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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

#151

Post by [deleted] »

abalone wrote: post #128
basisword wrote: post #113

Earlier quoted context omitted.

>> 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…

What like a policy that bans extremely energy intensive things that offer no value other than to construct Ponzi schemes at rapid clip? Yeah we need that policy. (Happy to hear what value crypto offers that can’t be done with more energy efficient mechanisms.)

[deleted]

Re: Why All Cryptocurrency Should Die in a Fire

#152

Post by scaramanga »

whiteboardr wrote: post #54
HL33tibCe7 wrote: post #24

Earlier quoted context omitted.

True though

And unfortunately is “inspiring” a whole generation with his behaviour. Very sad actually.

Don't worry, an entire generation can't all become buffoonish rambling trillionaires with bizarre personality cults. The planet simply cannot sustain the number of bootlickers that would be required to join said cults.

Re: Why All Cryptocurrency Should Die in a Fire

#153

Post by uwuemu »

I'll do you one better

> Why All Of Silicon Valley Should Die in a Fire

Just an extension of the original... and just as dumb.

Also, I get the general sentiment on this site is CRYPTO BAD, mut can we please not jam the front page with links like this? What will be the next "why all x should die in a fire"?

Re: Why All Cryptocurrency Should Die in a Fire

#154

Post by civil_engineer »

ephbit wrote: post #149

> WEAVER: Yes. So let’s take the cost of a transaction. The cost of a transaction in cryptocurrency systemically is the amount being used to protect it. I could build a system that would have the same throughput as Bitcoin, three to seven transactions per second, but with a centralized trusted entity. In fact, not even a centralized trusted entity. Ten trusted entities, only six of which need to be honest, because I…

You could substitute “trusted entities” for “banks”. Get ten banks on board, buy them each a raspberry pi, and you are up and running.

Re: Why All Cryptocurrency Should Die in a Fire

#155

Post by PaulHoule »

danaris wrote: post #129
PaulHoule wrote: post #114

Earlier quoted context omitted.

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.

I dunno; from what I’ve seen, that depends on the personality of the person involved. Some people will react the way you say, yes, but others, after spending $400k or whatever for a worthless NFT, or for some combination of “coins”, will double down, unwilling or unable to let themselves see the truth because that would mean they were wrong in a spectacular fashion. So they push for crypto harder than ever, to get ot…

That is one outcome. A person like that however will get another chance to change their mind.

Another possible outcome is that people will pretend the whole thing didn’t happen.

(From the viewpoint that it is possible to learn from other people’s mistakes, people are already pretending the tulip bubble, law’s scheme, 1829, 1969, 1999, 2008, etc. didn’t happen. That Charles Dickens, Emily Brontë and the other authors of those awful Victorian novels lost their money in railroad bonds. The difference is railroads go somewhere, Aries don’t.)

Re: Why All Cryptocurrency Should Die in a Fire

#156

Post by Kuinox »

_Algernon_ wrote: post #88
quickthrower2 wrote: post #63

Earlier quoted context omitted.

what makes stablecoins not a real cryptocurrency? They are a currency stored on the blockchain

They're not trustless which makes them closer to a privately run fiat currency than a crypto currency.

trustless is a myth. if there is no trust, there is no value.

Re: Why All Cryptocurrency Should Die in a Fire

#157

Post by noasaservice »

fartcannon wrote: post #145
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…

Where are all these crypto bros that everyone seems so upset about?

They're the ones buying abandoned oil wells and coal power plants and starting them back up for more shitcoin.

Of course, the externality is shoved on ALL of us with worsening environment, climate crisis, higher cost of electronics to do *real* work (no, your 10^15 hashes where -1+10^15 are thrown out IS NOT REAL WORK).

I hope EVERY shitcoin peddler loses everything.

Re: Why All Cryptocurrency Should Die in a Fire

#158

Post by Gordonjcp »

coldcode wrote: post #81

You can say the same thing about stocks, gold, bonds, commodities depending on what year you are in. Everything goes up and eventually down again. Oil futures even went below zero not that long ago, now the cash price is over $100 a barrel. I saw the crash in 1987 and yet here we are, at all time highs recently. Crypto of course has less economic meaning as it's just bits, but anything that is traded goes up and down…

> but lots of things in history were stupidly valued (tulips, beanie babies, bored apes) and eventually the market did or will change

Only one of those things requires enough energy input to drive a massive V8 Landrover for a week every single time you try to exchange it, and it's not tulips or beanie babies.

Re: Why All Cryptocurrency Should Die in a Fire

#159

Post by sumedh »

wlll wrote: post #130
peyton wrote: post #117

Earlier quoted context omitted.

> 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…

You mean like monero ( https://ciphertrace.com/enhanced-monero-tracing/ ) or something else perhaps? Are you sure it's private? Private or not, which country are you in that would penalise you if you donated to Wikileaks? Ultimately though, there's a decent argument for /not/ allowing completely anonymous money transfers as the list of organisations that you'd be penalised for donating to probably has a pretty strong…

> Private or not, which country are you in that would penalise you if you donated to Wikileaks?

Didnt US companies stop payments to Wikileaks because they exposed the US govt, atleast with crypto Wikileaks and others can bypass US payments systems.

Re: Why All Cryptocurrency Should Die in a Fire

#160

Post by PaulHoule »

fartcannon wrote: post #145
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…

Where are all these crypto bros that everyone seems so upset about?

Not on HN.
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