The extreme energy waste is the most salient point to me. Imagine what you could have if you took all the energy spent mining crypto and instead had spent it on building solar panels or N95 masks or high speed rail.
Cryptocurrencies Are Detrimental to Society
11–20 of 121 posts
Re: Cryptocurrencies Are Detrimental to Society
#12tl;dr - "So in short, I think that cryptocurrencies provide nothing of value to society. They do however facilitate crime and contribute to climate change." Is this satire? I'm wondering if this author covertly intends to strengthen the perceived utility of through this article. Yes, near-free & instant to exchange, borderless, alternative to gov't, privacy-preserving, competitively evolving etc. digital money provid…
What is the actual value of that?
Being able to send money to a friend in the US from Greece has value to me. Currently, I can't do this without a lot of hassle, since there's no overlap between what banking methods we use in Greece and what they use in the US.
The problem is that ~0 stores accept cryptocurrencies, so my friend can't do anything with it.
Re: Cryptocurrencies Are Detrimental to Society
#13>Therefore, I would propose to shut them all down. OK the author clearly has no idea how a blockchain and a set of validators work I would gladly hear his plan to "shut them all down"
I know it's not possible to enforce it. It's a sentiment.
Re: Cryptocurrencies Are Detrimental to Society
#14tl;dr - "So in short, I think that cryptocurrencies provide nothing of value to society. They do however facilitate crime and contribute to climate change." Is this satire? I'm wondering if this author covertly intends to strengthen the perceived utility of through this article. Yes, near-free & instant to exchange, borderless, alternative to gov't, privacy-preserving, competitively evolving etc. digital money provid…
Your comment reads like satire. I see no rebuttal of the points made.
Maybe a better thesis would be that cryptocurrencies provide a net-negative value to society.
Re: Cryptocurrencies Are Detrimental to Society
#15tl;dr - "So in short, I think that cryptocurrencies provide nothing of value to society. They do however facilitate crime and contribute to climate change." Is this satire? I'm wondering if this author covertly intends to strengthen the perceived utility of through this article. Yes, near-free & instant to exchange, borderless, alternative to gov't, privacy-preserving, competitively evolving etc. digital money provid…
What is the actual value of that?
What is the 'actual value' of performing an ecommerce transaction with an asia-based merchant w/ crypto:
near-zero fee & instant receipt (+ seconds for 'confirmation')
vs.
foreign exchange + payment processor fee - which can come to >5%, yes 5% + multi-day bank deposit wait time?
Re: Cryptocurrencies Are Detrimental to Society
#16You might see how useful they are quite soon. “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in re…
A society is saved by people, not technology.
Re: Cryptocurrencies Are Detrimental to Society
#17This post presents a very low effort argument. It's basically taking the argument "the only reason anyone would want privacy is if they have something to hide" and applying it to money "the only reason anyone would want financial privacy is because they are buying drugs".
Re: Cryptocurrencies Are Detrimental to Society
#18The extreme energy waste is the most salient point to me. Imagine what you could have if you took all the energy spent mining crypto and instead had spent it on building solar panels or N95 masks or high speed rail.
I don't know, how much energy is spent producing reality TV shows? To me, those have less value than instant, trustless payments.
That's not to say that I don't hope non-PoW cryptocurrencies become more popular, we should conserve energy when we can. I haven't looked very much into it, but Stellar seems interesting, and it's not PoW.
Re: Cryptocurrencies Are Detrimental to Society
#19You might see how useful they are quite soon. “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in re…
That's not a problem exclusive to conventional currency. Consider the ETH rollback. That people mostly prefer Ethereum to Ethereum Classic also shows that they don't find this need for trust to be a problem.
Re: Cryptocurrencies Are Detrimental to Society
#20Earlier quoted context omitted.
What is the actual value of that?
What is the 'actual value' of performing an ecommerce transaction with an asia-based merchant w/ crypto: near-zero fee & instant receipt (+ seconds for 'confirmation') vs. foreign exchange + payment processor fee - which can come to >5%, yes 5% + multi-day bank deposit wait time?
You mean the fee you pay when you covert cryptocurrency to something real and back?