance funds to people that lost money like a bank they can do that. It has happened.

I never lost a dime using the internet, cell phones, my cnc machines, my cvt transmission, my heat pump, all the various computers I have owned since 1984, or any other tech I have owned.

Blockchain permits the transfer of value from one computer to another, without an intermediary. A heat pump heats water. This is why if you are recklessly using blockchain you can lose money, whereas with a heat pump you won't.

 

[Alfred_Arnold]

A heat pump heats water.

I liked your whole comment minus this line.

Also, enjoy the irony needing to preach the good word of cryptocurrencies all these years later in a forum of expats (ostensibly some of the top users of cryptocurrencies period, expats/digital nomads) in Argentina (some of the highest adoption and easiest daily utility).

 

[Reply Guy]

I liked your whole comment minus this line.

Also, enjoy the irony needing to preach the good word of cryptocurrencies all these years later in a forum of expats (ostensibly some of the top users of cryptocurrencies period, expats/digital nomads) in Argentina (some of the highest adoption and easiest daily utility).

I confess that I don't know anything about heat pumps

 

[Ries]

I was merely pointing out that I have been an early adopter of tech for 50 years or so and that I am not afraid of new technology.
(I am old enough to have known people with coal furnaces, and owned places with oil furnaces, so, to me, a heat pump, known here as a frio/calor, which heats and cools without tank truck deliveries, tanks, flames, odors and fumes, and is cheap and small and quiet to boot, was, to me, a big step forward)


I still have not seen any reason why using bitcoin or crypto for any of my financial transactions would not be more expensive and more work.
I can transfer money direct from a bank to a bank, safely, with my phone or computer.
I can buy pretty much anything in Buenos Aires, down to one bottle of water, with a direct transferencia to an alias with my phone.
I used a wire transfer to buy my apartment here in 2007, it was one phone call, and worked perfectly.

Everyone I know who is really into crypto is all about the speculation aspect. Making money because its going to go up up up.
Me, I have always been a more conservative investor, buy and hold kind of guy, for my 401K. And longterm, apple or microsoft stock, even if you could only buy 1 share, was as good or better than the ups (and then downs) as most crypto.
Of course, I know people who swear they always win in vegas, too.
All the Argentines I know who use crypto do it to avoid AGIP.

 

[Reply Guy]

I was merely pointing out that I have been an early adopter of tech for 50 years or so and that I am not afraid of new technology.
(I am old enough to have known people with coal furnaces, and owned places with oil furnaces, so, to me, a heat pump, known here as a frio/calor, which heats and cools without tank truck deliveries, tanks, flames, odors and fumes, and is cheap and small and quiet to boot, was, to me, a big step forward)


I still have not seen any reason why using bitcoin or crypto for any of my financial transactions would not be more expensive and more work.
I can transfer money direct from a bank to a bank, safely, with my phone or computer.
I can buy pretty much anything in Buenos Aires, down to one bottle of water, with a direct transferencia to an alias with my phone.
I used a wire transfer to buy my apartment here in 2007, it was one phone call, and worked perfectly.

Everyone I know who is really into crypto is all about the speculation aspect. Making money because its going to go up up up.
Me, I have always been a more conservative investor, buy and hold kind of guy, for my 401K. And longterm, apple or microsoft stock, even if you could only buy 1 share, was as good or better than the ups (and then downs) as most crypto.
Of course, I know people who swear they always win in vegas, too.
All the Argentines I know who use crypto do it to avoid AGIP.

Fair enough.

You're right that there are many scams and a ton of speculation as that website highlights, but if you have an open mind, look into some of the constructive and legitimate use cases. Maybe you'll change your mind, maybe not.

Thanks for explaining to me what a heat pump is too

 

[sts7049]

I was merely pointing out that I have been an early adopter of tech for 50 years or so and that I am not afraid of new technology.
(I am old enough to have known people with coal furnaces, and owned places with oil furnaces, so, to me, a heat pump, known here as a frio/calor, which heats and cools without tank truck deliveries, tanks, flames, odors and fumes, and is cheap and small and quiet to boot, was, to me, a big step forward)


I still have not seen any reason why using bitcoin or crypto for any of my financial transactions would not be more expensive and more work.
I can transfer money direct from a bank to a bank, safely, with my phone or computer.
I can buy pretty much anything in Buenos Aires, down to one bottle of water, with a direct transferencia to an alias with my phone.
I used a wire transfer to buy my apartment here in 2007, it was one phone call, and worked perfectly.

Everyone I know who is really into crypto is all about the speculation aspect. Making money because its going to go up up up.
Me, I have always been a more conservative investor, buy and hold kind of guy, for my 401K. And longterm, apple or microsoft stock, even if you could only buy 1 share, was as good or better than the ups (and then downs) as most crypto.
Of course, I know people who swear they always win in vegas, too.
All the Argentines I know who use crypto do it to avoid AGIP.

your bank works fine so long as the dollar is a stable, usable currency. what happens when it isn't?

trading/investing in crypto to make money is something different than people who see it as a free and independent source of value

 

[JeffR]

I liked your whole comment minus this line.

Also, enjoy the irony needing to preach the good word of cryptocurrencies all these years later in a forum of expats (ostensibly some of the top users of cryptocurrencies period, expats/digital nomads) in Argentina (some of the highest adoption and easiest daily utility).

Well said!

 

[steveinbsas]

your bank works fine so long as the dollar is a stable, usable currency. what happens when it isn't?

You (speaking generally, of course) will wish you had bought a small (and relatively safe) chunk of land where you can grow your own food and/or have some egg laying hens and milk producing goats...

...and are surrounded by neighbors who have, at the least, done the same...

...and have prepared well enough to get by with little or no cash for a while (and longer than that) if and when it is necessary.

 

[steveinbsas]

PS: I am quite certain that none of my neighbors would be willing to accept crypto for anything I might want to buy from them, but I have friends in the nearby barrio who would pay my electric bill in exchange for eggs and fresh goat cheese...if I ever lose access to the banking system in the US...

....and the electricity is still on here.