Did anyone ever use crypto for actual transactions other than just a buy and hold investment? What are the benefits/drawbacks if any in terms of anonymity, speed of transactions, ease of use, taxes, etc. ? #tech
RIP Silk Road
Paid my ransom
How much and to whom?
You never know
used it to buy stuff online. latest used for my vpn provider. the future is now!
The present is now. Now wouldn’t be now if it’s the future.
. Lending , borrowing with liquidity pools. Without banks or middle men ( look at AAVE). Trading peer to peer using decentalized exchanges. Gets rids of centralized exchanges which makes millions with your fees. In DEX, fees are distributed to validators / capital providers in liq pool (See Uniswap ) . Sending money to anywhere in the world from one wallet to another. Get rid of Remittly, PayPal, Venmo, and other centralized money exchange services. NFTs are another application , even though the valuations are overvalued currently, it will correct and many more use cases will emerge. Future upcoming innovations are decentralized Uber, Airbnb, Facebook, Twitter. Etc. It will eat away a whole chunk of the previous generation of the WWW. ETH is poised for taking on metaverse In addition to layer 1 like Ethereum, layer 2 is evolving rapidly which scales layer 1 using optimistic and Zk rollups ( which are the 2 most important l2 scaling ) . ZK rollups are every promising and that combined with shard chains in ETH 2.0 can scale it to 100k TPS without sacrificing decentralization. L2 inherits security from L1. Data is on chain and computation is done off chain. Most of blind don't seem to have played with DEXes , and probably do not have a wallet
In addition to replacement of existing tools/tech/products, you can make new ones with ETH (or similar) - NFTs and trustless exchanges are some of them, some others being transparent ZKPs (other tech does this better, but still), true transaction privacy (monero), trustless contract execution
Do you play AAVE on ethereum or matic?
Yep, use it buy things and settle poker games. Fast and no limits. Drawback is tax guidance is confusing as hell so have to try and guess.
Crypto’s only use case is to sell to the next bigger fool.
Its the bees knees for buying and sell drugs online.
Monero
Cross border transfer, expat remittances
there's a .eth name service which is kinda interesting. Bought some shitcoins on Uniswap. It's possible to stake coins and get more coins. The idea of saving files on IPFS is kinda interesting but I haven't tried that yet. I'm not really convinced it's going to change a lot for most people. Bittorrent was great for filesharing but isn't really on most peoples radars. Might just be that value transfer (crypto coins) is pretty much it.
Yes, to buy other crypto
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