Enshittification

You don't want your paycheck, mortgage, and groceries to change values based on what dank memes he reads that day???

To be fair, if there were any legit uses for crypto, like it being a national currency, I think those types of manipulations would be much less consequential and be more like stock market bubbles/bursts, which still aren't great, but not as crazy as crypto valuations go. Too many big and important people would be invested for one guy to have that pull.

Crypto also doesn't have the stability of either traditional fiat or commodity based currency, nor does it have intrinsic value that a commodity based money has. It's also not cheap to produce like paper money. If people can't rely on money's stability, they won't use it, just like other real world money that has tremendous amounts of inflation. If people won't go to work, you won't have much of an economy.

The only practical use for crypto I can see is an international business to handle internal accounting between branches in different countries. In that case, it'd still be based off the dollar, and would be for internal use only, not something for public trade.

This is a problem of scale not technology u can help prevent this by buying xmr urself.

No worries. Most people in this thread seem a smidge more rational. 😜

I'm not super familiar with all the forms of crypto and their unite qualities, so I appreciate accurate details.

But let's look at this:

Motley Fool: What is Monero? (XMR)

What makes Monero unique? Most cryptocurrencies, despite some people's misconceptions, are anything but anonymous. They use blockchains to record transactions. Since these blockchains are public, anyone can view the amounts sent from one crypto wallet address to another. The wallet addresses could potentially be linked to real-world identities.

That's where Monero is different. Monero uses privacy-enhancing technologies to make its users and transactions anonymous, confidential, and untraceable. The sender, receiver, and amount of every transaction on the Monero blockchain are hidden.

Stealth Addresses: Senders are required to create random one-time addresses for every transaction on behalf of the recipient. This prevents transactions from being linked to the recipient's public wallet address.

Anonymous transactions absolutely have positives, but they can also have painful repercussions, no? We could come up with many wild examples, but let's check out some more plausible ones.

Chargebacks/Scams. Right now, pay me by cash, check ,or credit, and get a receipt for Product X. If I don't give you X, you have proof of a transaction. It says You gave Me said amount of money for X. With Monero, none of that data exists, correct? How are you protected or compensated?

Theft. You have an angry partner or unscrupulous family member with knowledge of your wallet. If they can guess/hack a weak password, you leave wallet open to go to bathroom, etc and they transfer out money, then what? Again, if sender, receiver, and amount are hidden, how do you prove someone stole from you?

Honestly ignorant on the answers to these questions.

Yikes, that last paragraph really has me not wanting to engage, but let's proceed cautiously here.

If you are against fiat currency because you are against central banking, I don't know how much I can assure you on the basis of fiat. But just to play some devil's advocate with you, who do you think is controlling all those computers? If anyone can insert a backdoor somewhere, it's them. What electronic system do you know that's fed free?

Do you want your life savings in an online wallet in someone else's hands, like Mt Gox, or on a local drive someone with an electromagnet or hammer could take out?

And if you don't trust the government to run a central bank appropriately, what difference is it if they're using dollars, Euros, or crypto? They can manipulate it all the same. How are bank ledgers different than a block chain?

Using a globalised currency also reduces sovereignty. Look at any country that joined the EU and had financial woes afterward. I haven't heard much about it recently, but I remember many Greeks wanting to go back to the drachma for a bit. Someone is going to have control over whatever currency it is. If you have trouble with a government, you need to get control of that. Currency is just one tool in a toolbox of running a nation. If you don't trust the people using the tools, it isn't the tool that's the problem.

Any extra money can go to family, charity, government its your choice within reason. There would of course be stipulations, the most important thing is that you no longer have control of the money.

That being said, if we wanna talk about corporations, then anything other than sole proprietorships should be employee owned co-ops.

If there's not one person with their head in the guillotine at all times to take responsibility for the company than it should be on the people who actually run it.