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Cryptocurrencies Are Detrimental to Society

louwrentius.com

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Re: Cryptocurrencies Are Detrimental to Society

#61

Post by Hitton »

AndrewUnmuted wrote: post #40
robcohen wrote: post #26

This blog post fails to mention anything about alternative consensus mechanisms to Proof of Work (PoW). Proof of Work requires the energy expenditure of a small country. Proof of Stake requires far far less power, negligible amounts of power. https://spectrum.ieee.org/computing/networks/ethereum-plans-...

And yet, proof of stake has led to no cryptocurrency that can claim anywhere near the activity of Bitcoin.

Ah, yes. Argumentation by number of users. Reminds me of Facebook conclusively proving that federated social networks are dead end by its own merits, definitely not by the fact that when you start using social network you are more likely use one that your friends already use.

Re: Cryptocurrencies Are Detrimental to Society

#62

Post by skylabmelody »

Every single downside listed in the article already existed way long before cryptocurrencies were even invented. Yet another article that confuses security of exchanges with security of cryptocurrencies. Cryptocurrencies are digital asset designed to work as a non-centralized medium of exchange. You can ask any citizen from countries that went through hyperinflation, capital control or cyprus-style bank account seizure (bail-in), what is the value of cryptocurrency to them. Then ask yourself if and when it can happen to you.

Re: Cryptocurrencies Are Detrimental to Society

#63

Post by louwrentius »

montenague wrote: post #37

Half way down the page and there are zero arguments in favour - deeply disingenuous article. Much of what this "discussion" focuses on casts every innovation (of which there are many) into the Bitcoin Proof of Work pidgeon hole. Bitcoin is a primitive protocol - nothing more than a technical proof that can now be used as a gold store. There are some serious upcoming corporate monsters building their foundations right…

Can you answer the question I pose: Can you please show me the benefit to society of cryptocurrencies?

You only point to other smart people that have started companies to purposes unclear.

Re: Cryptocurrencies Are Detrimental to Society

#64

Post by meowface »

tr00586 wrote: post #57

>Cryptocurrencies have existed for eleven years, they should have something to show for right now. IMO this argument is pretty seriously flawed. We tend to think of revolutionary technologies as "overnight successes" but that's rarely the case. If we had abandoned the smartphone 11 years after the first attempt at, we would never have the iPhone. If we had abandoned combustion engines 11 years after their first attem…

Exactly. Bitcoin is the first flip phone. Let's see what things look like in 20 years.

The one point I agree with the author on is that the electricity waste is unnecessary and unsustainable. Proof of Stake or other alternatives, if there are any, should be a requirement of all future cryptocurrencies.

Re: Cryptocurrencies Are Detrimental to Society

#65

Post by krapp »

cwmma wrote: post #24
JohnJamesRambo wrote: post #2

You might see how useful they are quite soon. “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in re…

Now you just need to trust the software developers not to increase mining rewards and the crypto exchanges not to scam you

If you cant trust anonymous cypherpunks and organized crime to be fair and honest stewards in an anarcho-capitalist black market then who can you trust? Bankers? Governments? Might as well just burn all of your cash in an oil drum.

Re: Cryptocurrencies Are Detrimental to Society

#66

Post by louwrentius »

meowface wrote: post #64
tr00586 wrote: post #57

>Cryptocurrencies have existed for eleven years, they should have something to show for right now. IMO this argument is pretty seriously flawed. We tend to think of revolutionary technologies as "overnight successes" but that's rarely the case. If we had abandoned the smartphone 11 years after the first attempt at, we would never have the iPhone. If we had abandoned combustion engines 11 years after their first attem…

Exactly. Bitcoin is the first flip phone. Let's see what things look like in 20 years. The one point I agree with the author on is that the electricity waste is unnecessary and unsustainable. Proof of Stake or other alternatives, if there are any, should be a requirement of all future cryptocurrencies.

The flip phone was usable from day 1. This is not a flip phone. It's a tamagotchi.

Re: Cryptocurrencies Are Detrimental to Society

#67

Post by AndrewUnmuted »

Hitton wrote: post #61
AndrewUnmuted wrote: post #40

Earlier quoted context omitted.

And yet, proof of stake has led to no cryptocurrency that can claim anywhere near the activity of Bitcoin.

Ah, yes. Argumentation by number of users. Reminds me of Facebook conclusively proving that federated social networks are dead end by its own merits, definitely not by the fact that when you start using social network you are more likely use one that your friends already use.

I was simply pointing out a fact, not looking to argue. You won't hear any support for centralized media - be they social networks or cryptocurrencies - out of me.

However, I'll also point out that when it comes to things which claim to be effective means of exchange, buy-in from users is pretty dang important.

Re: Cryptocurrencies Are Detrimental to Society

#68

Post by jariel »

elevenoh wrote: post #51
jariel wrote: post #31

Earlier quoted context omitted.

"near-free & instant to exchange, borderless, alternative to gov't, privacy-preserving" Cryptocurrencies provide none of this in practice.

Would you be willing to attempt to disprove any one of these in a comment-reply?

No, you're making the bold claims, it's your job to demonstrate how cryptos have been materially valuable for and society or organization.

Take some time to do it, because you might come to realize how fundamentally unpragmatic cryptos are.

Also, you might discover that there are some existentially wrong assumptions regarding crypto that make it all moot: there is no such thing as a 'trustless decentralized currency' or store of value because currencies are inherently a form of the social contract.

Crypto advocates, it seems, don't even know what a currency even is.

There will be a place for digital currency but it will be much as you see it today, blockchain in currency and everything else will probably fade away.

Cryptos are a neat idea and a meme, an intellectual fashion, like Uggs or Emo.

Re: Cryptocurrencies Are Detrimental to Society

#69

Post by louwrentius »

skylabmelody wrote: post #62

Every single downside listed in the article already existed way long before cryptocurrencies were even invented. Yet another article that confuses security of exchanges with security of cryptocurrencies. Cryptocurrencies are digital asset designed to work as a non-centralized medium of exchange. You can ask any citizen from countries that went through hyperinflation, capital control or cyprus-style bank account seizu…

I mention this 'argument' in my article.

Re: Cryptocurrencies Are Detrimental to Society

#70

Post by louwrentius »

bigB wrote: post #59

People in general are detrimental to society, regardless of what currency we are using. Your argument is pretty weak considering conventional currency has been used for illegal and immoral activities since it was a thing, and even before that there were illegal trade in goods and services. All your examples in your arguments have been around long before cryptocurrency, with the exception of ransomware, which still wa…

Please state the benefits of cryptocurrencies. Nobody here seems to be able to answer this question without resorting to crazy jargon.
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