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Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

injusticetoday.com

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Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#21

Post by davidkuhta »

SippinLean wrote: post #10
davidkuhta wrote: post #7

Earlier quoted context omitted.

Completely agree and was thinking the same thing about it being some sort of 'bail contract'. I stopped reading after: > If generating money out of thin air by using a computer program seems absurd, that’s because it is If generating money out of thin air by using a computer program seems impossible , that’s because it is. There are no free lunches. If you're looking for a distributed computing initiative to support:…

Correct, generating money out of thin air is absurd. Not sure what that straw man has to do with being rewarded for mining cryptocurrencies and exchanging them for fiat though. That is clearly very possible and often profitable.

I don't disagree that cryptocurrency is a valid technology, nor its profitability, nor its contribution to society. I do disagree with presenting it to a non-technical audience in such a fashion as to give the appearance of being zero cost.

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#22

Post by s73ver_ »

cloakandswagger wrote: post #13

This is a bad idea for a couple of reasons: > “If generating money out of thin air by using a computer program seems absurd, that’s because it is,” Grayson Earle, who dreamed up and co-leads the project, told In Justice Today Does this person actually understand how crypto mining works? (Classy of them to take a swipe at the very technology enabling their project, by the way.) Even with a GTX1080 TI, at $0.12/kWH you…

Bail can serve that purpose. However, in many instances, it's really just an unreasonable tax on the poor.

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#23

Post by SippinLean »

davidkuhta wrote: post #19
SippinLean wrote: post #15

Earlier quoted context omitted.

It is predicated on the honest premise that mining Monero is likely profitable.

Do you feel the article does a suitable job of describing cryptocurrency mining such that a non-technical reader of injusticetoday.com would be adequately informed of the implications of installing the software?

>Once a user installs the app on their computer, it automatically harnesses a small amount of unused processing power to mine for cryptocurrency

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#24

Post by corford »

EGreg wrote: post #18

What if we take out the bail part and replace it with any charity? Mining Monero for charity. Thoughts?

Just donate the $ amount you'd have spent on a high end GPU and electricity. Faster, easier, less damage to the environment and doesn't require paying ATI or Nvidia more than you'd likely end up raising for the charity from your paltry mining haul...

Or if you really want to use cryptocurrencies, buy some XMR/BTC/whatever off an exchange and donate that.

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#25

Post by pwaai »

I fail to see how they will be able to make this happen... Overall, I'm skeptical of the narrative that continues to iterate that cryptocurrency projects will usurp our modern legal and financial system which always seems to market the notion that it's here today and with enough of your attention, time (and money) we can somehow overcome the fortress of legal frameworks, policies, international agreements that took at least half a millenia of battle testing and it's still undergoing developments as new edge cases arises forcing revisions, and cesspool of highly paid lawyers who poorly slave away ensuring this system cannot be challenged and that it is the ultimate law.

I find it amusing how those pumping coins seem to be completely oblivious to the fact that whatever fantasy world conjured up still lives within the confines of our legislative & financial laws.

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#26

Post by bfuller »

cloakandswagger wrote: post #13

This is a bad idea for a couple of reasons: > “If generating money out of thin air by using a computer program seems absurd, that’s because it is,” Grayson Earle, who dreamed up and co-leads the project, told In Justice Today Does this person actually understand how crypto mining works? (Classy of them to take a swipe at the very technology enabling their project, by the way.) Even with a GTX1080 TI, at $0.12/kWH you…

Hilarious. Does he not realize how the fed works?

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#27

Post by bfuller »

s73ver_ wrote: post #22
cloakandswagger wrote: post #13

This is a bad idea for a couple of reasons: > “If generating money out of thin air by using a computer program seems absurd, that’s because it is,” Grayson Earle, who dreamed up and co-leads the project, told In Justice Today Does this person actually understand how crypto mining works? (Classy of them to take a swipe at the very technology enabling their project, by the way.) Even with a GTX1080 TI, at $0.12/kWH you…

Bail can serve that purpose. However, in many instances, it's really just an unreasonable tax on the poor.

I'm sure this won't be a popular opinion on a website where most people probably make close to 100k but bail would be a lot more fair if it were based on total income.

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#28

Post by bfuller »

kbenson wrote: post #20
cloakandswagger wrote: post #13

This is a bad idea for a couple of reasons: > “If generating money out of thin air by using a computer program seems absurd, that’s because it is,” Grayson Earle, who dreamed up and co-leads the project, told In Justice Today Does this person actually understand how crypto mining works? (Classy of them to take a swipe at the very technology enabling their project, by the way.) Even with a GTX1080 TI, at $0.12/kWH you…

> > “If generating money out of thin air by using a computer program seems absurd, that’s because it is,” I'm not really a proponent of cryptocurrency one way or the other, but I'm not sure it's any less absurd than generating money out of paper/textiles and ink. Drawing a picture of a $1 bill on an appropriately sized piece of material doesn't make it money, the supply, demand and efficiency of exchange does (and th…

Not just that but most money isn't even in the form of cash. It's literally just numbers on computers generated by the fed out of thin air.

I'm not arguing if its right or wrong, but the author sure doesnt seem like they understand what theyre talking about.

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#29

Post by SippinLean »

corford wrote: post #24
EGreg wrote: post #18

What if we take out the bail part and replace it with any charity? Mining Monero for charity. Thoughts?

Just donate the $ amount you'd have spent on a high end GPU and electricity. Faster, easier, less damage to the environment and doesn't require paying ATI or Nvidia more than you'd likely end up raising for the charity from your paltry mining haul... Or if you really want to use cryptocurrencies, buy some XMR/BTC/whatever off an exchange and donate that.

This uses the CPU, not the GPU.

At current prices (depending on electricity price) it is more efficient to mine Monero than buy it outright, especially off an exchange (which incurs tx and trading costs).

Re: Cryptocurrency Is the Next Frontier in the Quest to Abolish Cash Bail

#30

Post by sophiedeziel »

EGreg wrote: post #18

What if we take out the bail part and replace it with any charity? Mining Monero for charity. Thoughts?

They found an innovative way of raising money for a specific social issue, which is great. Now, this idea can inspire a lot of charities, but your comment may be interpreted as you don't care about the cause discussed here. Like the people replacing #BlackLivesMatter with #AllLivesMatter.
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