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Neal Stephenson doesn't seem keen on crypto anymore

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Re: Neal Stephenson doesn't seem keen on crypto anymore

#171

Post by ChainOfFools »

MPSimmons wrote: post #131
legrande wrote: post #19

We all started off enthused about cryptocurrency and then the Wolf of Wall Street types co-opted it and ruined it for everyone pulling off the most sophisticated Ponzi schemes in history. The only use-case for it now is for the criminal underworld (who have to somehow convert to fiat privately using novel techniques, and that gets harder with regulation and sanctions and outright banning of tumbler systems).

>We all started off enthused about cryptocurrency That's hilariously false.

This reminds me of that other strategically amnesiac assertion popular with crypto apologists, that in the 90's "everybody" thought the internet was just a passing fad.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#172

Post by rocket_surgeron »

drexlspivey wrote: post #160
rocket_surgeron wrote: post #12

Crypto solves no problems for ordinary users. Literally and actually, with no exceptions, no consumer cares about a public ledger or any of its other features. They do care about being able to dispute a transaction if they are scammed or unhappy. Crypto solves tons of problems for paranoiac techbros and get-rich-quick schemers.

Please explain why I need to provide my real name, email and home address to purchase an online service (say a NYT subscription).

So you can be marketed to.

If you have a problem, do not partake.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#173

Post by drexlspivey »

rocket_surgeron wrote: post #172
drexlspivey wrote: post #160

Earlier quoted context omitted.

Please explain why I need to provide my real name, email and home address to purchase an online service (say a NYT subscription).

So you can be marketed to. If you have a problem, do not partake.

You don't need real name and home address to send a marketing email..

Re: Neal Stephenson doesn't seem keen on crypto anymore

#174

Post by partiallypro »

WeylandYutani wrote: post #103
partiallypro wrote: post #65

Earlier quoted context omitted.

I think there are use cases in countries that have currency collapses, but that doesn't happen at a high enough rate for it to be commercially viable. At this point it's pure speculation.

Ofcourse but those have happened for ages. That's were the US dollar and euro come in. You do import/export business in Turkey with foreign currencies and foreign banks not worthless lira.

That can certainly help, but embargoes have prevented some countries that have experienced collapse to get their hands on more stable currencies like Euros or Dollars. For private citizens with no access to international forex markets, crypto can be valuable in such scenarios. Again, it happens so sporadically that it's not worthy of big money investment (certainly is no reason for Bitcoin to be worth $1M or whatever some people forecast)...but does show there is -some- use.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#175

Post by colesantiago »

thepasswordis wrote: post #69
this_user wrote: post #58

Earlier quoted context omitted.

Why? It has been 15 years. If it were actually useful, it would have been widely adopted by now. Crypto currencies are the Segway of money.

At this point I don't think there is anything I'm going to tell you in a short hacker news comment that will convince you that currency is useful. Sergey Nazarov's interview on Lex Fridman lays out some uses for smart contracts if you are actually interested in it. https://www.youtube.com/watch?v=TPXTmVdlyoc&t=4s

Some recommended reading for you.

https://www.stephendiehl.com/blog/complete.html

Re: Neal Stephenson doesn't seem keen on crypto anymore

#176

Post by hgsgm »

leppr wrote: post #83
soiler wrote: post #7

This isn't about cryptocurrency at all. It's about the obviously bad idea of transferable digital in-game goods [sold for cryptocurrency]. You don't need the crypto part to see why it's not a good idea, although the model described here (selling loot to other players?) is not the extremely silly one I've heard more often (buy a CSGO skin and wear it in other games!).

You are right. From reading the article, Neal Stephenson doesn't criticize cryptocurrency in itself. His whole criticism is about integrating it inside the universe of games. I don't agree with your opinion that item transferability is necessarily silly, though. I was happy to be able to sell the rare Dota 2 items I accumulated after playing it for a couple years. It was never a central motivation for playing, but th…

Selling isn't silly. Buying is silly.

Re: Neal Stephenson doesn't seem keen on crypto anymore

#177

Post by thepasswordis »

colesantiago wrote: post #175
thepasswordis wrote: post #69

Earlier quoted context omitted.

At this point I don't think there is anything I'm going to tell you in a short hacker news comment that will convince you that currency is useful. Sergey Nazarov's interview on Lex Fridman lays out some uses for smart contracts if you are actually interested in it. https://www.youtube.com/watch?v=TPXTmVdlyoc&t=4s

Some recommended reading for you. https://www.stephendiehl.com/blog/complete.html

>a complete rejection of the entirety of all crypto is the only intellectually defensible position.

Oh wow I bet this is going to be an excellent, well reasoned explanation based on a deep understanding that the author has of the underlying technology, applications, and motivations:

>Except for this time they want to wrestle control of money from the state and distribute it to private enterprises.

>we would then have to go to the likes of plutocrats like Jeff Bezos and crypto exchange CEOs to make the final call about foreign policy.

This article is absolute nonsense written by somebody who either has absolutely no understanding of this technology or its application, or is just willfully lying about it.

Here's the author's twitter: https://twitter.com/smdiehl

Re: Neal Stephenson doesn't seem keen on crypto anymore

#178

Post by FabHK »

JohnFen wrote: post #82
noodlesUK wrote: post #61

Earlier quoted context omitted.

I’m curious, what countries are you trying to send money between? I’ve only ever really transacted with big countries’ currencies (EUR, USD, GBP, etc.), and I’ve found that the ordinary banking systems (especially with fintech like Wise) serve me quite well for this use case. I’d love to hear more about the flipside of that.

There are nations where transferring money into and out of them with the standard systems is extremely expensive and/or can open you up to political persecution. There are other nations where it's just not realistically possible for the ordinary person.

Do you think that fact is due to a technical limitation of fiat? Amenable to a technical solution? Or, is it rather maybe because of rules and regulations (that are roundly ignored by crypto)?
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