saying “no use case” and “speculative” in the same sentence is always hilarious, yeah, service the speculators
its financial services and entertainment, the latter of which is also a big sector and valuable to humans
It is a morally repugnant gambling speculative vice which destroys lives and is even worse than fiat.
Not to mention Bitcoin and the like burning the planet trying to solve useless puzzles.
yes, gambling is a big industry too, why do you keep naming use cases that have validation of their value?
What good is there in a so called currency based on fictitious tokens created out of thin air and backed by completely nothing and adding nothing useful to society?
Even Nvidia agrees:
https://www.theguardian.com/technology/2023/mar/26/cryptocur...
At least gambling is regulated where as crypto is a unregulated decentralised wild west where there is no protections whatsoever.
Where is the use case in people losing money in a pyramid scheme using crypto tokens?
Speculation is not a legitimate use case for something that aims to become a currency. If I am trying to buy a loaf of bread with a crypto token and the price plummets and fluctuates wildly for no reason that is backed by nothing, it is not useful at all.
You can try and justify crypto all you want, However and objectively speaking, there are far too many pyramid schemes, far too many ponzi schemes, scams, rugpulls and ransomware crypto payments, unregistered ICOs that crypto is harbouring to even take seriously after 15 years of its existence.
I'm glad the crackdown is happening.
You could just say a relevant point rather than failing to make a point like crypto.
Pro-tip going forward in life: try not to throw out the baby with the bathwater.
In fact crypto bros like yourself are the ones asking for regulatory clarity, to which it is you that is in need of an external authority to save you from yourselves.
Because crypto and it's industry clearly cannot save itself, that's why it needs regulation. With or without regulation crypto will collapse anyway.
It's unclear why you think putting words in my mouth is going to achieve anything. ICOs don't need any special regulations, existing contract law is fine.
Finally, I'm not sure why you've written "regulatory clarity" there. Of course we'd like the authorities to act in a predicable way, but that's an orthagonal issue to how restrictive those regulations should be. It feels like you're just throwing out phrases you don't quite understand.
So? Whether or not you chose 15 at random, it still does not change my point.
I still don't see the point you're trying to make here, crypto is completely unregulated and doesn't provide any benefit to society at all.
At best it needs to be pushed off shore, banned completely or both.
It is great to see this crypto exchange ceasing operations and getting the message that they are not welcome in the US, hopefully other countries will do the same and show crypto the door.
Modern currencies like USD, EUR, JPY etc. don't have intrinsic value either.
> It is a morally repugnant gambling speculative vice which destroys lives and is even worse than fiat.
We should ban speculative buying of comics, gaming skins, Pokémon cards and, of course, gambling in casinos worldwide too. Also, the gambling on Robinhood is morally repugnant too, as grown up adults can't be trusted to manage their money.
> Not to mention Bitcoin and the like burning the planet trying to solve useless puzzles.
The value in solving the puzzles is securing the network (no other network is as secure as Bitcoin, see [1]). Gold mining uses the same energy amount as BTC. [2] Only 8% of Gold of the gold dug up is used for productive means by the industry. The rest is bought by speculators, jewelries and central banks because it's shiny. [3]
[2] https://ccaf.io/cbeci/index
[3] https://www.statista.com/statistics/299609/gold-demand-by-in...
Arguably, they are like ownership into the country's GDP and military influence no?
Well, yes, but that doesn't give you intrinsic value. If you are long a currency, you make a bet that other people have confidence in the government's ability to enforce the currency and keep economic output high enough to keep the value stable.
However, if the government collapses, the money becomes completely worthless. There is no commodity, product, or service backing it up.
> Education is speculative gambling... Driving is speculative gambling...Eating is speculative gambling...
I also hope and assume you have reputable evidence of all three of these in the next hour or two (!)