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Crypto: The Good, the Bad and the Ugly

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Re: Crypto: The Good, the Bad and the Ugly

#261

Post by SirMonkey »

jack_pp wrote: post #143
rland wrote: post #83

I've gotten this feeling, ever since about 2008 or so, that the map that is asset prices is slowly, inexorably becoming uncoupled from the territory of the physical world. This economy-scale decoupling is the dual of each and every one of our very own psychological uncoupling from our own physical worlds, which has occurred because of the computerization of work, socialization, and life itself (the shimmering neurali…

Bitcoin is tied to the physical world the same way every other currency is tied to the physical world. Right now you can transfer abstract value you have acquired without a 1-2% fee through bitcoin, which is much easier than doing it via a bank. For example a poker player needing to get 1 million dollars to Monaco to play a tournament would have to pay 1% (10,000$) and wait god knows how long if he went through the b…

In reality that "poker player" would probably just get a line of credit at the casino[1]. Moving/Getting money is "hard" mostly if you are poor.

[1] https://en.wikipedia.org/wiki/High_roller

Re: Crypto: The Good, the Bad and the Ugly

#262

Post by yunohn »

jack_pp wrote: post #143
rland wrote: post #83

I've gotten this feeling, ever since about 2008 or so, that the map that is asset prices is slowly, inexorably becoming uncoupled from the territory of the physical world. This economy-scale decoupling is the dual of each and every one of our very own psychological uncoupling from our own physical worlds, which has occurred because of the computerization of work, socialization, and life itself (the shimmering neurali…

Bitcoin is tied to the physical world the same way every other currency is tied to the physical world. Right now you can transfer abstract value you have acquired without a 1-2% fee through bitcoin, which is much easier than doing it via a bank. For example a poker player needing to get 1 million dollars to Monaco to play a tournament would have to pay 1% (10,000$) and wait god knows how long if he went through the b…

> For example a poker player needing to get 1 million dollars to Monaco to play a tournament would have to pay 1% (10,000$) and wait god knows how long if he went through the banks

Do you have a source for this? I find it hard to believe that high stakes gambling is hindered by banking systems.

Re: Crypto: The Good, the Bad and the Ugly

#263

Post by yunohn »

ramazanpolat wrote: post #243

Reading thru comments made me realize how narrow minded people are. You have to have embrace some principles and understanding of the life, ethics and technology before blaming the crypto world. 1- Anything can be abused, just because something is abused that doesn't mean it should be banned. Want to stop child abuse? Don't ask people to stop having children, go after abusers! 2- The fact that governments can print m…

> you should understand that when 51% of the population wants to ban the remanining 49% of people to live

Kinda disingenuous to frame crypto as a life essential to 49% (??) of the population.

Also when most crypto users are aiming to avoid taxes while participating in the same society as the non-crypto majority. You need public infrastructure for things like the “internet” to function.

Re: Crypto: The Good, the Bad and the Ugly

#264

Post by gquiniou »

jasongi wrote: post #115

I don't understand how any take on crypto can not mention that it is now the de-facto currency of online black markets, from pornhub to silk road 9.0 or whatever version we're up to. This is crypto's utility and the only thing I've seen crypto being used for seriously that isn't speculation. Cryptocurrency is disrupting the black markets the same way amazon/ebay/online shopping disrupted the retail markets. Crypto is…

Cryptocurrencies are used by people living in countries with high inflation (e.g. Venezuela) to protect their savings.

Re: Crypto: The Good, the Bad and the Ugly

#265

Post by ryan93 »

jack_pp wrote: post #143
rland wrote: post #83

I've gotten this feeling, ever since about 2008 or so, that the map that is asset prices is slowly, inexorably becoming uncoupled from the territory of the physical world. This economy-scale decoupling is the dual of each and every one of our very own psychological uncoupling from our own physical worlds, which has occurred because of the computerization of work, socialization, and life itself (the shimmering neurali…

Bitcoin is tied to the physical world the same way every other currency is tied to the physical world. Right now you can transfer abstract value you have acquired without a 1-2% fee through bitcoin, which is much easier than doing it via a bank. For example a poker player needing to get 1 million dollars to Monaco to play a tournament would have to pay 1% (10,000$) and wait god knows how long if he went through the b…

you can do six figure bank transfers for zero fee

Re: Crypto: The Good, the Bad and the Ugly

#266

Post by ryan93 »

oarabbus_ wrote: post #38
bigdubs wrote: post #34

Earlier quoted context omitted.

This is not a good comparison because big mining farms are not equivalent to people playing video games at home.

So then is the problem "crypto currency mining" or "large bitcoin mining farms"? If that's the case it shouldn't be a problem if an individual wants to mine ethereum in their home. Regardless there are 1.5+ billion gamers which does make it comparable. Video streaming in aggregate consumes an incredible amount of energy, as does non-essential plane travel. But people seem to not mind that. It's fine if people want to…

most of those 1.5 billion graphics cards are off at any given time and not running full bore even when they are on.

Re: Crypto: The Good, the Bad and the Ugly

#267

Post by squarefoot »

oarabbus_ wrote: post #25
Nursie wrote: post #7

> It seems if you want to do crypto things without burning the planet down, you can. Right, but what if you consider it a bad thing to introduce an economic incentive for other people to burn the planet down? This is beyond a matter of personal choice, until and unless we all get our own personal planets.

Why do you consider the energy usage from GPUs mining cryptocurrency worse than energy usage from GPUs used for playing video games or rendering CGI graphics? Or porn? TV commercials? Why is it considered OK to generate massive amounts of pollution and expend tremendous energy flying beef from Japan to New York for people's consumption, when there are perfectly edible cuts of beef which require at most a short train…

> Why do you consider the energy usage from GPUs mining cryptocurrency worse than energy usage from GPUs used for playing video games or rendering CGI graphics? Or porn? TV commercials?

Because gamers, graphics designers, porn watchers and TVs don't use piles of thousands GPUs kept at 100% load 24/7. The spike in power demand and consumption after cryptocurrencies became popular speaks for itself.

> Why is it considered OK to generate massive amounts of pollution and expend tremendous energy flying beef from Japan to New York for people's consumption, when there are perfectly edible cuts of beef which require at most a short train ride?

Totally unrelated issue that the absence of cryptocurrencies didn't create and that cryptocurrencies can't solve.

> What if the crypto is mined in part or full by renewable energy, which many crypto miners do (it's economically to their advantage in certain areas/climates)?

Because they still pump heat in the atmosphere. Also, most places where renewables such as solar can be convenient, aren't the best places to generate more heat, and they would need even more energy to cool down the electronics.

> If the goal is saving the planet, there are plenty of activities like flying internationally for pleasure, or eating meat that do far more environmental damage than cryptocurrency mining.

Completely unrelated as well. See point #2.

Re: Crypto: The Good, the Bad and the Ugly

#268

Post by 0x0nyandesu »

Nursie wrote: post #204
0x0nyandesu wrote: post #180

Earlier quoted context omitted.

Banks use way more electricity just cooling and heating their offices for the meat sacks that run their business than crypto ever will.

1. Doubtful, as Bitcoin alone uses more power than entire countries 2. Banks provide orders or magnitude more services than cryptocurrency ever will

How about some proof instead of pulling numbers out of your ass?

Re: Crypto: The Good, the Bad and the Ugly

#270

Post by mantenpanther »

meheleventyone wrote: post #220
mantenpanther wrote: post #178

Earlier quoted context omitted.

Because of ownership and the idea of digital property. In a MySQL the provider owns all data, with an NFT the key holder owns the data.

Well no they don't because the NFT only has meaning in the game world which is still owned and operated by the game company. NFTs in their current incarnation merely move the receipt from a centralized private DB to a decentralized public one and make the entire thing much more expensive.

But the NFT should be independent of the game and exists elsewhere. The game company can integrate it - or not.
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