71–80 of 121 posts
"Detrimental to society" isn't very defensible, he should have gone with "dysfunctional, practically useless technology" instead: * "Anonymous" transactions which are actually on a public, immutable ledger * Power structure moved away from banks/Fed, and instead to various Chinese mining cartels, shady exchange owners, and early adopters * Incredible power/resource usage, given the functionality * Complete lack of fr…
The extreme energy waste is the most salient point to me. Imagine what you could have if you took all the energy spent mining crypto and instead had spent it on building solar panels or N95 masks or high speed rail.
Energy is nowhere near the limiting constraint for either of those things, this comparison doesn't make sense.
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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'…
That's a good observation, thank you.
>Therefore, I would propose to shut them all down. OK the author clearly has no idea how a blockchain and a set of validators work I would gladly hear his plan to "shut them all down"
I know it's not possible to enforce it. It's a sentiment.
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What is the actual value of that?
Being able to send money to a friend in the US from Greece has value to me. Currently, I can't do this without a lot of hassle, since there's no overlap between what banking methods we use in Greece and what they use in the US. The problem is that ~0 stores accept cryptocurrencies, so my friend can't do anything with it.
"Money laundering and buying drugs" "No intrinsic value" "Energy waste" These arguments have been in the wild for over 10 years and discussed by both sides in much detail. The article brings just personal opinion of author and probably the most dumb down version of these arguments I have seen. Not sure if satire or not.
> Can you please show me the benefit to society of cryptocurrencies?
OP, how do you propose that Bitcoin be shut down? How would you go about it?
I know we can't. But the people involved should stop and do something 'less detrimental' with their lives.
The 'drugs' traded on the 'deeply depraved' marketplaces save lives and make other lives kind of comfortable even amid a chronic disease. Yes, I mean drugs which should, but for various reasons are not, available in the pharmacy. That's a real use case, do you think it's 'detrimental to society'? Because ill people get a chance to live again? Great thinking.
And to top it all off, your post is worded in a purposely confrontational and inflammatory way. It's a flame-bait, and it got flagged and removed from the site because of this. What do you gain by presenting a biased, unoriginal post to the crowd here? If you think you just made a "net benefit for society" - think again. In solitude, please.
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Being able to send money to a friend in the US from Greece has value to me. Currently, I can't do this without a lot of hassle, since there's no overlap between what banking methods we use in Greece and what they use in the US. The problem is that ~0 stores accept cryptocurrencies, so my friend can't do anything with it.
So the actual value is zero.
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It’s good because it solves problem for me. The problem it solves is absence of financial system that is impossible to censor or control and monetary system that is impossible to debase.
What do these words even mean in every day life?