Crypto now available on Paypal

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Tony Whitley
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#19: Different bad-uns Roger, I mean the fantastically wealthy ones who dedicate their lives to tax-dodging that will be made more difficult by crypto, not your everyday working bad-un who uses crypto to get paid without attracting the attention of the Police.

ScottR400D
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For me this is just something that we don't really need but a minority want just because it's there. That and the crooks of course. 

Just because of its damaging effect in terms of climate change and pollution it should be banned IMO. 

And maybe then I would stop being bombarded by scam mails purporting to make me rich. Wink

L7C
StevehS3
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If it's a minority, it's a rapidly growing one! 

Golf Juliet Tango
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The issues with cryptocurrencies for me:-

  • getting real, backed money back, not explained.
  • just as the development of video tape & the web were largely driven by pornography, so cryptocurrencies are driven by criminality.
  • The substantial environmental cost.

Stephen

Democratic dissent is not disloyalty, it is a positive civic duty

Roger Ford
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Reuters: China's top regulators ban crypto trading and mining, sending bitcoin tumbling

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

CtrMint
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You are aware of the environmental impact of printing, handling and general management of physical currency.  Yes (currently) flat out mining Bitcoin with a GPU farm is computationally expensive, and will get more expensive over time, but that's one of the features, there's a fix number becoming increasingly difficulty. So no quantitative easing next time Boris screws up, you just can't print the stuff.   We could also go down the rabbit hole of jumps in technology reducing the environmental impact, recent architectures from both AMD and Nvidia has significant reduced power demands on their latest cards.

As for it being the domain of criminals only, all exchanges perform KYC, so I'm not sure it is that different from physical currency.  For obvious reasons it's the preference of scammers and bad actors circulating the net, but they'd exist without crypto.  Crypto didn't bring them to the scene, you could argue it's made their business model easier, but by the same token Microsoft is far more guilty in that regard.  How many are using Windows I wonder?

Getting your money back to physical currency is the entire point I was originally making, Paypal, has changed the game completely.  I tested it this week, with transactions totaling 80GBP in various cryptos, straightforward, no hassle.

 

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ScottR400D
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I don't think a comparison with physical currency is valid. That's equally unnecessary. 

Back of a fag packet calcs tell me I've used physical currency for about 1% of my spending in the last year. Without making an effort. Everything else has been and continues to be done electronically. Not a crypto in sight. 

The BoE say that in 2019 only 2.1m people used physical currency for a majority of they're spending and the number is trending downwards.

So the argument should be about what benefit crypto gives us, in general, over forms of payment we already have in place. I honestly can't think of any morally sound benefits. 

L7C
StevehS3
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Are those that are buying now doing so because it is a currency or as an investment / growth opportunity? In my mind, at the moment, it is something to trade in the same way that we trade gold which can be physical gold coins or bars or non-physical. There are lots of other example where there are non-physical alternatives and nothing new about that. It will generate tax revenue particularly as it is taxed as income in the UK - if I understand it correctly. 

mph
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mph
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In the FT today…

Will the next web be built on ethereum?
https://on.ft.com/3D4Dw7N