The Bitcoin whitepaper outlines a P2P payments system, today it isn't used as such, rather a store of value, not even Stripe is using Bitcoin for payments at all.
So what use are these cryptocurrencies for, if not for scams and fraud?
> Speed is one advantage of crypto payouts. Reach is another. Millions of talented freelancers live in countries where it’s hard, if not impossible, to open a local bank account. For example, a majority of the people in Djibouti, El Salvador, and Bhutan don't have bank accounts. With Stripe, freelancers in those countries are now able to receive funds via USDC in minutes. With the addition of USDC, Stripe cross-border payouts extend to more than 4.4 billion people in more than 110 countries—a majority of the world’s population.
> With Stripe, freelancers in those countries are now able to receive funds via USDC
That is just people opening bank accounts, but with extra steps.
How is this decentralised money that was promised by crypto and blockchain? You may very well use Wise, Moneygram and other regulated alternatives which works better, is also relatively faster and is more stable and widely accepted than these USDC tokens.
https://www.circle.com/blog/how-to-build-trust-usdc-audits-a...
It is a fragile, brittle system that is highly likely to fail, you only need to look here to see why. [0]
This absolute statement is asserting that ALL smart contracts don't work. There is overwhelming evidence of some smart contracts working just fine, and of course a lot of smart contracts also have problems. It is wild to just drop all of the nuance of such a complicated issue. What new technology has been flawless without any failures along the way?
Cancellation resistance. Protection from oppressive governments trying to squash freedom. Protection from retroactive laws targeting previously legal transactions. Asset protection.
And look I agree with you. And everything I posted above carries a huge cost given the volatility of most cryptocurrencies, but unfortunately we live in times where if you truly care about freedom from tyranny, your behaviour is going to overlap heavily with criminal behaviour.
So you're back to the current regulated system that works, is stable and is the best we have.
I think it is easy to dismiss as a value proposition. In the end, the future will show, so we probably should not spend too much time speculating.
They don't deny the existence of negative rates.
