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Molly White Tracks Crypto Scams. It’s Going Just Great

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Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#61
post #56

I send money across borders to friends an organizations via blockchain. And millions of other people do, especially in countries with volatile financial systems. I much prefer crypto to anything else in this case. Hearing "no legitimate use case" arguments is awfully annoying when you get objective use from the thing being criticized.

> Hearing "no legitimate use case" arguments is awfully annoying when you get objective use from the thing being criticized

Better phrasing would be niche legitimate use cases not worth supporting, at least not domestically, if you’re America, the EU, China, India or Japan.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#62
post #47

Earlier quoted context omitted.

"avoiding laws" is not a "legitimate" use

I think you're using legitimate to mean "legal and most reasonable people would be okay with it" whereas the post you're responding to meant "legitimate" to mean an actual real technological advancement that wasn't doable with previous technologies

[deleted]

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#63
post #10

Earlier quoted context omitted.

Slightly off-topic rant: it seems (at least in hn circles) all the crypto buzz generation has found a new target in AI. Whereas prior to GPT-3 _every_ problem's solution according to a certain crowd was a hefty dose of web3/crypto, it seems now the consensus among a comparably sized crowd is that AI is actually the answer to all of humanity's pressing issues.

IMO you just found another area where Sturgeon's Law applies ( https://en.wikipedia.org/wiki/Sturgeon%27s_law ).

I wasn't personally aware of this Law.

In recent years I have worked quite hard to rid myself of such thinking, in favor of a more positive outlook, even if it's slightly forced.

As a result, I've found myself much more at peace with the world, and generally in a better mood. I'd like to think I'm a better version of myself sans cynicism but maintain a healthy dose of skepticism. I'm not sure I bought in at first, but I've slowly come to realize the benefit of actively acknowledging goodness. +1 for "fake it til ya make it."

That said, there's certainly a significant part of my psyche with which the sentiment of the law resonates.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#64

Earlier quoted context omitted.

I doubt most of tech would appreciate being lumped in with crypto, which should be the first sign that your take is a little off. IE if you think you are just "tech being tech" but lots and lots of tech is like "uh, no, we aren't like you at all, please don't lump us in with you", that should tell you something. Beyond that, your take seems so divorced from reality i'm not even sure where to begin. I don't agree at a…

> Crypto has always been a subset of tech's goals, and is even framed that way 99% of the time in presentations/etc. GP is simply saying that making a permissionless financial network a key element of the way value is exchanged across the world is a much more ambitious goal than selling books online.

Amazon's goals aren't "selling books online", and that's just Amazon.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#65

Earlier quoted context omitted.

> The US can issue debt in USD and even print 1 trillion USD coins. But what happens to the value of the currency when they repeatedly do that? Thus far, not all that much of consequence. > Crypto (and other assets obviously) can act as a hedge against such bad government behavior. Objection, Your Honor. Assumes facts not in evidence.

https://www.bls.gov/data/inflation_calculator.htm From Jan 2019 to now we've had 17.4% inflation. Your purchasing power of the money in your bank account has been reduced. How have other assets faired in that time? > Objection, Your Honor. Assumes facts not in evidence. Okay longer timeline, if you held dollars in your savings account from Jan 2009 to now (during ZIRP) you've lost 30.5% of your purchasing power. How…

> if you held dollars in your savings account from Jan 2009 to now (during ZIRP) you've lost 30.5% of your purchasing power

One, obviously a policy failure. Two, don’t do this. Bank deposit dollars are optimised for transacting, not long-term value transport. For that, use Treasuries (including inflation-protected ones). It’s not the Falcon 9’s fault that it makes for a bad hammer.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#66
post #46
post #43

Earlier quoted context omitted.

Well yeah of course it would be easier to send money without any KYC laws. That has nothing to do with crypto.

The point is that crypto used to be able to do that, trivially. So it very much speaks to the question of whether crypto has any strengths versus other approaches to the same problems. It used to , and doesn't anymore.

Unfortunately, that strength mostly boils down to "you can launder money with it". The idea that it would maintain that property indefinitely seems naiive at best.

"I've made the perfect platform for criminals, but for some reason there are a lot of people using it for crimes and now law enforcement is shutting me down! This is an outrage!"

This reminds me of why there are so few ways to simply send someone a large file on the Internet. All of the easy ways make it too easy to spread copyrighted worked, so they all need to suck in one way or another to avoid being shut down.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#67
post #10

Earlier quoted context omitted.

Slightly off-topic rant: it seems (at least in hn circles) all the crypto buzz generation has found a new target in AI. Whereas prior to GPT-3 _every_ problem's solution according to a certain crowd was a hefty dose of web3/crypto, it seems now the consensus among a comparably sized crowd is that AI is actually the answer to all of humanity's pressing issues.

Time to trot out my pet theory that explains this and the last few decades of politics: By some combination of evolution and culture, many young men feel a strong compulsion to seek out high-risk, high-reward endeavors. Our culture encourages this with ideas like "making a name for yourself": is if you don't even exist until you've done something of significant value to the community. There's a drive to pioneer, seek…

> Time to trot out my pet theory that explains this and the last few decades of politics: By some combination of evolution and culture, many young men feel a strong compulsion to seek out high-risk, high-reward endeavors.

> ...

> This is a generalization, obviously, but I tend to think of young single men like this as the TNT of society: incredibly powerful and useful when applied well, but destructive otherwise.

---

(Bare branches refers to branches of the family tree where there's an unmarried male in a society where the male/female ratio is significantly distorted - https://en.wikipedia.org/wiki/Guang_Gun )

https://www.wilsoncenter.org/sites/default/files/media/docum...

> Missing Women and Bare Branches: Gender Balance and Conflict

> We must also examine the reaction of the government. Historically, we have found that as governments become aware of the negative consequences of a growing number of bare branches, most governments are motivated to do something. In the past, “doing something” meant thinning the numbers of bare branches, whether through fighting, sponsoring the construction of large public works necessitating dangerous manual labor, exporting them to less populated areas, or co-opting them into the military or police. One 16th century Portuguese monarch sent his army, composed primarily of noble and non-noble bare branches, on one of the later crusades to avoid a crisis of governance; more than 25 percent of that army never returned, and many others were seriously wounded (Boone, 1983, 1986).

> We find that the need to control the rising instability created by the increasing numbers of bare branches has led governments to favor more authoritarian approaches to internal governance and less benign international presences. In many ways, a society’s prospects for democracy and peace are diminished in step with the devaluation of daughters.

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#69
post #64

Earlier quoted context omitted.

> Crypto has always been a subset of tech's goals, and is even framed that way 99% of the time in presentations/etc. GP is simply saying that making a permissionless financial network a key element of the way value is exchanged across the world is a much more ambitious goal than selling books online.

Amazon's goals aren't "selling books online", and that's just Amazon.

that’s where they started. the permissionless financial system is where this starts..

Re: Molly White Tracks Crypto Scams. It’s Going Just Great

#70

And too right the critics like Molly are about crypto. There is no need to kid ourselves here anymore to even entertain crypto. Crypto is a complete scam, with no legitimate or legal use case and nothing else to offer anybody. I only wish crypto died sooner and that nobody uses it. We have other systems that are more robust than crypto that is used in the order of hundreds of millions such as UPI, PIX, Wise, Mpesa, S…

“Crypto” was started by a paper that suggested solving the two-general problem, a question of coordination without trust, with a very expensive solution and sensitive to a Sybil attack. For every technology, if you ask “What problem does it solve?” and take into account what limits it has, you can backtrack where it’s useful.

Something autonomous, expensive, rugged? Talk to the Army. Something that allows no recourse? Probably people outside of the court system.

Crypto makes sense for people who are doing something the government doesn't like, but that isn’t something three-letter agencies are willing to spend billions to fix. So not support terrorism, but possibly extracting currency from a controlled regime. It’s not useless, but it’s not big money, as far as I can tell.

I have friends who got in trouble with their government (the spicy kind of ecologists). They have an interesting project around Crypto: communication to evade surveillance. I’m not sure there are many others legitimate uses. But it’s not zero.

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