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On anti-crypto toxicity

blog.mollywhite.net

31–40 of 734 posts

Re: On anti-crypto toxicity

#31
post #2

Waaay back, I thought Bitcoin was a cool technology, and convinced some friends of mine with businesses to accept it. We had a lot of fun with it - it was really cool to pay for your beer by scanning a QR code and seeing the transaction come through this public, distributed, tamper proof ledger, like magic, with no need for money, banks or any of the other financial infrastructure we're used to. Sadly, the "crypto sp…

> The potential for cool applications of blockchains is still there, but so far it seems to me cryptocurrency has mostly just been abused as a vehicle for crazy, baseless manias, and little to no meaningful application.

Check out DeFI on Ethereum and your hope will resurrect. aave.com, pooltogether.com, goodghosting.com, polymarket.com, ens.domains, gitcoin. https://ethereum.org/en/dapps/

Re: On anti-crypto toxicity

#32
post #30
post #23

Earlier quoted context omitted.

The author is incredibly critical of these technologies, and very much does not like them. The article mentions this.

I read wun0ne point as how blockchain implementations has a disastrous environmental impact. The article doesn’t mention that at all, and openly advocate for blockchain.

Correct.

Re: On anti-crypto toxicity

#33
post #16
post #8

Earlier quoted context omitted.

To me it had leftist anarcho roots, but whatever floats their boat, I guess.

For me it is rather hard to separate the Libetarians and Anarcho people... Other one might be right and other left, but there is some weird commonality when it comes to state and control of financial system...

Yes.

I think, the main difference is that anarchism is about people can do what they want.

Some interpret it as capital can do what it wants. I don't subscribe to that interpretation, but many crypto people do, sadly.

Re: On anti-crypto toxicity

#34
The key thing is, of course people are getting vocal - and vocally annoyed! - at crypto-bros, given what cryptocoins have brought upon us over the last years:

- a shortage of all components used in building PCs, starting with CPUs, then GPUs, then RAM, then HDDs, and back to GPUs. Simply because scalpers and shitcoin miners could outbid everyone else.

- People getting hacked left and right (particularly blue-checkmark accounts) on Twitter, Youtube or Facebook to rename them to Elon Musk and promise crypto airdrops

- the amount of corruption that has been necessary to enable said hacks. "SIM swapping" attacks used to be something nation states did against top-of-wanted-list criminals, not something that could be bought on the darknet for a couple hundred dollars

- the loot of said hacks ending up to fund Iranian or North Korean nuclear terrorism programs

- the amount of large scale hacks made only possible by Bitcoin and friends providing a relatively easy way to launder money, in particular ransomware

- an awful lot of "stars" peddled NFTs, ICOs and the likes and let their fans hang out to dry when the hype collapsed

- an awful corresponding lot of friends and sometimes family that got lured in by shitcoins, actually made money and now peddles shitcoins instead of crap MLM products to everyone whose ears haven't fallen off since long

- all the "rug pulls", "hacks" and other instances where serious amounts of money got stolen or vanished into thin air

- artists getting their works minted as NFTs without authorization

- people buying up coal power plants of all things to mine shitcoins

- instead of delivering the promised "there are no banks and taxes!" world, all shitcoins (obviously... as everyone predicted) ended up depending on centralized institutions like exchanges, large mining pools, auditors and the likes, especially once governments around the world caught up with developments. And to make it worse, many of these institutions end up with lesser consumer protection than banks! Hooray!

The only positive contribution that cryptocurrencies brought to the world was that people had a safe way to pay for and order illicit drugs, as taking out shady dealers and cutters reduced the amount of contaminations. Oh and maybe kick some arses at Western Union into reducing their rip-off rates for international currency transfers.

Re: On anti-crypto toxicity

#35
post #2

Waaay back, I thought Bitcoin was a cool technology, and convinced some friends of mine with businesses to accept it. We had a lot of fun with it - it was really cool to pay for your beer by scanning a QR code and seeing the transaction come through this public, distributed, tamper proof ledger, like magic, with no need for money, banks or any of the other financial infrastructure we're used to. Sadly, the "crypto sp…

It's not about the tech. IMO a payment should just work. You don't need to understand the technology. It's foolish to expect people to know the tech in and out, it is irrelevant for 90% of people.

There's no need to have cool applications of blockchains, there's only need for decentralisation.

Re: On anti-crypto toxicity

#36
post #2

Waaay back, I thought Bitcoin was a cool technology, and convinced some friends of mine with businesses to accept it. We had a lot of fun with it - it was really cool to pay for your beer by scanning a QR code and seeing the transaction come through this public, distributed, tamper proof ledger, like magic, with no need for money, banks or any of the other financial infrastructure we're used to. Sadly, the "crypto sp…

> Sadly, the "crypto space" was quickly invaded by hordes of people who never really cared about the technology itself, how it works and what it's actually useful for.

If having a solid understanding of the tech underlying crypto is a prereq of any sort, it will never reach mass adoption. Personally idgaf what fiat we choose or tech underlying my debit transactions, so long as the value is reasonably stable, my account reasonably secure, and my form of payment is accepted by almost all merchants.

Re: On anti-crypto toxicity

#37
post #11

Why must we use the loaded term 'toxicity'? It starts your argument with: "Those who disagree with me are poison".

Toxicity is the right term if we stick to its original, biological meaning. Energy generation leads to large toxic outputs. Wasting energy leads to more toxic outputs.

Re: On anti-crypto toxicity

#38
post #29

>How can we create a more equitable financial system, where everyone has access to banking services? I don't think Crypto is a "more equitable financial system" but it is a more equal one.

I really don't see how it could ever be a financial system. It would require regulation, control and identification. It requires a central and powerful supervisor per country. It would render the system at most equally accessible, possibly less. If you want a bank with a publically accessible ledger, fine, build it, or have your government publish all banking transactions. But don't pretend bitcoin can be an alternat…

I talked to people from Argentinia, Nigeria, and Venezuela.

They have all this tradfi regulation, and it's shit.

I think, some people are just a bit blinded by living in the handful of countries that have systems which actually work.

Re: On anti-crypto toxicity

#39

Earlier quoted context omitted.

This. I saw this happen with the early internet, and then later with crypto... It took a long time for the Internet to go from 1) only know to geeks to 2) grifters promising the world to 3) wider acceptance. Maybe this will happen too with crypto, but until it sorts out its grifter problem, it will be always be stuck at stage 2.

I don't think the internet has left phase 2 yet either.

You're getting downvoted for that, but you aren't wrong.

There aren't fewer grifters on the internet. There are just more regular people. And also more grifters, but they can hide in the rest of the noise.

It's going to be the same with cryptocurrency if it sticks around. There will always be people trying to trick less-wise people into giving up their money for nothing.

Re: On anti-crypto toxicity

#40
post #21

>How can we create a more equitable financial system, where everyone has access to banking services? I don't think Crypto is a "more equitable financial system" but it is a more equal one.

I've never heard of a bitcoin or Ethereum deterministic wallet being canceled because someone found out its owner is from Iran or Venezuela. That's a huge improvement over the crap that is the current financial system.

Or Russia? Seems the ability to freeze the assets of a tyrannical regime can come in handy from time to time, no?
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