I'd be curious to see the source on those numbers and how they're broken down. For example, Terra/Luna was a spectacular crypto failure. FTX, on the other hand, was just plain old fraud, not really related to crypto itself.
In 2022, Web3 went just great
21–30 of 205 posts
Re: In 2022, Web3 went just great
#22I would feel bad for people who lost money in crypto if every time I tried to warn them during the bubble they wouldn't have said 'have fun staying poor' and called me ignorant. It is tough to remain motivated to try and convince people that they are making bad decision when they actively berate you. It feels like telling someone about to jump into the shallow end of a swimming pool from a balcony that they are going…
I think we need to look at this from the perspective of a society and ask ourselves what else we could have done. Obviously there are a whole lot of people in society completely lacking in common sense and critical thinking skills, while at the same time mass rudeness seems normalized too. Is this a failure of education, or parenting? Or has it always been this way, and the only difference is the way we communicate with each other now naturally results in mass failures of common sense? It's a complex topic, but these rude people are also victims so we need to analyze it and at least learn something from it.
Re: In 2022, Web3 went just great
#23I would feel bad for people who lost money in crypto if every time I tried to warn them during the bubble they wouldn't have said 'have fun staying poor' and called me ignorant. It is tough to remain motivated to try and convince people that they are making bad decision when they actively berate you. It feels like telling someone about to jump into the shallow end of a swimming pool from a balcony that they are going…
My feelings exactly. I knew NFTs were doomed to not live up to their hype on the quality of my interactions with NFT enthusiasts alone. Huge pivots to needless hostility during what is ostensibly a sales pitch.
Re: In 2022, Web3 went just great
#24That's it? I was expecting hundreds of billions; quite far significantly smaller than expected out of the $13+ trillions in transaction volume in crypto [0]. Nothing but a microscopic amount, when compared to the tens of trillions of illicit funds being processed by banks in dollars and left unchecked. [1] [2] Looks like this newsletter is another plain old side grift by Molly with the rest of the high profile extrem…
"A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins."
Wow. This is the first I've heard of that, but I've heard of crypto shenanigans endlessly. It's a distraction in comparison.
Re: In 2022, Web3 went just great
#25That's it? I was expecting hundreds of billions; quite far significantly smaller than expected out of the $13+ trillions in transaction volume in crypto [0]. Nothing but a microscopic amount, when compared to the tens of trillions of illicit funds being processed by banks in dollars and left unchecked. [1] [2] Looks like this newsletter is another plain old side grift by Molly with the rest of the high profile extrem…
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Re: In 2022, Web3 went just great
#26I would feel bad for people who lost money in crypto if every time I tried to warn them during the bubble they wouldn't have said 'have fun staying poor' and called me ignorant. It is tough to remain motivated to try and convince people that they are making bad decision when they actively berate you. It feels like telling someone about to jump into the shallow end of a swimming pool from a balcony that they are going…
I think we need to look at this from the perspective of a society and ask ourselves what else we could have done. Obviously there are a whole lot of people in society completely lacking in common sense and critical thinking skills, while at the same time mass rudeness seems normalized too. Is this a failure of education, or parenting? Or has it always been this way, and the only difference is the way we communicate w…
Well, let's also not ignore the immense greed involved and its power to overcome run-of-the-mill common sense.
Doesn't take much to spot the bullshit in: "Risk-free 7% APY in a time when every single noteworthy financial institution is offering less than 0.5%!"
Re: In 2022, Web3 went just great
#27I urge lawmakers to completely regulate this so called 'crypto industry' before this number goes to $14B or higher in 2023. Crypto, NFTs, Blockchain and the rest of this nonsense should never have existed in the first place. And yet we enter another year where there is still no legitimate usecase for all of this whatsoever.
Or we could spend less money on an ad campaign to explain what crypto actually is, and what it's good use cases are, and what it's not good for. Rather than, you know, binding it up in vague and obnoxious legalese.
The "not good for" list is "practically everything."
The "good use cases" effectively don't exist. Every crypto solution falls into one or more of these buckets...
- Has substantial centralized elements, could be done vastly more efficiently with a DB
- "Decentralized" but still requires some central authority to provide critical features (particularly any form of conflict resolution)
- Depends on one or more smart contracts to effectively be perfect code with no bugs or unintended behaviors
- Primarily used for illicit goods and services
I'd prefer my tax dollars to not be spend advertising negligible positives. Now an ad campaign focused on crypto's problems? That I could get behind, would have far less peripheral damage potential.
Re: In 2022, Web3 went just great
#28I would estimate 95% of those are inside jobs. Very very very few people have the ability and wherewithal to hack a smart contract or bridge, they are extremely convoluted, ugly and difficult to understand.
What? This is exactly the type of thing that you'd have highly motivated, highly competent attackers target.
It's directly attached to money; it's technically convoluted, ugly, and difficult to understand also for the people programming them; once you steal it, it's yours; the source code is right there; the people who wrote the code are usually available to talk to/inspect their other code; it's not even exactly clear that this is theft per se and there's no jurisdiction that's really going to chase you down for it; so on and so on and so on.
I'm not sure you could create a more compelling target if you tried.
Re: In 2022, Web3 went just great
#29That's it? I was expecting hundreds of billions; quite far significantly smaller than expected out of the $13+ trillions in transaction volume in crypto [0]. Nothing but a microscopic amount, when compared to the tens of trillions of illicit funds being processed by banks in dollars and left unchecked. [1] [2] Looks like this newsletter is another plain old side grift by Molly with the rest of the high profile extrem…
Yeah I expected higher too. Even things like phone scams are doing 10x as much damage[1]. Maybe it has something to do with the bear market.
[1]: https://www.helpnetsecurity.com/2022/05/30/spam-phone-scams-...
Re: In 2022, Web3 went just great
#30That's it? I was expecting hundreds of billions; quite far significantly smaller than expected out of the $13+ trillions in transaction volume in crypto [0]. Nothing but a microscopic amount, when compared to the tens of trillions of illicit funds being processed by banks in dollars and left unchecked. [1] [2] Looks like this newsletter is another plain old side grift by Molly with the rest of the high profile extrem…
"A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins." Wow. This is the first I've heard of that, but I've heard of crypto shenanigans endlessly. It's a distraction in comparison.
Probably because e.g. SWIFT, a small portion of the traditional western financial system, moves $5 trillion per day.
But also yeah, the crypto stuff is a distraction. Think of how much media, regulatory, financial, and technical mindshare has been consumed by this (as of now) hobbyist technology. It's pretty obscene.