this post was submitted on 14 Aug 2025
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sad thing is that it could be great as an alternative to mastercard/visa but crypto fash have just ruined any attempt to make it appealing to anyone other than crypto fascists.
You don't need crypto as an alternative to MasterCard/Visa. There are multiple national payment systems that de facto work on a public benefit basis or offer no fees or very low fees.
One major example is India's UPI:
https://en.m.wikipedia.org/wiki/Unified_Payments_Interface
Even in a medium sized developing country like Ukraine, I can send anyone money (P2P, business payment, business transaction) with minimal or no fees on a near instantaneous basis off my phone.
I am not on top of recent payment infrastructure developments, but from memory this is relatively common.
No need for scam services like PayPal, Venmo.
And this has been avaible for half a decade minimum (was living in another country before then).
Sure sure, is it a sound, decentralized bottom up monetary network built by the people for the people on cryptography rails on an uncensorable network?
Love your style!
👀
As I understand it, cryptocurrency funnily enough works awfully as a means of transaction, because the amount of processing power required to make transactions is ridiculously high.
Only for PoW crypto.
If a cryptocurrency concentrates into the hands of a few, as assets tend to do in capitalism, then wouldn't proof of stake mean those few control the cryptocurrency anyway?
If the protocol is badly designed, yes.
In theory, the stakers should only be rewarded for correctly confirming transaction and that capital (staked tokens) should carry no votes in any protocol changes.