Cryptocurrency is something people tell lies about in hopes of getting richer

Post by toomim » Fri, Sep 24, 2021, 4:45 PM UTC

dpedu wrote: post #238

jcbrand wrote: post #190

This article conflates NFTs with cryptocurrency, in a way that looks to me to be intentional in order to bolster his argument that crypto is for rich people to conspicuously consume and to pump and dump on the plebs. NFTs aren't money, or currency and just because they can be created on some blockchains doesn't make them so. I also don't see a genuine effort from the author to really understand why proponents think t…

> Bitcoin is open source, the original founder is nowhere to be found, there were no VCs involved in its creation or in the distribution of the coins and the entire network is run out in the open. The Bitcoin network is a commons. Hmmm. You've conveniently danced around any suggestion or mention of the fact that the "creator" of bitcoin mined 1.1 million - 1/20th of all bitcoins that will ever exist(!) - coins in pri…

Post by somenewaccount1 » Fri, Sep 24, 2021, 4:46 PM UTC

isoskeles wrote: post #217

anonporridge wrote: post #188

Earlier quoted context omitted.

This is the equivalent of someone seeing how much a Picasso sells and wondering if they should become an artist. For every success, there are 10,000 failures.

s/Picasso/Rothko/

Post by jcbrand » Fri, Sep 24, 2021, 4:47 PM UTC

dpedu wrote: post #238

jcbrand wrote: post #190

This article conflates NFTs with cryptocurrency, in a way that looks to me to be intentional in order to bolster his argument that crypto is for rich people to conspicuously consume and to pump and dump on the plebs. NFTs aren't money, or currency and just because they can be created on some blockchains doesn't make them so. I also don't see a genuine effort from the author to really understand why proponents think t…

> Bitcoin is open source, the original founder is nowhere to be found, there were no VCs involved in its creation or in the distribution of the coins and the entire network is run out in the open. The Bitcoin network is a commons. Hmmm. You've conveniently danced around any suggestion or mention of the fact that the "creator" of bitcoin mined 1.1 million - 1/20th of all bitcoins that will ever exist(!) - coins in pri…

Post by somenewaccount1 » Fri, Sep 24, 2021, 4:49 PM UTC

anonporridge wrote: post #227

somenewaccount1 wrote: post #212

Earlier quoted context omitted.

That's true, but in the Picasso scenario I actually need to learn to do art. In the NFT case, apparently a 3rd grade level of photoshop skills would do.

You could also tape a banana to a wall and sell it for $120k in the traditional art world. https://news.artnet.com/art-world/maurizio-cattelan-banana-c... Don't mistake extreme technical skill as being the sole reason humans value things. Sometimes, it's just about being the first to effectively convey a new idea, and the crudeness of the execution doesn't matter. And there are plenty of extremely skilled artists tha…

Post by noctune » Fri, Sep 24, 2021, 4:52 PM UTC

cryptica wrote: post #30

UncleMeat wrote: post #18

Earlier quoted context omitted.

> The same account could be used by multiple independent services and this removes the need for a signup process altogether. This is only marginally better than SSO with Google/Apple/Facebook/whatever. It dodges the "Google closed my account" problem, which is a meaningful improvement. But I'm not fully certain why you need the public key to be part of a blockchain for this to work. Couldn't you just publish your pub…

- Resistant to centralized censorship (as you pointed out) - It allows you to use the same passphrase for all services without compromising security since your passphrase never needs to leave your own machine; it is never sent over the wire. You just send signatures to different services. - The cost associated with purchasing tokens needed to initialize an account on the blockchain would serve as a spam prevention me…