this post was submitted on 30 Jul 2025
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If only there was a method of paying people in a private and decentralized way, possibly maybe even... cryp"SCAM!"
"SCAAAAAAAAAAAAAAAAAAAAM"
sits back down
edit: fuck American fascism! hugs the dollar for dear life
so which is it? ๐ค
If people had used cryptocurrency as a currency instead of as a "it's totally not a security, we swear, even though we're only saying that to evade SEC regulations a little longer" there'd be a lot fewer people calling it a scam.
For sixteen years, crypto's only use cases seemed to be buying illegal goods and securities fraud. Finally, we have another use case presenting: perfectly legal transactions that credit card companies have gotten cold feet about.
The SEC had every opportunity to make up it's fucking mind for years, but even after repeated promptings from all the big crypto exchanges, they kept putting things off and randomly throwing lawsuits for violations for things they were asked for guidance on.
Also, this is the exact kind of transaction they had in mind when they created the tech, but everyone decided it was only ever for drugs, because that's what the Wall St owned media told them to think
What were the completely legal products that had Visa and Mastercard standing on the sidelines in 2009? Because without a real life example, I don't think big media had to do much to get people to ignore this use case at the time.
Some people are able to see potential problems before they happen.