Hey, so I actually created this just as a post because I feel like we need actually discussion on the state of crypto and why its driving me nuts
Oh dear lord, as someone who is all in for decentralization, it actually makes me worry what crypto has become / was..
I mean, I can write a whole argument about it but I will try to summarize it. Most chains are actually really reliant on vc funded / bs things like nft and so sure, you can use them but never actually think that its actually what crypto was meant for. You are in there for the money bag/returns and with returns always comes risks and I am pretty sure that index funds are the best returns : risk (I don't even think american index funds are good considering their concentration of crypto funds now which are at 2:1 and AI overreliance)
Secondly, lets say the only crypto you truly trust are maybe bitcoin, ethereum and monero.., let me debunk that too..
Basically, the amount of centralization in both btc mining and ethereum mining while still basically always being able to see who transferred something to what can allow literally any forensic expert to detail everything unless you use something like monero. Also, btc has one of the highest fees and people compare it to digital gold but jeez, its more like a nasdaq stock in fact it was so correlated to it when trump's tarrif shook it that the people were crying so much on r/cryptocurrencies.
And then there is ethereum/bitcoin where honestly people don't care if the tech is nice or not, they are in it for the returns, there are genuinely people who want to be 100x in the next bull run and they might be serious god knows.., Now I am a simple man, I know that returns are mostly directly proportional to risks, and so don't be foolish and buy yourself a world index fund or even gold
That being said, the only cryptocurrencies I kinda trust are unironically the ones that have some institutional backing. Someone paid me some crypto for some work that I had done and I just converted it into stablecoin and put it into yield and some of it I converted it into pax gold.
If bitcoin / ethereum are just as institutionalized while being unregulated/ the market being extremely inefficient, then I suggest that instead of buying "digital gold" with no backing, I'd much rather suggest people to actually buy real digital gold or real digital dollar..
Monero is nice and there is zano too with freeusdollar and I can see myself using some dex to swap free us dollar into a backed stablecoin like usdc so think fusd (acc1) <-> fusd (acc2) <-> usdc (acc on different chain) and vice versa using dexs for maximum privacy while still holding mostly my money in udsc but usdc doesn't pay much but still its really easy to get access to $ in third world countries and even gold.
If we know that crypto came from the need of changing the underlying financial institution to adopt something that can't be printed, guess what? its gold...
if you really want crypto, just use stablecoin (not necessary for 90% of people who have access to fair markets) or maybe gold (still unnecessary to many people but still)
Now, that being said I kinda believe that its mostly unnecessary if you buy crypto.. if you really believe in a project, go donate to it, don't be half minded about it. be honest, you want returns but you are trying to get a even higher fool who wants even more returns to buy your junk
I hold around 50$ of paxg and 15$ of usdc and the thing that I like about these is that no matter if I promote them or not, their prices are stable, so I have no incentive to lie about it. Sure some chains are kinda cool but if they have usdc, then you can get all the benefits of that chain and sure if you need some gas fees then occasionally buy it, I don't understand all this fuss of owning native tokens
Microtransactions in the sense of paying lets say 1 cent / 10 cents/ a $ is still not there in the crypto world, there is nano on which I had built something, but then still I mean its so niche and I recommend people if they ever use some chain like this or something for microtransactions to just then transfer that money back to stablecoin when they can using some gas efficient blockchain which is safe
This whole space is still full of scam. 99% of the times everyone has ulterior incentive (to earn money) but still I mean, it kinda exists and I mean still crypto (stablecoins?) are the only sane way to transfer money without kyc
So I think after this long rant people can know my opinion, and not think that when I say cryptocurrency I have some incentive to scam them but rather I just think of it as this temporary way of storing/spending money in a non kyc manner fast
I genuinely hope that stripe has added cryptocurrency support and weren't there some talks about stripe creating some sort of card where I can pay to other people on stripe without actually trying to redeem the money from stripe?
I know that stripe won't really allow kyc payments but man we need some future where we can use something like stripe and pay without needing to sign up and do extensive kyc and be able to recieve payments and then spend them on websites that support stripe. I am not sure if paypal usd already does that, I see a way to pay using paypal usd on paypal but man paypal's dev integration is so mid
It kinda makes me feel so sad that some people are so passionate about this project but I feel like you can be passionate about some technology without spending billions and also fomo is a real thing and I get it ,but still, as someone who has built I guess a "innovative" thing on crypto, I am never investing any of my money into it long term aside from maybe gold coins and stablecoins or even just using index funds and skipping it...
It solves one problem but actually brings a 1000 other psychological problems which will only hurt your peace of mind. Seriously, stay away from everything crypto related except maybe stablecoins and even use stablecoins in short term and most people don't need stablecoin support anyways.
Sorry if this became a long post but I have been thinking about this for so long that its driving me crazy but I might be the one to say it, I saw that some people are paying 2$ in companies that have a 1$ in bitcoin etc and it fucking blows my mind. This bubble hasn't burst entirely and when it bursts, people would be on fucking fire.
I once again think that stripe has a billion/ trillion dollar opportunity if they can actually allow non kyc wallet transfers in their (cryptocurrency?) and allow people to spend it on their platform, maybe just make it so that at best it requires only a email account and nothing else kinda like roblox but roblox isn't that good and its just for kids game man.
If anyone is trying to sell you a dream of crypto, remember its never that easy.
Stock markets grow because literally everybody somehow works towards that in the market, the world's index fund is the aggregate productivity gains of the whole world and I think that without productivity any gains are futile and not sustainable and built on sands.
The tech is cool, but it is doomed to fall and if it doesn't, then I am fine too, I don't care. I am happy with my index funds and gold and even basic stablecoins. I am content. I don't want 100x returns.