I don't understand how tech people can't be excited about decentralized programmable money. Bitcoin, maybe, it's so limited, but the sky's the limit on programmable money on Ethereum and chains like it.
It's time for us in the tech world to speak out about cryptocurrency
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Re: It's time for us in the tech world to speak out about cryptocurrency
#182Earlier quoted context omitted.
It's worldwide.
What fraction of all commerce is worldwide as opposed to local? What degree of that difference, if any, is a consequence of payment frictions rather than other factors (say: most activity and interactions are local). What preferences are exhibited by major international buyers and sellers for payment or credit systems?
These questions have no effect on crypto's adoption, perhaps these questions are an exercise to the reader.
Re: It's time for us in the tech world to speak out about cryptocurrency
#183I read a Blockchain book from O'Reilly in 2015, when it came out and it left me with the distinct impression that this "technology" is vaporous. It could do anything, yet, almost no examples to try out, let alone real-world successes.
Over time I witnessed many "new" things, and the ones which stick typically have a specific aura to them, like a 10x simplification, or speedup or reduction in "noise". These things are really rare; most things are incremental and that's good, too.
Blockchain did not seemed to have any of that.
PS. Merkle trees are super interesting and I use them daily (in git) - so all the tech ideas are certainly worth considering, it's just that they are not fit for the advertised purpose plus it has gotten an enormous drag on resources, for nothing.
PPS. I typically have an "tech instinct" to see new things, but I currently cannot really see anything that looks like a major tech shifts from the past. ML is incremental and despite its grande successes is mostly applied by the surveillance industry, which makes it much less attractive. Cloud seems much more profound and the whole apification of the world transformation - although I do not like the centralization, even if it is more economical. In general, the real revolutionary tool or technology does not need to sell itself, it is picked up by the weird and intelligent first, then trickles down to the masses (also: tech can be great w/o mainstream adoption, too - it just not a revolution then).
PPPS: Wild speculation: With 5G, everyone with a phone could host their business directly on their device, instead on other peoples servers. When phones hit a TB in storage, you can run your socnet with your friends - and you probably will, because mainstream money will have moved to something much more immersive, addictive, profitable like glasses, vr, ar.
Re: It's time for us in the tech world to speak out about cryptocurrency
#184[deleted]
Re: It's time for us in the tech world to speak out about cryptocurrency
#185The issue of the "promise" of cryptos (and blockchain in general) is that it tries to solve problems that are not tech problems. They are mostly political/governmental problems that are solved by a working democracy. In countries where there is no working democracy, the dictator won't give two shits if this NFT proves that you own this piece of land before taking it from you. Blockchain in itself is not something tha…
Actually, my understanding is that cryptocurrencies are having impact in developing countries. They can address hyperinflation, access to financial services, general friction in exchanging money etc.
More people need to appreciate this
Re: It's time for us in the tech world to speak out about cryptocurrency
#186I think this actually overstates the value of cryptocurrencies. The value of say, Bitcoin, isn't even connected to its value as a method of money laundering or extortion through ransomware. However morally objectionable these are, they do have economic value - it's just that value is not connected to the price of any cryptocurrency. Rather, the whole thing is an extended, worldwide pump-and-dump; speculation is drivi…
> The value of say, Bitcoin, isn't even connected to its value as a method of money laundering or extortion through ransomware.
No. Money launderers and extorters drive demand for cryptocurrencies. This affects its price.
See: https://www.independent.co.uk/life-style/gadgets-and-tech/ne...
Re: It's time for us in the tech world to speak out about cryptocurrency
#187Earlier quoted context omitted.
How is git an application of blockchain when it predates Bitcoin by several years?
It’s the same data structure. Bitcoin just added the proof-of-work idea to extending the chain and attached the concept of “value” as a social construct. https://en.wikipedia.org/wiki/Merkle_tree
How does consensus work in git?
Re: It's time for us in the tech world to speak out about cryptocurrency
#188Bitcoin is terrible technology and stupidly wasteful, but there are new blockchain networks coming along that are about a million times more efficient, so use those instead.
Re: It's time for us in the tech world to speak out about cryptocurrency
#189Earlier quoted context omitted.
Why can't the tech be neat/super cool and primarily be used to run a scam? I mean bittorrent is neat tech as well but it's still primarily used for piracy. Doing a deep dive into how bittorrent works doesn't suddenly change the fact that 99.9% of torrents out there are violating somebody's intellectual property. All I'm saying is, there's lots of super neat tech out there that's primarily used for not-so-super-neat s…
I disagree with the characterization that the primary use is a scam. That’s like saying the primary use of email is to receive ads and phishing mail.
Are there numbers on what the primary uses of cryptocurrency are? I would guess remittances, purchasing illegal things, purchasing legal things, and ransomware - but I'm not sure in what order.
Re: It's time for us in the tech world to speak out about cryptocurrency
#190The author clearly doesn't understand Bitcoin at all and Bitcoin has been already discussed for ten years by everyone in the tech world. His opinion is his own, not 'us in the tech world'.
One of the most tiring retorts is that if someone is negative about cryptocurrency then that means they don't understand cryptocurrency. I assure you many of us do understand it and still think it's an absolute scam and pure wealth distribution from the naive, to the slightly less naive, to the scammers.