Alamak. Crypto not so safe now. Ex-Google TechLead gave his thoughts! Fiat always win!

Clickbait (as a milionaire)

Like all of those "to the moon" bitcoin videos too.

Can see that it’s gonna be a falling trend till reset 0

clickbait- (yey! come2 and click my vids, end of the week google will pay me)

Noob.

Crypto is not money.

Crypto is like one of the gambling game in Genting, it enable u to gamble with money.

All in.

this guy all also ex

Ex millionaire

When treating it as a tool to earn MONEY, it has already defeated the purpose of it replacing fiat money.
more like a gamble goreng goreng to earn money.

This post has been edited by Newsray: May 30 2021, 10:36 AM

All in

Did you watch the video?

9:30 ahead

Nobody ever said it was going to replace fiat. It's as impractical as using any asset to transact.

This post has been edited by whyamiblack: May 30 2021, 10:40 AM

Never once you hear people here say "Today I went breakfast/shopping/pay bills, paid with crypto."

Wen I see mass suicides on /biz I'll know it's time to long.

Not true, gambling is just one of the many use case of crypto. Gamblers gonna be gamblers whether crypto exist or not.

Chill...

H
O
D
L

D
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M
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N

H
A
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d
S

summary pls.

Ah just shut ur fxkin toxic mouth dinox.

If Ripple(XRP) doesn't have problem with the US court, i don't mind if it replace the Fiat money, coz it's damn fast, blazing speed international transaction compared to conventional currency via Swift system....

This post has been edited by yongku: May 30 2021, 11:03 AM

Hideo Kojima should stick to mgs

Can buy car or house with cryptocurrency or not?

Who said cryptocurrency is supposed to replace fiat?

Just because its name has a "currency", doesn't mean its supposed to replace fiat.

Nobody every complained you can't use equity shares, gold, properties etc to buy sandwich. But ppl still buy all these assets.

buy low sell high

This post has been edited by mashy potato: May 30 2021, 11:11 AM

No cause fuck this guy, he's annoying

I find it quite practical actually

More importantly can buy vietmoi wife or not?

this guy already a farking loser.. still wanna follow him ???.. topkek..

Really? I hated transacting with it tbh. It's not that fast, it's expensive especially when the network is congested and you type the wrong address, it's all gone. Imagine some old folk try to work around this thing. Practically terrible for daily use. I don't know who called it cryptocurrency when it really should be called cryptoasset. I've lost more money transacting than trying to practice some TA. Luckily the return made up for it but it ended up not that much. Probably when CBDC lands officially, it would probably better. Until then, it's just another asset/derivative imo.

Not loser. He got ultra wide monitors, huge youtube followers, married a Japanese woman, and divorce from her (which to some consider lucky because he gain freedom).

Probably making more money from Youtube talking about cryptos than earning from cryptos speculation.

2021 still got ppl type wallet address?

There are 2 types of ppl.

Those who know how to use cryptocurrency (and have enough wealth around the world to use it)

And those who don't.

2021 you still expect everyone to be tech savvy meh bro? How long already. This will never change. Even if you minus the address, the rest of the points still makes crypto a terrible replacement to fiat. At least until they made a proper CBDC version.

This post has been edited by whyamiblack: May 30 2021, 11:29 AM

Thanks for pointing out why crypto won't replace fiat.

I guess I'm an early adopter then.

Only fools believe crypto wont replace fiat.

Don't take this the wrong way, but I got a lot of objections to that post

Wayyyy faster than bank

Wayyyy cheaper than bank in large amounts

Zaman ini ada orang type kah

If we go by the standard of old folks as minimum for tech adoption then we can stay forever in zaman typewriter and cheque, seriously

In any case the only reason why it is still difficult to use is arbitrary regulation

Semantics lol

Then either you are bull market genius or traded rarely

So complain apa?

Maybe you didn't put in much anyway

Like I said, 99% of UI problem is just banks trying to get their pound of flesh. And hey, isn't this a big step up from FARKING SCAMMER IMAGINARY NUMBER BULLSHIT

This is like saying Internet is useless for anything except GIRO and payment gateway. It's so much more than that.

Encrypted decentralised self-transacting anonymous distributed databases are so much more than just money, man. We just don't have enough people working on end-user solutions yet, because angel investors refuse to fund end-user solutions. There's A LOT of coding work to be done, but the possibilities are incredible.

This post has been edited by KLthinker91: May 30 2021, 02:11 PM

ayam tak tau

i just put money in LUNO and so far it's dipping

Nah. Definitely not faster than bank unless you're talking international money transfer. Even then there are already things like MoneyGram and if you just want to transfer to your own international account, TransferWise does a better job and it goes up to 30k. The problem with crypto like BTC and ETH is scaling upwards. As the price goes up, transferring is just VERY costly. I'd argue that ETH is actually worse than BTC. Cheapest I've paid for gas fee, this is btw when gas fee dropped huge was around 0.015 ETH or something like that. That's $20+ when ETH was around 2k. That was the only time ETH was cheaper than BTC. The issue with BTC was it was taking at least 0.001 BTC. This means for either one of them, it was only worth it if you need to transfer 0.1BTC or 1ETH and above. I paid maybe like 1/10th of that transferring money through TransferWise and very close rate too. Daily use? Impractical. This is why I don't see why it will ever replace fiat. As another asset or derivative, sure. That's not even getting to governments and central banks.

Unless you're transferring 100k or millions on a daily basis, it's just straight-up impractical. There are seriously better ways to do that.

Again, maybe we don't type and use QR code since it's convenient. But not everyone's that savvy. Second, you're really relying on cameras and there are some shitty cameras out there and phones not maintained very well. So many issues, worst is there are no CS and there can't be CS because that's the whole point of decentralization.

The current tech that we have is already hard to implement and if you compare with crypto, what we have is like nursery school. It's that easy. Yet companies still have to pay for customer service. This is not that hard to figure out.

I mean you can put it however you want bull-market genius or anything but it still doesn't change the fact that it's a terrible fiat replacement. I'm happy as long as I made profits and actually learn how it works and its practicality but I'm not going to stay in denial of its issues and live on hopium just to believe my money would double or triple. I've my own projections for these things and above a certain price, I would not pay for it. I've actually tried transferring to different entities to really test the practicality of this thing. Like from Luno to Binance and backwards. To places like CakeDefi so you can stake and make up better interest. From an investor perspective, yeah sure. But we're talking about fiat replacement here. It just sucks.

If you need to put a lot, then it defeats the whole purpose of it being a medium of transaction, isn't it? Just proves my point.

Definitely UI is a problem but it's very clear that that's not JUST the problem. If you need 0.001BTC to make a transfer and people are on hopium that it's worth up to $1m, someone is on denial.

Yeah but that's like saying this whole thing is worth only promises. This is why I called it just another asset/derivative. Until that promise shows any sign of delivery or something gets delivered, it's just another speculation. I'll still put some money in it but not gonna lie to myself thinking this is gonna replace fiat. Again, to be clear, there are plenty of things I like about it but none of it makes it a great replacement to fiat.

This post has been edited by whyamiblack: May 30 2021, 03:30 PM

I think you're being a little short-sighted if you look at it that way, bearing in mind the whole sector is in infancy. Many of the UI problems you mention are about the same as people used to say about e.g. online shopping back in dial up era. Slow, requires expertise, inferior to existing alternatives. And we are indeed in dial up era as far as crypto is concerned. But look how far things have come. If you see the potential of the tech, and I'm fairly certain you do, IMO you shouldn't see it as speculative but as a developing technology with a 20-30 year growth horizon.

That being said. At least you're much better informed than most naysayers. So. Whatever our specific difference of opinion... Buckle in, get the popcorn and let's watch where this goes, eh?

how to cash out LUNO to local bank?
sory, ayam noob with btc

this guy kuda lar
when naik that time crypto is everything
when turun that time, fiat is everything

everything also got naik turun one, you see got one /k here i will not name, bought at high price also relaks only

playing with jewtube algo

Does Moneygram allow you to transfer MYR 200k anywhere in the world? Does TransferWise allow you to transfer GBP100k instantly back to Malaysia?

Even when it comes to transferring smalller amounts like MYR30k, the transaction fees for crypto win hands down. I'm not sure whether you did your maths correctly or not. I can transfer XRP anywhere in the world in less than 2 minutes by paying less than $0.30 in transaction fees. Which bank can provide this rate? Even $20 is peanuts when compared to the rates that Fiat money changer provider charge, unless you're talking about really small amounts.

There are different use case for different payment options. Cash is good for small transactions in pasar. Credit card is good too, for small to medium transactions. Crypto is currently good for large and cross border transactions.

Lets not forget, there has been a time when credit cards are not accepted for small transactions. Adoption of new technology takes time.


Again, currently there are really only 2 types of people:

1) The ones who knows how to use crypto, and actually have enough wealth to maximise its use
2) The ones who don't. This group may know how to invest or speculate in it, but they don't necessarily know how to use it.

janji USDT semakin banyak ... boleh ditukar ke MYR

cash out to wallet first then can depo in bank account

Is it a brown bunny profile picture ah

Actually xrp damn gooding. Only SEC case hurt it.

And instead other crypto which is damn expensive to move around go to the moon instead....


Inb4 butthurt xrp hodler

For me I always change to USDT / USDC immediately... Within few minutes you won't lose too much.

good good
let it fall please
cheap sikit
hehe

Hmm I don't mean crypto or blockchain is bad, certainly not blockchain and you're right, my current issue is with the current projects. But here's the thing though, BTC doesn't change. This just means that whatever it is in the future, I can't see BTC nor ETH in it. Maybe ETH 2.0 or things like Solana. Compared to what we already have with visa, it just seems backwards (1700 transactions per second with track records). But seriously, there's no way governments are going to let go of their powers and they are necessary cogwheels in a society. It just seems natural that it will be absorbed by them for things like local currency. Also, same reasons below.

True but XRP is like the least decentralized version of them available which proves my point, it's very likely that this is just going to be absorbed by the current powers that be. Now I'm not saying centralization is bad, it just depends on who's on top and if I'm gonna depend on who's on top, it might as well be the current authority in charge.

Completely understand the different use-case but we're talking for daily use here and remember, we're talking about fiat and currency. Not store of value or an appreciating asset. I mean if you're talking about 100k and above transactions, honestly I don't see why this should replace money for 2 huge reasons. 1, why would we want to give the ultra rich ways to avoid taxing which btw simply means less money for any operating country and 2, I don't know about you but I'm fine paying with fiat. It's a depreciating asset. No, I don't want to pay in an appreciating asset. That's the whole point of storing an appreciating asset which is why it's not a currency. It's an appreciating store of value.

This post has been edited by whyamiblack: May 30 2021, 09:13 PM

Cuci duit dulu n see how
If still can pump kita pump
Owai

You said: there's no way governments are going to let go of their powers and they are necessary cogwheels in a society.

In other words, your question is whether or not governments will allow cryptocurrency to continue growing. I agree, they will not allow the use of cryptocurrencies if they have a choice. But the real question should be:

- can governments really stop cryptocurrency?
- how can governments stop cryptocurrency?


You said: why would we want to give the ultra rich ways to avoid taxing which btw simply means less money for any operating country

I agree, we shouldn't allow the rich to avoid tax. But again, the real question should be: is it even possible to stop cryptocurrencies from being used by the rich?


You said: I don't know about you but I'm fine paying with fiat. It's a depreciating asset. No, I don't want to pay in an appreciating asset. That's the whole point of storing an appreciating asset which is why it's not a currency. It's an appreciating store of value.

I agree. Cryptocurrency is currently treated as a store of value. To add on to your point, it is an asset which can be easily moved around the world. Until it has evolved to have further use case, it should be treated as such. It is a class of asset that has the following unique properties:

- can be moved in huge sum to anywhere in the world as long you have internet connectivity
- can be moved within 2 minutes with extremely low network fees
- most importantly, it can be moved annonymously without having to declare to any central banks in any jurisdiction.

There are NO other asset class that can come close to meeting the above criteria. It is one of a kind. No fiat, equity shares, loan notes, futures, derivatives, real estate, art collection etc can compare. The volatility of its price is not a main concern for those who can appreciate the true value and use of cryptocurrency.

Your mindset is currently very fixated. Your arguments imply that you believe cryptocurrencies only have values if they can replace fiat (or any other asset classes for that matter). In reality, in its existing form, cryptocurrency can co-exist with other asset classes within any individual's portfolio. Like many other asset classes such as real estate, iits use case is simply much greater for those who have more wealth.

This post has been edited by ComingBackSoon: May 30 2021, 11:18 PM

Hmm no. I've said it from the very beginning from my first post (even long ago unrelated to this thread), it's an asset/derivative. Certainly not a replacement of fiat. I even mentioned, cryptoassets is far more accurate. Plus, I've mentioned that I wouldn't want to pay WITH it. I would want to convert some of my fiat to it where value makes sense. I think you've made the wrong assumptions here. I'm not against it nor am I saying it has no value, I just don't see it as a fiat replacement. Again, Idk why I have to repeat this on a post you've already quoted. There are many things I like about it. Replacement of fiat is not one of them, it just doesn't fit the bill for that kind of transaction. It does many other things well though.

Be reminded, this whole time that's where the discussion has been on. Currency and fiat, not assets. Even the thread title does say "Crypto bitcoin will never replace money".

This post has been edited by whyamiblack: May 30 2021, 11:48 PM