Greater fool theory, in either case.
Cryptocurrency is something people tell lies about in hopes of getting richer
331–340 of 411 posts
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#332The whole NFT craze lost me when tech founders I once highly respected started pushing and showing off their ugly gifs and trading cards on Twitter. Bad taste of the bored rich is not a new thing, but I hope NFTs won't become a noble tradition.
Music artists too. Can't forget them. (speaking as a music artist myself who despises the NFT gimmick)
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#333Earlier quoted context omitted.
> If an external source - say the Twitter account of an artist - can authenticate that the holder of the NFT is who the creator of the art work wants to be recognized as the owner, then social consensus will lead to widespread value assignment to that NFT. In other words, you don't need the blockchain because the actual value comes from a different system. The only thing it's adding is overhead and unreliability.
The second paragraph explains the utility of issuing it on the blockchain.
It fails to establish that this is unique to a blockchain: we do, after all, have decades of experience building distributed applications and it’s not like banks haven’t issued loans before and the hypothetical benefits have to be weighed against the added costs of relying a very slow, expensive database with no mechanism to correct bugs or fraud.
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#334Earlier quoted context omitted.
The second paragraph explains the utility of issuing it on the blockchain.
It fails to establish that this is unique to a blockchain: we do, after all, have decades of experience building distributed applications and it’s not like banks haven’t issued loans before and the hypothetical benefits have to be weighed against the added costs of relying a very slow, expensive database with no mechanism to correct bugs or fraud.
What I described IS unique to blockchains:
"makes that asset accessible to a large number of autonomous on-chain markets, like dApps which allow a person to take out self-executing loans that use the NFT as collateral"
What market undergridded by banks provides these features.
The blockchain provides extremely high assurances of up-time and immutability in its protocol rules - which assures accessibility and protection from third party interference. This is ideal as a digital asset registry.
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#335Earlier quoted context omitted.
>Bitcoin people are trying to decentralize the world. Make the powerful less powerful. Free humanity from debt economies, inflation, weak fiscal policy and the slow theft of fruits of your labor. I have looked at lots of potential money systems and I'd say most cryptocurrencies fall into the usual deflation speculation death that lots of government currencies (especially during the gold standard) have fallen victim t…
I fundamentally disagree with everything you have written, from definitions, to target of harms, to outcomes. I think your philosophy is dangerous and harmful. So, No, I will not stop that. Thank Satoshi that I don't need to. I choose to opt of your authoritarian and paternalistic philosophies. I will always convert fruits of my labor into hard money, where you cannot hurt me. You can't stop us (all).
Are you okay? Your replies make it sound like you represent some cult and have gone in some kind of trance
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#336Earlier quoted context omitted.
The thing about NFTs is that many people who buy them "don't get NFTs". All an NFT is is a token that represents ownership, like if the title to your car or house deed was on a blockchain. NFTs have some sane use causes like designating the owner of a valuable asset or creating electronic tickets that can be resold or transferred without some centralized entity like ticketmaster. Prior to NFTs existing, would you pur…
Thing is, NFTs don't represent ownership, absent some external legal documents which tie ownership to the NFT. (And even with such external documents p perhaps not; see e.g. the statute of frauds which restricts in what form land ownership can be transferred.) I can sell NFTs of bridges all day long; doesn't mean anyone is buying a bridge.
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Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#337More like deflector.com.
I'm not going to claim that cryptocurrency is going to change the world for the better, but this is an article almost entirely composed of straw men. Whether you like cryptocurrency or not, if you understand it at all and have actually heard the evangelists' arguments and understood them almost every single point made in this article doesn't really apply.
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#338Earlier quoted context omitted.
So would posting it anywhere online essentially. Twitter would work for the same usecase. Or the old sending it to yourself through the mail thing. NFTs also don’t put the image on chain usually instead just linking from the metadata so a fraudster could register a bunch of placeholder NFTs and then later put stolen art where the link points to. Hey Presto you can steal art and “prove” the actual creator is the fraud…
Well, posting the actual content publicly would obviously make it public, which registering a hash on the blockchain would not. "Sending it to yourself through the mail" would probably be the competition, and I would say a cryptographic hash is at least as good as a postmark, as well as cheaper. Anyway. I wasn't talking about NFTs as they exist today. I'm just saying the original concept (as I understood it) seemed b…
The useful part of what you describe is called timestamping and predated (and inspired) Bitcoin.
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#339Earlier quoted context omitted.
You are questioning what I'm saying by telling me something incredibly vague. I'm afraid I just don't know what to do with your question.
I can rephrase it: why do you think it impossible for vastly resourceful entities to acquire so much power they can control the decentralized system - in a softer way, probably but still. Imagine a world tmr where bitcoin is everywhere. You ll have mining conglomerates in the cheapest electricity providers working as cartels to help each other and protect their interests (so can envision centralizing a blacklist of a…
It's easy. Copy-paste the blockchain and start over with a fork. When the system delegitimizes itself, a debt jubilee lies around the corner. This stuff is just glue now - a cheap way of making a financial system.
Re: Cryptocurrency is something people tell lies about in hopes of getting richer
#340Earlier quoted context omitted.
I'm sorry, it has nothing to do with cartels and everything to do with an incredibly complex banking infrastructure running mostly on fortran and cobol.
I'm sorry, do some research. A few large operators keep the remittances costs high. https://voxeu.org/article/stubbornly-high-cost-remittances As for fortran and cobol, why change the technology if you are sitting pretty?
Did you read your link because it says nothing about high fees due to cartels or kyc or anything else. In fact it say big old banks are the most expensive while new internet services are the cheapest. Remittance is already paid for with crypto and increasing. It’s a perfect application for it.