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Why All Cryptocurrency Should Die in a Fire

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Re: Why All Cryptocurrency Should Die in a Fire

#111

Post by shiftingleft »

binarymax wrote: post #100
lordofgibbons wrote: post #10

I will gladly stop using Monero if someone can tell me how to privately transact over the internet without CC companies (and others) spying on me and selling my data. Until there is a better solution, I'll keep using it.

The privacy is a myth, if you want to actually use the cryptocurrency to pay for things in the real world. If you pay fiat to get monero, the exchange has your info. If you cash out monero for fiat to buy something, the exchange has your info. The wallet and transaction in chain are permanent in the ledger. So where is the privacy?

Monero has some limited form of privacy that's fairly good in practice: you can't determine which of N accounts is the origin of a transaction, where N is some fixed small number (6 in Monero I believe).

Re: Why All Cryptocurrency Should Die in a Fire

#112

Post by ddjsn111 »

aww_dang wrote: post #92
ddjsn111 wrote: post #58

The world needs decentralised assets. It’s the internet of money. Some are shitty, some are not. Monero and Algorand are two good examples. The latter carbon negative.

The core premise of these cryptocurrency haters is that they feel that their subjective value preferences are more valid than those of the market. This is a core tenet of central planning. It is plainly paternalistic. Ironically, it is the central planning of interest rates which created an environment ripe for speculative bubbles. It is the heavy regulation of all things financial which has burdened online transacti…

I completely agree.

Re: Why All Cryptocurrency Should Die in a Fire

#113

Post by basisword »

wlll wrote: post #104
Havoc wrote: post #44

>help me make it die in a fire I'm rather mistrustful of people that are this forthy about being against a new technology. If it really is that devoid of merit it'll die on its own. I also think it is a rather fundamental failure to see the big picture. Not efficient? Well neither was the Ford model T. Newer generations are getting better. Similarly somehow existing systems seem to get a free pass for things that are…

> I'm rather mistrustful of people that are this forthy about being against a new technology. I don't really give a crap about what people do or don't do with new technology, ultimately what people want to spend their time and money on is up to them. However, "Crypto" is different. If all it was was just the unbelievably irritating crypto bros rug pulling, ponzi scheming, wash trading, ugly NFT shilling and hacking a…

>> 1) a very serious climate crisis 2) a cost of living crisis where people can't afford energy to cook and heat (in the UK at least) and 3) a war that would likely be brought to a stop sooner if we could phase out Russian gas sooner.

All of these things are the result of bad governing, not crypto. Maybe banning crypto would help them (I don’t believe that) but banning lots of other things would also help. What we really need is better energy policy, better foreign policy, and better regulation of companies destroying the environment and contributing unnecessarily to climate change.

Edit: The vitriol in some of the replies to this is fascinating. Did you all just lose a fortune in the crypto crash or something?

Re: Why All Cryptocurrency Should Die in a Fire

#114

Post by PaulHoule »

wlll wrote: post #104
Havoc wrote: post #44

>help me make it die in a fire I'm rather mistrustful of people that are this forthy about being against a new technology. If it really is that devoid of merit it'll die on its own. I also think it is a rather fundamental failure to see the big picture. Not efficient? Well neither was the Ford model T. Newer generations are getting better. Similarly somehow existing systems seem to get a free pass for things that are…

> I'm rather mistrustful of people that are this forthy about being against a new technology. I don't really give a crap about what people do or don't do with new technology, ultimately what people want to spend their time and money on is up to them. However, "Crypto" is different. If all it was was just the unbelievably irritating crypto bros rug pulling, ponzi scheming, wash trading, ugly NFT shilling and hacking a…

It is like a viral infection.

Once somebody spends $400,000 on an ugly ape and then found they spent their money for nothing, they will become a permanent enemy of crypto. It’s just a matter of time before you join us (crypto haters) the difference is that some of us knew it was a scam right away and others will have to learn it the hard way.

Re: Why All Cryptocurrency Should Die in a Fire

#115

Post by [deleted] »

basisword wrote: post #113
wlll wrote: post #104

Earlier quoted context omitted.

> I'm rather mistrustful of people that are this forthy about being against a new technology. I don't really give a crap about what people do or don't do with new technology, ultimately what people want to spend their time and money on is up to them. However, "Crypto" is different. If all it was was just the unbelievably irritating crypto bros rug pulling, ponzi scheming, wash trading, ugly NFT shilling and hacking a…

>> 1) a very serious climate crisis 2) a cost of living crisis where people can't afford energy to cook and heat (in the UK at least) and 3) a war that would likely be brought to a stop sooner if we could phase out Russian gas sooner. All of these things are the result of bad governing, not crypto. Maybe banning crypto would help them (I don’t believe that) but banning lots of other things would also help. What we re…

[deleted]

Re: Why All Cryptocurrency Should Die in a Fire

#116

Post by vasco »

edent wrote: post #49
lordofgibbons wrote: post #10

I will gladly stop using Monero if someone can tell me how to privately transact over the internet without CC companies (and others) spying on me and selling my data. Until there is a better solution, I'll keep using it.

I understand this privacy argument - but I'm wondering what the practical downside is of this "spying"? I've been using credit cards online for decades and I am yet to encounter anything negative from doing so. I get that my credit card provider knows that I'm buying £X of goods from merchant Y. But unless that merchant is very specific, the card company doesn't know what I've bought. And, if it did... so what? Perha…

They might not do anything nefarious and simply get hacked and now the whole world knows all your purchases, would that also be fine? I'm not saying this as if crypto solves it, because it doesn't, but that's one possible risk of someone having access to all your purchase history in one place.

Re: Why All Cryptocurrency Should Die in a Fire

#117

Post by peyton »

wlll wrote: post #104
Havoc wrote: post #44

>help me make it die in a fire I'm rather mistrustful of people that are this forthy about being against a new technology. If it really is that devoid of merit it'll die on its own. I also think it is a rather fundamental failure to see the big picture. Not efficient? Well neither was the Ford model T. Newer generations are getting better. Similarly somehow existing systems seem to get a free pass for things that are…

> I'm rather mistrustful of people that are this forthy about being against a new technology. I don't really give a crap about what people do or don't do with new technology, ultimately what people want to spend their time and money on is up to them. However, "Crypto" is different. If all it was was just the unbelievably irritating crypto bros rug pulling, ponzi scheming, wash trading, ugly NFT shilling and hacking a…

> So far no-one has been able to point me at a single thing that public public blockchains do that either is worth doing and is only possible using blockchain tech, or is better (more power efficient, faster) than using pre-existing technology.

Using privacy coins I can donate money to causes I believe in (eg WikiLeaks) without fear of reprisal and with the knowledge that the funds will reach their recipient. If you have a better way, please let me know.

Re: Why All Cryptocurrency Should Die in a Fire

#118

Post by giantrobot »

_Algernon_ wrote: post #94
giantrobot wrote: post #33

Earlier quoted context omitted.

Because it is wasteful by design and gets more wasteful as it scales. Transaction fees are onerous and transactions themselves are excruciatingly slow. Then the deflationary nature of cryptocurrencies makes them terrible currencies. It makes more economic sense to hold them than spend them. The rare events where their use doesn't involve crime are overwhelmed by the criminal uses.

Our entire fossil fuel driven economy is also "wasteful by design".

Fossil fuels are used to make just about every thing you touch. That's the opposite of waste. They're utilized. They can't be replenished but they're certainly not wasted.

Re: Why All Cryptocurrency Should Die in a Fire

#119

Post by wlll »

basisword wrote: post #113
wlll wrote: post #104

Earlier quoted context omitted.

> I'm rather mistrustful of people that are this forthy about being against a new technology. I don't really give a crap about what people do or don't do with new technology, ultimately what people want to spend their time and money on is up to them. However, "Crypto" is different. If all it was was just the unbelievably irritating crypto bros rug pulling, ponzi scheming, wash trading, ugly NFT shilling and hacking a…

>> 1) a very serious climate crisis 2) a cost of living crisis where people can't afford energy to cook and heat (in the UK at least) and 3) a war that would likely be brought to a stop sooner if we could phase out Russian gas sooner. All of these things are the result of bad governing, not crypto. Maybe banning crypto would help them (I don’t believe that) but banning lots of other things would also help. What we re…

I'm "frothy" about my government (who are seemingly incompetent) too, that doesn't mean that crypto in it's realised form isn't also at fault. I mean sure, crypto as a concept isn't doing anyone any harm, but the realised actually running systems that are Eth and BTC sure as hell are.

> Maybe banning crypto would help them

It seemingly serves no purpose, and yet takes up a huge amount of power, which in it's absence would allow us to phase out a lot of our fossil fuel usage, which could include Russian gas.

Re: Why All Cryptocurrency Should Die in a Fire

#120

Post by li2uR3ce »

Havoc wrote: post #44

>help me make it die in a fire I'm rather mistrustful of people that are this forthy about being against a new technology. If it really is that devoid of merit it'll die on its own. I also think it is a rather fundamental failure to see the big picture. Not efficient? Well neither was the Ford model T. Newer generations are getting better. Similarly somehow existing systems seem to get a free pass for things that are…

> If it really is that devoid of merit it'll die on its own.

Bring on the homeopathy! It hasn't died yet so it must have merit.

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