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Bitcoin Is Crashing So Hard That Miners Are Unplugging Their Equipment (futurism.com)
submitted 8 months ago by to c/worldnews@lemmy.ml
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[–] 22 points 8 months ago (19 children)

serious question, what power has Bitcoin gained away from banks?

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  • [–] 2 points 8 months ago (6 children)

    Every movement of money outside of the banks is taking power away from the banks and governments.

    While they will use bad actors as excuses to shut down this flow outside their direct control, the effects from them having a monopoly are far far worse than the free wheeling consequences that came before, and ecompass many of the same problems.

    Much of this crypto is a scam, and gamble stocks, and bad for the environment, yet the idea, money moving outside the control of the banks and governments, is a neccessity to prevent the worst case scenarios we are staring down the barrel of right now. There are worse things than unregulated currency, and an all powerful government(s) run by the worst most malicious people in the world are one of them.

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  • [–] 4 points 8 months ago (5 children)

    You honestly believe power will move away from the banks to you, holding a miniscule fraction of crypto (probably) if you're lucky enough not to have it stolen in a pump and dump? Do you seriously believe that power won't just concentrate somewhere else? That removing economic control won't cause unintended effects?

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  • [–] 2 points 8 months ago (4 children)

    Not at all I've no faith in any of the scams out there right now. But concentrating all of that power into banks under the control of our governments will lead to even worse outcomes. Hopefully some worthy alternatives will arise at some point.

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  • [–] 3 points 8 months ago (3 children)

    Power is distributed by implementing and enforcing effective regulation, not by removing it.

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  • [–] 2 points 8 months ago (2 children)

    We will see how it plays out, obviously the US isn't going to be regulating anything for the better. Anything they have their hands in will be worse, so there's that.

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  • [–] 2 points 8 months ago (1 child)

    I don't have much hope for the US. They seem to believe that anything other than unregulated crony capitalism is communism.

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  • [–] 2 points 8 months ago

    It's all self serving. We are run by greed. The truly great see money as a means to an end, our leaders see money as the end in itself, and it's why they will lose, eventually, as a true leader will unite the people and lay waste to their oligarchy.

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  • [–] -1 points 8 months ago (10 children)

    It's not just bitcoin, but cryptocurrency in general enables decentralized transactions and some of them even maintain anonymity for users.

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  • [–] 11 points 8 months ago*

    Why not go further and imagine a world without money, crypto or fiat?

    Bitcoin doesn't give power to you or me, it just transfers the power from one set of bastards to another, because it's STILL MONEY and money is and will always be a tool for exploitation.

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  • [–] 7 points 8 months ago* (8 children)

    until you need actual cash, in which case you give your identity to any reputable exchange.

    also who actually benefits from "decentralized" transactions? specifically who and how.

    also, that anonymity is what cash is for.

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  • [–] 1 point 8 months ago

    that anonymity is what cash is for.

    Crytpo is a currency of crime and corruption. The biggest problem Pablo Escobar had was moving around thousands of pounds of money, a lot of which he had to bury and was eaten by rats. Cash is hard to launder. Ryan Wedding grew his empire very fast using crypto across borders.

    The only advantage of crypto is that it doesn't physically exist, and no one has to report sending or receiving large quantities of it, unlike cash.

    $1M in 20s is 40-50kg of weight. Hard to smuggle up your ass.

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  • [–] -3 points 8 months ago (6 children)

    until you need actual cash

    Crypto can replace cash if more people use it.

    also who actually benefits from “decentralized” transactions? specifically who and how.

    Everyone that doesn't benefit from the surveillance state.

    also, that anonymity is what cash is for.

    How are you going to exchange cash across vast distances quickly and anonymously?

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  • [–] 8 points 8 months ago (4 children)

    1. sure it can replace cash, but at the cost of mining, and actual usability. anything can replace cash. doesn't mean it will.

    2. again, this is still possible with existing systems of cash, so I don't know who and how will benefit more from crypto.

    3. how often do people actually do that? the most that happens is when my aunt mails me... get this... cash.

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