<story><title>Cryptocurrencies Have Broken Almost All of Their Major Promises</title><url>https://ruky.me/2022/06/14/cryptocurrencies-have-broken-almost-all-of-their-major-promises/</url></story><parent_chain><item><author>mirzap</author><text>I&amp;#x27;m not quite sure where did the author found those &amp;quot;cryptocurrency promises&amp;quot;. Bitcoin&amp;#x27;s promises from the start are straightforward:&lt;p&gt;- P2P money&amp;#x2F;value transfer, no banks, no intermediary =&amp;gt; delivered;&lt;p&gt;- nobody owns Bitcoin network =&amp;gt; delivered;&lt;p&gt;- no government with no amount of regulation can stop a transaction from happening =&amp;gt; delivered;&lt;p&gt;- everybody can take a part in Bitcoin network, you don&amp;#x27;t need anyone permission to join (ie. oppressive government) =&amp;gt; delivered;&lt;p&gt;All currency systems are based on faith and trust. USD value comes from faith and trust in US government. If that trust is breached or lost, and it will eventually like with every empire before US, USD will collapse. With Bitcoin is similar. As long are there people who believe in those principles and promises I mentioned above, Bitcoin will have value. Bitcoin will live. And I think those are universal principles of freedom, which will outlive most (if not all) currencies and empires existing today.</text></item></parent_chain><comment><author>Teandw</author><text>The issue with those promises is that they&amp;#x27;re pretty much empty promises because while they are true at their core, they don&amp;#x27;t hold much basis in reality for every day use.&lt;p&gt;&amp;quot;P2P money&amp;#x2F;value transfer, no banks, no intermediary =&amp;gt; delivered;&amp;quot;&lt;p&gt;At it&amp;#x27;s core, yes. For any sort of adoption&amp;#x2F;usage ability for the &amp;#x27;average day person&amp;#x27;, there will always be a requirement for some sort of intermediary company.&lt;p&gt;&amp;quot;nobody owns Bitcoin network =&amp;gt; delivered;&amp;quot;&lt;p&gt;At it&amp;#x27;s core, yes. However, having no &amp;#x27;owner&amp;#x27; is rather meaningless as governments can regulate it and decide how Bitcoin is used; which has the same effects&amp;#x2F;problems as an &amp;#x27;owner&amp;#x27;.&lt;p&gt;&amp;quot;no government with no amount of regulation can stop a transaction from happening&amp;quot;&lt;p&gt;At it&amp;#x27;s core, yes. However, again, this is pretty much meaningless because they can make it illegal for a transaction to happen or they can make transactions allowed but under their rules.&lt;p&gt;- everybody can take a part in Bitcoin network, you don&amp;#x27;t need anyone permission to join (ie. oppressive government)&lt;p&gt;At it&amp;#x27;s core, yes. But again it&amp;#x27;s not based on reality of life. If an oppressive government outlawed bitcoin, you wouldn&amp;#x27;t be able to take part in the Bitcoin network unless you wanted to break the law. Bitcoin would be on its knees if the only people that could use it were purely illegal users. (compared to its current situation)</text></comment>
<story><title>Cryptocurrencies Have Broken Almost All of Their Major Promises</title><url>https://ruky.me/2022/06/14/cryptocurrencies-have-broken-almost-all-of-their-major-promises/</url></story><parent_chain><item><author>mirzap</author><text>I&amp;#x27;m not quite sure where did the author found those &amp;quot;cryptocurrency promises&amp;quot;. Bitcoin&amp;#x27;s promises from the start are straightforward:&lt;p&gt;- P2P money&amp;#x2F;value transfer, no banks, no intermediary =&amp;gt; delivered;&lt;p&gt;- nobody owns Bitcoin network =&amp;gt; delivered;&lt;p&gt;- no government with no amount of regulation can stop a transaction from happening =&amp;gt; delivered;&lt;p&gt;- everybody can take a part in Bitcoin network, you don&amp;#x27;t need anyone permission to join (ie. oppressive government) =&amp;gt; delivered;&lt;p&gt;All currency systems are based on faith and trust. USD value comes from faith and trust in US government. If that trust is breached or lost, and it will eventually like with every empire before US, USD will collapse. With Bitcoin is similar. As long are there people who believe in those principles and promises I mentioned above, Bitcoin will have value. Bitcoin will live. And I think those are universal principles of freedom, which will outlive most (if not all) currencies and empires existing today.</text></item></parent_chain><comment><author>mtlmtlmtlmtl</author><text>&amp;gt;- P2P money&amp;#x2F;value transfer, no banks, no intermediary =&amp;gt; delivered;&lt;p&gt;Except I need an exhange to get the coins and turn the coins into usable currency&lt;p&gt;&amp;gt;nobody owns Bitcoin network =&amp;gt; delivered;&lt;p&gt;Meh, the biggest investors are still in control in practice.&lt;p&gt;&amp;gt;- no government with no amount of regulation can stop a transaction from happening =&amp;gt; delivered;&lt;p&gt;Yet they can claim taxes on transactions, seize funds, stop you from exhanging the funds into usable currency. But yeah they can&amp;#x27;t stop the transaction itself, which is also true of cash, except cash isn&amp;#x27;t also completely traceable.&lt;p&gt;&amp;gt;- everybody can take a part in Bitcoin network, you don&amp;#x27;t need anyone permission to join (ie. oppressive government) =&amp;gt; delivered;&lt;p&gt;Last time I bought some bitcoin I had to scan my passport just to buy it on an exchange.</text></comment>