If exchanges close, websites stop accepting them, and you can’t withdraw to fiat

Regulation can easily kill most of the cryptocurrency market

Trading on non CEX is a massive pain as well

Storing for long time on cold wallets makes you vulnerable to volatility, which isn’t good for high amounts. It’s essentially investing on a high risk asset.

Who is gonna ask?

The exchange, the website… It happens frequently

there are no rules where you send your crypto and you don’t have to explain to anyone

AML and KYC procedures are a thing in crypto, just make a few searches

Time to bring back crypto!

Doomer mentality

Sounds like crypto

Yea, it is a bit of a pain as well, but it has some benefits compared to traditional payment methods, unlike paying in shares

Pretty sure crypto pump and dump criminalization is still a thing. In the end, you’re asking for someone to invest in something you benefit from, which is illegal in some places

Following crypto trails is easy when there’s only one destination…

You’re putting too much trust in the system. If there’s a doubt you will be asked to clear it, they won’t do it for you

No one pays in shares because no one accepts this and it’s annoying to do?

Sure, volatility with crypto is annoying, but it will happen with a currency that works in every country, even fiat is volatile

It’s basically the same as directly sending

The exchange will know what you spend crypto on

They would not, but you would not be anonymous this way. You get problems when:

• The crypto you received is through a shady source (it could be any individual which pays you with dirty coins)
• You engaged in pro-privacy activity, which links you with illegal activity, like coin mixers to blur the origin and destination of crypto
• You received more crypto than you bought

As long as you stay with centralized exchanges and directly send crypto to some websites, you should in theory always be fine (as long as you don’t send them to criminal or pro-privacy services), but that’s not the original goal of crypto

Apart from that, some countries straight up force you to declare every transaction you make with crypto, which isn’t doable for most people and puts them in illegality

extreme volatility

You’re free to avoid those coins then… volatility doesn’t mean bad

many coins’ value can be easily manipulated by whales

Yes, just like for stocks and pretty much every product on the market

most stablecoins are probably one step away of crashing down like Terra Luna

Stablecoins are often centralized so they’re not what the goal of crypto was, but sure. Why not hate the coins instead of the technology instead? Stablecoins are a small part of crypto.

resource intensive - you can shout about proof of stake all you want, there are still gigawatts of energy being burned to “mint” bitcoin

If you know this is incorrect, why lie and say crypto is resource intensive when it’s only a few that are like that? PoW has its flaws indeed.

no protections because “code is law”, even when the code is flawed

Every software you use is not liable for any problems that occurs with it. Incidents will always happen. All recent incidents involved someone getting hacked by other means, being menaced into sending them crypto (so it could happen to anyone with a lot of cash as well for example, or through offshore bank accounts), or a company stealing people. I’m not aware of any code fail.

Pretty much all CEX are regulated currently. And with AML and KYC coming more and more (which is bad for crypto), the “no protections” claim is really false.

forking risk nearly every year

So? In case of a fork, you keep both coins… so you should still keep the value of both?

the coins that aren’t as resource intensive, have fast transaction times and negligible fees, are unlikely to gain traction or receive widespread adoption

Isn’t that the case of Solana? But yea currently there are problems with too many coins relying on PoW, but some just can’t do without it, like Monero. It’s the cost of having this system.

you still have to go through the hoops of a heavily regulated exchange to get actual money from any crypto you have

That’s because of regulation and the banking system, not the fault of crypto? It’s because people called crypto a scam that it became like that. You can still use the crypto to purchase stuff with it instead of getting fiat. Receiving money from P2P bank transfers is also similar to this, you’ll get asked questions as soon as you go out of the normal way.

People calling crypto a scam don’t think this much through. It’s just more hard and complex than there is to the eye. Most people interface with crypto solely for trading, and people want quick profit through shitcoins, which is a very bad idea, then complain on the system. You should think twice before investing in stuff you don’t understand: whether it’s crypto, stocks, NFTs, in game items…

Except Monero and a few exceptions, AML and KYC checks are everywhere. Tainted coins and shit.

Crypto goes somewhere that they don’t like? Crypto is seized when it reaches an exchange and they ask for ID and source of funds

And that’s a great thing

But people like to hate on crypto because surely a centralized and privacy unfriendly payment system is better

They believe crypto = ERC20 + NFTs = scam, when the real goal of crypto is P2P uncensored transactions, and getting away of this centralized system

Pedophiles did nothing wrong

Pedo criminals did

Oh okay so it’s not useless then

Damn, didn’t know that was a thing, I’ll check if that’s also the case for me

Btw !7daystodie@lemmy.world

It should be negligible anyways

There isn’t https://help.steampowered.com/en/faqs/view/1902-2D54-E445-59DD

Maximum friend list size seems to be capped at 2000 though

That’s a better explanation, but Steam still allows for much bigger friends list if you craft badges, so pay, but not for specifically paying games

Apart from Steam, which platform does that?

Many people don’t know that’s a thing in Steam btw

You also need to test genuine images to check the real accuracy