Why crypto is BAD

1M Ago
So privacy and financial freedom are good things and they can be achieved trough decentralization. A decentralized network capable of executing smart contracts sounds like a perfect foundation for us to build a more transparent and fair financial system but is it really? Just **how decentralized and free should this system really be?** You'll agree with me that total decentralization and freedom to the point that it becomes anarchy is not good. Crime thrives and governments use that. People who don't understand what is going on get scammed or loose money in the huge dips. Crypto has been successful in attracting capital and attention because it offers good incentives for you to invest in it or mine it (price goes up) but it has innovated very little if at all. ​ **Things you can do with crypto** 1- Send money to a friend in a distant country, cheaply and rapidly. But you could use paypal for that. paypal is even faster cause to buy bitcoin you have to make a bank transfer to binance first. 2 - you can invest in it like a stock and expect a return that's even better but there's a problem with that: companies use money to produce more goods that they sell. this grows the revenue that is distributed to stock holders. this process helps the company, the investor and the consumer. Bitcoin can't generate revenue: it just weights miner rewards, difficulty and power while setting a fixed supply to artificially manipulate the price so that it's not worth less than the cost of electricity spent to keep the network alive. Can you see the problem with this? money is thrown into a black hole that accumulates infinite resources and doesn't offer anything useful in return but more money itself. 3- you can use bitcoin to launder money or transfer them off radar. not necessarily good things as both criminals and very rich people will find this more useful then you and me. ​ ​ **Crypto isn't ''fair''** Crypto doesn't redistribute wealth from the rich to the poor, it just incentivizes the next participant to invest and pays the previous investor trough price appreciation : coin holders and miners are just locking their money inside the market or spending some electricity that in turn makes the coins worth the price of electricity spent. The result is price goes up! but nothing useful was produced in the process. what is the utility or innovation in this? It's just an enormous pool of money from miners and investors but people forget that you can only buy bitcoin (or miner+electricity) with fiat currency that's issued by the government in the first place. The whole thing is just a box inside a box inside a store that the governments could decide to shut down at any moment. Democracy is a good compromise you know, we don't need cryptocurrency. Democracy is supposed to grant freedom BECAUSE it can force bad actors to pay the consequences of their crimes. How are we supposed to keep a completely free and decentralized system fair? Cryptocurrency is anarchy. Why would anyone think this is better than our current system?