some questions regarding cryptos

[alpha_provider]

1. What happened to the "no fees" argument? From what i'm reading, you pay fees for every transaction you complete

2. What happened to the "no intermediaries" argument? you can't even hold cryptos without using (someone's) online wallet, not to mention paying/subscribing to a bunch of shady sites providing "information" about the pertinent market/sector

3. What happens if you open your online wallet and get an error of any kind or just see your balance is smaller than it should be? Who protects you from thieves (and thieves here arent your local hobos, but educated software engineers/hackers and guys of similar profile)? Which institutions and with what resources? Also, aren't transactions completely untrackable (which was the third and last semi-sound pro crypto argument)?

4. From 1 to 10, how stupid would you say you are?

Thank you

 

[AlexBrown84]

buy monero

thread closed

 

[mogger123]

No fees was never an argument. But they are "fairer" fees because they are paid to and determined by supply and demand of decentralised actors instead of one centralised entity charging whatever they like

No intermediaries is specifically referring to handling of transactions. Intermediaries can be good for other things (pure decentralised is a meme)

Every transaction on a Blockchain is trackable, it's a public ledger. The problem is connecting the wallet to a real person in on/off ramps. Governments are already regulating the shit out of this and typically catch thieves. Eventually, the same safeguards in our current financial landscape will also exist in crypto

 

[alpha_provider]

shifting the goalposts
straight lying

 

[_MVP_]

The "no fees" argument in cryptocurrency is often associated with lower transaction costs compared to traditional financial systems. However, some platforms or services may impose fees, and transaction costs can vary based on network congestion and the specific cryptocurrency used.

While cryptocurrencies aim to eliminate certain intermediaries, the reality is that many people use third-party services for convenience, such as online wallets or exchanges. This introduces some level of centralization and associated risks.

Cryptocurrency transactions are irreversible, and if you encounter issues like an error or unauthorized access to your wallet, recovery can be challenging. Security measures, such as private key management and two-factor authentication, are crucial. Institutions like exchanges may have security protocols, but individual responsibility is key.

Transactions on public blockchains are transparent, but they are pseudonymous, not completely anonymous. While this offers a degree of privacy, it's not absolute. Authorities and cybersecurity measures aim to address illicit activities, but the decentralized nature of cryptocurrencies can make regulation challenging. Education and responsible use are essential for users to protect themselves.

 

[alpha_provider]

No fees was never an argument. But they are "fairer" fees because they are paid to and determined by supply and demand of decentralised actors instead of one centralised entity charging whatever they like

No intermediaries is specifically referring to handling of transactions. Intermediaries can be good for other things (pure decentralised is a meme)

Every transaction on a Blockchain is trackable, it's a public ledger. The problem is connecting the wallet to a real person in on/off ramps. Governments are already regulating the shit out of this and typically catch thieves. Eventually, the same safeguards in our current financial landscape will also exist in crypto

who's gonna fund the police/investigators and judiciary (and a bunch of other institutions for dealing with scams

 

[mogger123]

who's gonna fund the police/investigators and judiciary (and a bunch of other institutions for dealing with scams

whoever currently does it

 

[alpha_provider]

whoever currently does it

you do, genius