Crypto Winter, or Crypto Ice Age?
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Crypto Winter, or Crypto Ice Age?
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Re: Crypto Winter, or Crypto Ice Age?
#2Crypto is a system of perfect logic built on the foundation of a few flawed assumptions.
Relying on YouTube videos that anyone can create is highly suspect and should be easily recognized as a logical discrepancy/potential fallacy by otherwise intelligent technical people.
The fact that it is not points out a huge hole in their education, reasoning and thinking process. It is the end result of being highly trained but poorly educated in my opinion. Quite simply, many crypto cultists failed to grasp the overall limits of their own knowledge and control and paid a heavy price for it.
Re: Crypto Winter, or Crypto Ice Age?
#3Cryptaceous Extinction Event. Hopefully anything that makes it through will actually be beneficial to the world.
Re: Crypto Winter, or Crypto Ice Age?
#4Hopefully crypto earth-destroying-comet.
Re: Crypto Winter, or Crypto Ice Age?
#5Bitcoin is absolute garbage and in theory any critique is good, but it bothers me that half of the points in this article aren't even internally logically consistent:
> “Blockchain is just like the early internet”. No, it isn’t. Satoshi Nakamoto’s paper was published in October 2008 ... .
Nothing about the original statement is predicated on the age of the tech. Even if it did, I don't see what modern tech corps have to do with anything - they didn't build the internet. Also, on age, the early internet dates back to the 60s and was still considered "early" 30+ years later.
> There are centralisation and technical problems with these solutions, but let’s ignore those for now, and call these systems for what they are. Second layers act as a reminder that the original networks cannot scale, and need a second network on top of the network to operate. This is an admission of failure.
If we ignore the technical problems, 2nd-layer seem like a practical solution to a problem. Why is that a failure?
(now I know that they DO have technical problems - so maybe let's talk about those specifically, instead of making weird nonsensical statements)
> “Bitcoin is digital gold”. It isn’t, gold is gold, it requires no maintenance fee, once it’s mined [...] Bitcoin [...] need to be maintained by miners using electricity [...] at least to keep the mining running.
Why is mining excluded for gold and not for Bitcoin in your analogy?
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As for my own opinions...
> Concluding, will crypto die?
This is two questions:
1. Will the crypto market die? Hopefully, though I'm less than optimistic.
2. Will blockchain tech die? Of course not. It's not very useful but it has niche applications - there's plenty of obscure tech that's kept around by enthusiasts, so I think we can be sure that even after the last cryptobro is bankrupted, there'll still be a group of geeks somewhere hacking on the blockchain for fun.
Re: Crypto Winter, or Crypto Ice Age?
#6Sure, “blockchain is just like the early internet” is a bad argument, and one that’s used by some proponents. But if you give it a more charitable interpretation, such as “Not all successful technology is widely adopted within a decade of its inception”, it’s not quite as easy to knock down. Even VR went through (is still going through?) a long winter.
The rest of the points are in a similar vein, picking the worst, most literal interpretations of the arguments. Of course only gold is gold, the argument is that Bitcoin might be used as reserve currency.
Re: Crypto Winter, or Crypto Ice Age?
#7This is all very simple in practice, the blockchain is barely useful, crypto coins and NFTs have very low utility.
At some point value and utility always converge.
A good heuristic to predict the value of something: would you get them if they were free of charge?
The only difficult thing is to predict when the convergence occurs.
The asymptotic value of Bitcoin is $0.
Re: Crypto Winter, or Crypto Ice Age?
#8crypto climate change
Re: Crypto Winter, or Crypto Ice Age?
#9Bitcoin is absolute garbage and in theory any critique is good, but it bothers me that half of the points in this article aren't even internally logically consistent: > “Blockchain is just like the early internet”. No, it isn’t. Satoshi Nakamoto’s paper was published in October 2008 ... . Nothing about the original statement is predicated on the age of the tech. Even if it did, I don't see what modern tech corps have…
Crypto is basically gambling, and gambling is alive and well. This is why I don't see crypto dying anytime soon. It will die when a better gamble comes along.
Re: Crypto Winter, or Crypto Ice Age?
#10Bitcoin is absolute garbage and in theory any critique is good, but it bothers me that half of the points in this article aren't even internally logically consistent: > “Blockchain is just like the early internet”. No, it isn’t. Satoshi Nakamoto’s paper was published in October 2008 ... . Nothing about the original statement is predicated on the age of the tech. Even if it did, I don't see what modern tech corps have…
> Why is mining excluded for gold and not for Bitcoin in your analogy?
because: "Bitcoin needs to be maintained by miners using electricity" like they say?
Gold doesn't need continued mining to continue being gold.