It's the gold rush that killed crypto-currencies. They are dead, but their gold rush enthusiasts are going to hang on for a decade hoping to recoup their pride.
Last gold rush for crypto was in 2013 so ~5 years.
This goes in cycles, like everything.
Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
11–20 of 151 posts
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#12- The space is littered with fraud. - Wallets have bugs that lose hundreds of millions of dollars - Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018 - Promoters yelling “decentralize everything” while exchanges, development teams and mining are all highly centralized - No legal use case found to date Blockchain is a parasite on society.
Despite all of this, I don't think we've hit peak blockchain fetishism yet. There's still a lot of room to make solved problems worse with a blockchain.
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#13Can someone smarter than me try to write a formal proof that you can only have 2 of the following: distributed, fast, secure?
I don't think there's a formal proof, but the idea has certainly been entertained. The scalability trilemma might be what you're looking for:
https://multicoin.capital/2018/02/23/models-scaling-trustles...
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#14- The space is littered with fraud. - Wallets have bugs that lose hundreds of millions of dollars - Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018 - Promoters yelling “decentralize everything” while exchanges, development teams and mining are all highly centralized - No legal use case found to date Blockchain is a parasite on society.
The -'s are no doubt true in many (most?) cases but they don't lead the final conclusion. That's just your personal distaste.
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#15To be fair, How many startups listed on Angel list ar in fact frauds? No, not just illegal stuff like intershipsp for no pay but more major stuff like outright fabrication of founder bios, etc.
Legitimate frauds? Or "Fake it till you make it" type frauds who think their idea is legit and just inflate some numbers and their capabilities to get the money they need to prove it?
What matters more, it seems to me, is that both the cryptocurrency and tech startup world are filled with bad investments which are going to make the next economic bust exponentially worse.
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#16- The space is littered with fraud. - Wallets have bugs that lose hundreds of millions of dollars - Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018 - Promoters yelling “decentralize everything” while exchanges, development teams and mining are all highly centralized - No legal use case found to date Blockchain is a parasite on society.
It sounds like the future to me... as currencies, not as investment objects... the similarities with our current national currencies is eerie.
when was the last time someone pitched an "initial dollar offering"?
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#17- The space is littered with fraud. - Wallets have bugs that lose hundreds of millions of dollars - Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018 - Promoters yelling “decentralize everything” while exchanges, development teams and mining are all highly centralized - No legal use case found to date Blockchain is a parasite on society.
>No legal use case found to date
How do you expect anyone to take you seriously?
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#18Can someone smarter than me try to write a formal proof that you can only have 2 of the following: distributed, fast, secure?
can you propose a formalism for your notion of "fast"?
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#19Can someone smarter than me try to write a formal proof that you can only have 2 of the following: distributed, fast, secure?
There's decades of academic work in the form of "impossibility" results showing that handling byzantine fault tolerance in distributed consensus is alot more computationally expensive than omission/crash fault tolerance. The following (FLP impossibility result) being one of the most famous ones:
Re: Hundreds of Bitcoin Wannabes Show Hallmarks of Fraud
#20Earlier quoted context omitted.
It sounds like the future to me... as currencies, not as investment objects... the similarities with our current national currencies is eerie.
when was the last time someone pitched an "initial dollar offering"?
When you have violence monopoly backing up your business, it is easy to limit competition.