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The Great Crypto Grift May Be Unwinding

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Re: The Great Crypto Grift May Be Unwinding

#281

Post by m3adow »

thfuran wrote: post #280
LightMachine wrote: post #279

Earlier quoted context omitted.

You can have virtual game worlds (like a MMORPG) that can't ever be turned off, by nobody. That means your items will last forever. 50 years from now, your sword will still be on your backpack. Can't say that for company-hosted MMORPGs like World of Warcraft, because these companies might go bankrupt, close servers, update items, etc. Not a cure-the-cancer colonize-mars hype level, of course, but it is still an inter…

>You can have virtual game worlds (like a MMORPG) that can't ever be turned off, by nobody. How?

I guess they meant that you can have a persistent and eternal database of the game state stored in a blockchain which everybody could host a game server with.

Re: The Great Crypto Grift May Be Unwinding

#282

Post by thfuran »

etaioinshrdlu wrote: post #23

Crypto cannot create wealth, only move it around. If too many people become crypto-rich and try to spend it on real-world assets, the assets will just inflate in price. What can happen is that crypto could replace other forms of money. Governments will likely fight this tooth and nail however, because crypto is currently an anti-government technology.

>Crypto cannot create wealth, only move it around

What's the difference? My employer doesn't create money, they just move it from clients to me. We're both still getting money out of it.

Re: The Great Crypto Grift May Be Unwinding

#283

Post by thfuran »

m3adow wrote: post #281
thfuran wrote: post #280

Earlier quoted context omitted.

>You can have virtual game worlds (like a MMORPG) that can't ever be turned off, by nobody. How?

I guess they meant that you can have a persistent and eternal database of the game state stored in a blockchain which everybody could host a game server with.

I guess you might be able to find a way to handle non-player actions but I think performance is going to be unresolvably terrible and scale quite limited.

Re: The Great Crypto Grift May Be Unwinding

#284

Post by MafellUser »

LightMachine wrote: post #279
sk0g wrote: post #104

Earlier quoted context omitted.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

You can have virtual game worlds (like a MMORPG) that can't ever be turned off, by nobody. That means your items will last forever. 50 years from now, your sword will still be on your backpack. Can't say that for company-hosted MMORPGs like World of Warcraft, because these companies might go bankrupt, close servers, update items, etc. Not a cure-the-cancer colonize-mars hype level, of course, but it is still an inter…

No post body was provided.

Re: The Great Crypto Grift May Be Unwinding

#285

Post by nullc »

JumpCrisscross wrote: post #33
sebmellen wrote: post #20

Earlier quoted context omitted.

How are the founders of these apps not in prison? I remember getting hundreds of “replace your savings account” ads that abruptly ended with the Luna collapse.

> How are the founders of these apps not in prison? These are private losses. We have lots of problems. It’s ludicrous to prioritise public resources for prosecuting those while led others into a bonfire. Put a tax in place and yes, I would fully support public enforcement.

If there isn't criminal enforcement these scams will continue to grow and amplify.

Risk of private action can be mitigated by making sure the victim's best recovery comes from selling their position along to a greater fool. At the end of this process the last bag holders individual losses are enough to not justify the cost of litigation. Costs which are all the greater for private individuals because they lack the governments power to investigate.

(and if fools run out a bit too soon, a bit of the initial income can be used to vacuum up the remainder)

Re: The Great Crypto Grift May Be Unwinding

#286

Post by 5350-uiop-1130 »

blockchain might have practical and interesting (if contrived) uses.

but the fiat value of cryptocurrencies is a speculative bubble i'm sure. without belabouring the whataboutism that usually follows this argument.

lines between blockchain the tech and crypto the casino are blurry.

Re: The Great Crypto Grift May Be Unwinding

#287

Post by prepend »

razemio wrote: post #261
woodruffw wrote: post #231

Earlier quoted context omitted.

> How would I prove that a file existed without a middlemen? How are you defining "middleman"? You can do this with any basic commitment scheme: take a cryptographically secure hash of your file and publish it somewhere that's either (1) trivially copyable, or (2) difficult to tamper with. Alternatively, you could do an online scheme where someone asks you for your proof and you present them with your hash after bein…

I work with ALOT of documents that have a deadline / need to be finished at a certain time. The blockchain helps me to proof mathematical in front of a curt that the file already existed at a given date. It is the most secure way that I know. A simple example of what I need without a middlemen. A student writes a thesis. The last time he is allowed to modify the file is friday evening. He can now send the file via ma…

It’s accepted in court that a simple email showing the file as an attachment is acceptable.

Certainly blockchains are more trustworthy, but acceptableness in court is a pretty low bar. I mean having something signed on paper in front of a notary is acceptable.

What cases are you involved with where a notary isn’t acceptable? Or a non-blockchain digital signature?

I’m involved in really high dollar amount contracts and we just use pki-based digital signatures with a time stamp. Of course the time stamp could be fraudulent, but so could the notary’s stamp. But its acceptable in court and stands up to litigation.

I also teach a class and would accept an email from the student as proof. To me that’s more reliable than me having to research some blockchain signature that I’m unfamiliar with.

These are hypothetical use cases and don’t solve a real problem. And they certainly don’t justify paying transaction fees as they are now. It’s cheaper to just pay DocuSign.

Re: The Great Crypto Grift May Be Unwinding

#288

Post by ehutch79 »

LightMachine wrote: post #279
sk0g wrote: post #104

Earlier quoted context omitted.

> you’d be an idiot to ignore the realistic and adopted use-cases Ignoring the hostility, what would you list as the realistic and adopted use-cases for crypto?

You can have virtual game worlds (like a MMORPG) that can't ever be turned off, by nobody. That means your items will last forever. 50 years from now, your sword will still be on your backpack. Can't say that for company-hosted MMORPGs like World of Warcraft, because these companies might go bankrupt, close servers, update items, etc. Not a cure-the-cancer colonize-mars hype level, of course, but it is still an inter…

In 50 years who's running the servers that are required for the game.

It's not like the characters movement will be on the block chain. You're not spending eth every time you attack a mob. It's not like everyone else's computers are running the ai for mobs. Are all the cinematics on the blockchain?

How the hell do you use an item from one game in another. It's not like the functionality from game in another. Whats to stop someone from publishing their own super-OP sword to the block chain and just ruining any game that supports it.

This makes zero sense when you spend any thought on it.

Re: The Great Crypto Grift May Be Unwinding

#290

Post by xtracto »

charcircuit wrote: post #161
0xB31B1B wrote: post #13

The best crypto grift was the neobank startups that were front ends for investing in anchor, a 20%APY crypto ponzi. Anchor crashed with Luna and all those startups kept their money in failed stable coins and have folded and failed to make payroll. They lost all of their money and all of their customers money. Woof

>Anchor crashed with Luna What do you mean? It is still working and has an 18% APY for UST. UST may have failed to be a stable coin, but Anchor still works.

Aave has 80%+ apy for UST...
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