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TurboSalsa t1_j3ri5d0 wrote

Reply to comment by domino2064 in Coinbase to slash 20% of workforce in second major round of job cuts by ChocolateTsar

Every time one of these exchanges goes belly up there are cryptobros unironically asking for government investigations and bailouts, from the government whose regulatory regime they are explicitly operating outside of.

Right now, we're at the "lender of last resort" chapter of learning why the financial system is the way it is, except the lender of last resort in this case isn't the US Treasury, it's some shady exchange whose "reserves" are just illiquid shitcoins.

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pomaj46808 t1_j3rlfd4 wrote

It's because crypto sucks for petty cash, and the only people who want to move large amounts of money around without the security of government regulation are criminals. Even if someone says otherwise when it's their cash in jeopardy they find their beliefs have a spending limit.

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Zombie_Harambe t1_j3rohru wrote

It started that way. It will end that way. I still remember when the only thing I could buy with bitcoins was weed, sex slaves, and assassins.

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jnads t1_j3stw6b wrote

Actually IIRC the first public Bitcoin exchange was a pizza.

Back in the early days of Bitcoin (before it was $1) someone paid 20 BTC to someone else to order them a pizza.

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sillycyco t1_j3t2fyc wrote

It was 10,000 BTC on two pizzas. This was when btc was a fraction of a penny.

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jnads t1_j3t4bbh wrote

Yeah, I was tracking Bitcoin back in those Digg days. Wish I'd mined some then.

But the whole concept seemed stupid at the time. It still seems stupid.

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