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Turning Down a Blockchain Job Offer

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Re: Turning Down a Blockchain Job Offer

#121

Post by chowells »

Sangermaine wrote: post #59
alex_duf wrote: post #26

Earlier quoted context omitted.

So did the blockchain Edit: not trying to defend bitcoin here, just pointing that the blockchain brought a new solution to a trust issue

No, it didn't. Blockchain technology is perhaps the biggest recent example of a solution in search of a problem. It's interesting but still not clear at all what it would be useful for over what already exists: >"Ten years in, nobody has come up with a use for blockchain" https://hackernoon.com/ten-years-in-nobody-has-come-up-with-...

Huh? It's a trustless timestamping service. That's a thing that some protocols benefit from. Digital notaries, for instance.

That surely justifies a valuation around a few cents per bitcoin.

Re: Turning Down a Blockchain Job Offer

#122

Post by nk1tz »

JonnyNova wrote: post #117
Zpalmtree wrote: post #109

Earlier quoted context omitted.

The whole point of cryptocurrencies is that they're decentralized, and can't be controlled by governments. That would defeat the whole point of blockchain surely?

Not necessarily. Lack of centralized trust is just one feature. They have other features like public (but anonymous) ledgers, irreversible transactions, smart contracts, the ability to hold them without a bank account. Features like those could definitely come from a private or central bank.

If they were centralized they would most definitely have reversible transactions, and probably NOT be anonymous.

Re: Turning Down a Blockchain Job Offer

#123

Post by haltingthoughts »

cocktailpeanuts wrote: post #29

While turning down the job is just fine, here's what happened instead: - Someone else with similar capabilities as OP's probably took the job. - This person will make significantly more money than what OP will be making (as OP points out) - This person will have learned way more about the implication of the technology, whether it actually is as bad as what mainstream media says or if those are all coming from ignoran…

I'm pretty sure you can convince someone in less than a day with a reasonably simplified version.

Re: Turning Down a Blockchain Job Offer

#124

Post by toddmatthews »

mstade wrote: post #114
nemild wrote: post #24

The danger in a space like this is throwing the baby out with the bath water. - Yes, there are an insane amount of scams, and lots of dumb money flowing in - Yes, many use cases of blockchains should really be databases - Yes, many blockchain job posts are just PR initiatives for companies who want to differentiate themselves That said, it's an early time to have a tremendous amount of impact. Don't like "proof of wo…

> Get angry at banks? My response to anyone serious about competing with banks: go work for one. Banks are often portrayed as these evil faceless entities that act completely in their self interest. In reality, most banks that matter are simply too large to act as one – and not in the sense that they are too big to fail (although, that's probably true as well) but that they are huge organizations with thousands upon…

Wells Fargo - multiple systematic fraudulent issues in the past few years

https://www.washingtonpost.com/realestate/wells-fargo-accuse...

Re: Turning Down a Blockchain Job Offer

#125

Post by jraines »

stefano wrote: post #71
jraines wrote: post #19

Earlier quoted context omitted.

It seems like nobody really knows, yet. But Ethereum is about to run a $100bn experiment to find out :)

Market cap is very different from the actual money invested in the ecosystem. I don't know the exact number, but I bet it's a lot lower than $100bn. Stupid example: I create 100bn coins. Then I sell one to myself for $1. Am I now running a $100bn experiment?

You don't need to explain the idea of paper wealth to me :)

Yes, marketcap is flawed, and examples like yours do actually pop up because of the usage of this metric, but are quickly smacked down if they're traded on markets with any liquidity. Ethereum isn't in that category. We can do a Wall St. pissing contest about what consitutes "real liquidity" but I'll stick to that statement for Bitcoin and Ethereum at the least.

It's just a matter of perspective: let's say you're invested in Google. You put in $1000 and now it's worth $100,000 on paper. Google announces they are closing their data centers and pivoting to cat food delivery: are they risking $1000 of your money, or $100k?

Re: Turning Down a Blockchain Job Offer

#126

Post by draw_down »

nemild wrote: post #24

The danger in a space like this is throwing the baby out with the bath water. - Yes, there are an insane amount of scams, and lots of dumb money flowing in - Yes, many use cases of blockchains should really be databases - Yes, many blockchain job posts are just PR initiatives for companies who want to differentiate themselves That said, it's an early time to have a tremendous amount of impact. Don't like "proof of wo…

Or, just don't work in this space, and do something else. It's fine to reject job offers. It's OK to work on what you want.

Re: Turning Down a Blockchain Job Offer

#127

Post by stevenwoo »

praneshp wrote: post #91
czardoz wrote: post #39

Earlier quoted context omitted.

The author rejected the offer on principle, which is a very good reason to do so.

I see that the author has done significant open source work, so it's possible he just received an offer. But I'm thinking the more likely path was that the company reached out with a pitch and asked him to interview, and I wonder why his principles didn't stop him then.

Been in the same boat where people pitch me a cryptocurrency job or I see job listing match in experience in cryptocurrency and I decline to even interview - I already know how I feel about it and it would be a waste of my time and their time to subject both sides to an interview.

Re: Turning Down a Blockchain Job Offer

#129

Post by andrewstuart2 »

deevolution wrote: post #86
andrewstuart2 wrote: post #53

Earlier quoted context omitted.

> If you really want to talk shit about Bitcoin I don't. And I don't think many people do (perhaps those buying put options might). That said, it's not hard to see the cost in power usage, and thus waste heat, that is/will be spent computing hashes that match ever-growing computational requirements. You're right that I could spend a month of my time learning more about this tech that does obviously have solid implica…

Have you factored in the energy costs of running the thousands of financial institutions and associated infrastructure required to maintain them? I personally don't have time to run an energy audit of the entire financial industry, but I can tell you theres a lot more infrastructure required. factor in the engery required to: - construct giant buildings for financial offices - maintain financial offices - commute to…

Everyone is pretty equally incentivized to migrate to the cheapest possible energy source, I would think. The problem is that the CapEx cost of migrating is nonzero, and usually prohibitive unless you have high confidence you can make it up in lower OpEx over a long period of time. I can say pretty confidently that banks and financial institutions are much more likely to stick around long enough to realize the full financial benefits of renewables than miners are. It's just too risky that you'll eat your renewable investment if bitcoin loses too much value, particularly given the recent huge swings in the market, and the added uncertainty of so many people forecasting doom.

I'm not in a position to estimate the waste energy of a financial institution either, but you're right that it probably is quite large, but it's hard to say which is more wasteful.

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