Technology

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[–] meeeeetch@lemmy.world 49 points 1 year ago (7 children)

If people had used cryptocurrency as a currency instead of as a "it's totally not a security, we swear, even though we're only saying that to evade SEC regulations a little longer" there'd be a lot fewer people calling it a scam.

For sixteen years, crypto's only use cases seemed to be buying illegal goods and securities fraud. Finally, we have another use case presenting: perfectly legal transactions that credit card companies have gotten cold feet about.

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[–] Bronzebeard@lemmy.zip 4 points 1 year ago (2 children)

The SEC had every opportunity to make up it's fucking mind for years, but even after repeated promptings from all the big crypto exchanges, they kept putting things off and randomly throwing lawsuits for violations for things they were asked for guidance on.

Also, this is the exact kind of transaction they had in mind when they created the tech, but everyone decided it was only ever for drugs, because that's what the Wall St owned media told them to think

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[–] meeeeetch@lemmy.world 4 points 1 year ago (1 child)

Also, this is the exact kind of transaction they had in mind when they created the tech, but everyone decided it was only ever for drugs, because that's what the Wall St owned media told them to think

What were the completely legal products that had Visa and Mastercard standing on the sidelines in 2009? Because without a real life example, I don't think big media had to do much to get people to ignore this use case at the time.

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[–] Bronzebeard@lemmy.zip 2 points 1 year ago

Some people are able to see potential problems before they happen.

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[–] Vanilla_PuddinFudge@infosec.pub 4 points 1 year ago*

If people had used cryptocurrency as a currency instead of as a "it's totally not a security, we swear, even though we're only saying that to evade SEC regulations a little longer"

...LTC definitely has been. Monero has and is. BTC's fall was a massive pullback on an extremely new and volatile idea that not even half the buyers entirely understood. BTC now is held up by ETF funds, private equity and everyone that cares putting a few chips in. Is it a scam now? Is everyone scamming everyone?

...there'd be a lot fewer people calling it a scam. For sixteen years, crypto's only use cases seemed to be buying illegal goods and securities fraud.

Some would call that decentralization and freedom. Spin it however you like. lol, "Illegal goods". Fuck the system, unless it's not against the grain of the community, right?

Finally, we have another use case presenting: perfectly legal transactions that credit card companies have gotten cold feet about.

They deserve every negative degree.

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[–] swelter_spark@reddthat.com 2 points 1 year ago

The only thing I've ever used crypto for was to buy totally legal goods and services.

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[+] Vanilla_PuddinFudge@infosec.pub -12 points 1 year ago* (last edited 1 year ago) (1 child)

Not every country has a corrupt securities administration. Don't push your third-world Americanism on others like its their problem.

Riiiight, let the fascists lead by example? lmao

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[–] Warl0k3@lemmy.world 8 points 1 year ago

Not every country has a corrupt securities administration.

Man, imagine how nice it would be if this were true.

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[–] Warl0k3@lemmy.world 41 points 1 year ago* (5 children)

"Man, I don't understand why unregulated currencies are unpopular! I'm going to dismiss the heaping mountain of examples of it being abused with no possible recourse as just people being unreasonable in their dislike! That'll convince the masses!"

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[+] Vanilla_PuddinFudge@infosec.pub -22 points 1 year ago* (last edited 1 year ago) (4 children)

I got robbed!

blames the currency

"God forbid I take responsibility for my own recklessness!"

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[–] JustARaccoon@lemmy.world 26 points 1 year ago (3 children)

The issues are layered but the core aspect is that everyone can get scammed and banks have protections for getting your money stolen while crypto doesn't.

But the more visible issue is just how the unregulated aspect of it being used to scam people predominantly has marred the topic for so many people to the point where people just want to stay away from it all. If anything I think it ends up being a good example for how people need regulation and we can't just have anarchy because people will take advantage of other people.

To add a metaphor, sure it's not the gun that does the killing it's the human, but regulating how the gun gets used does help with gun deaths a lot.

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[–] swelter_spark@reddthat.com 1 point 1 year ago (2 children)

The bank's protection often looks like not being able to use your own money on things you choose because of a set of criteria you can't see and don't have to agree to. It's the main reason I started using crypto to begin with.

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[–] JustARaccoon@lemmy.world 1 point 1 year ago (1 child)

I honestly haven't had any such issues, any specific limitations you've encountered that you can reference?

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[–] swelter_spark@reddthat.com 1 point 1 year ago

I've been blocked by fraud protection when trying to buy pet food at a pet store next to my house, trying to buy fast food while visiting a friend in another city, trying to buy two cell phones in one day because the first one was out of stock and was refunded, trying to buy software from any company headquartered in another country, trying to buy crypto, trying to buy health supplements from a friend's company.

Supposedly, when they suspect fraud, you get an automated call where you can indicate a charge is legitimate and they'll let it go through, but I rarely got a call, and when I did, purchases that I marked as legitimate still wouldn't go through.

I talked to a real person with the fraud department, and she had no idea why the charges were being blocked, since, according to her, they should't have been. But also, there was nothing they could do about it.