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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

#201

Post by mistrial9 »

CPLX wrote: post #180
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…

The reason you need to avoid trusted entities is when you want to operate outside the legal system. Which is why the use case for crypto is, and always will be, contraband and gambling. Which is a fine use case. Those are very large and enduring sectors of the economy. But let’s not get confused about why things are as they are.

I have a detailed book on my shelf, published recently, where sworn US officials, took money and forged documents, then lied in court, multiple times, and it took years, many years, to get the evidence. Some attorneys involved were so mad about being lied to, with an unsupportive Federal Judge doing nothing, that parts of the case went to the US Supreme Court to challenge the authority itself. Read that book and get back to me.. 2010s era

edit the point here is - getting a "trusted party" is in fact, not easy, and certainly not "a bank" as a universal answer.. find your own copy of this book, it is repeated a hundred times, every decade.

Re: Why All Cryptocurrency Should Die in a Fire

#202

Post by wlll »

sumedh wrote: post #159
wlll wrote: post #130

Earlier quoted context omitted.

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.

Wasn't this because the US government blacklisted it? Being a tool for evading laws that we don't find convenient doesn't seem like a great reason for existing.

Re: Why All Cryptocurrency Should Die in a Fire

#203

Post by cesarb »

cypress66 wrote: post #179
Hnrobert42 wrote: post #166

Earlier quoted context omitted.

As the author notes, crypto is inefficient by design. Crypto systems rely on inefficiency to make scamming the system not worth the cost. The author doesn’t want to wait it out because the cost to society in terms of wasted energy and support of bad actors is too high. He notes that he evolved into this position. At first he th out it was just silly. Then silly and annoying. Now just bad.

PoW is inefficient by design, which SOME cryptocurrencies use. But cryptocurrencies don't need to use PoW. Many already use non PoW systems, and others are going to switch away from PoW (such as ethereum).

> Many already use non PoW systems

Looking from the outside, all the ones which matter seem to use PoW systems.

> and others are going to switch away from PoW (such as ethereum).

I've been hearing that for years, and it's always six months away.

Re: Why All Cryptocurrency Should Die in a Fire

#204

Post by ur-whale »

riedel wrote: post #77
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.

Most scammers targeting your retired parents know how: play store or other vouchers you can buy in the super market. In Europe a standard free IBAN money transfer probably does not lead to much spying either. The biggest use case for this kind of privacy crypto privides is the 'freedom' to do things not legal in your country. I am actually happy to live in a world with limited freedom at times although there is certa…

> In Europe a standard free IBAN money transfer probably does not lead to much spying either.

Sorry to be the bearer of bad news, but this is just flat out wrong.

Also sorry I'm not able to provide tangible proof other than I have personally witnessed and been affected by the exact opposite of what you claim.

IBAN transactions big and small are extensively monitored and not on a one-by-one basis but rather used to paint a clear picture of economic actors and their interactions.

Re: Why All Cryptocurrency Should Die in a Fire

#205

Post by polygamous_bat »

mistrial9 wrote: post #201
CPLX wrote: post #180

Earlier quoted context omitted.

The reason you need to avoid trusted entities is when you want to operate outside the legal system. Which is why the use case for crypto is, and always will be, contraband and gambling. Which is a fine use case. Those are very large and enduring sectors of the economy. But let’s not get confused about why things are as they are.

I have a detailed book on my shelf, published recently, where sworn US officials, took money and forged documents, then lied in court, multiple times, and it took years, many years, to get the evidence. Some attorneys involved were so mad about being lied to, with an unsupportive Federal Judge doing nothing, that parts of the case went to the US Supreme Court to challenge the authority itself. Read that book and get…

1. How are we supposed to read the book if you never gave a name except "book on your shelf"? 2. How is deregulated monopoly money gonna solve what you just described? Seems like a easier path to do something unsavory.

Re: Why All Cryptocurrency Should Die in a Fire

#206

Post by wlll »

chalst wrote: post #138
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…

I don't see any cryptocoins that I regard as a success, but I am watching three that might be a success: 1. Filecoin: It was well-motivated from the start, to provide a cheap way to get counterparties (by default, a multiple of six) to pin content in IPFS. I don't regard it as a proven technology yet, but it's usable as it stands; 2. Brave's BATs: Brave annoys me with its cryptocoin boosterism, but in principle this…

I'm not sure what your point is here. Interesting as these things might be I honestly don't care about in the context of the argument over wether power wasting networks such as btc and eth are a good idea.

Re: Why All Cryptocurrency Should Die in a Fire

#207

Post by stepanhruda »

thawaya3113 wrote: post #135
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…

Every other way is better. 1) Crypto is easily traceable. Far more than any other means of funds transfer if you exercise even modest efforts to hide the source of funds. And to the extent crypto provides a modicum of privacy it’s because it’s too small for governments to have put any restrictions on it. 2) There is absolutely no guarantee the money will reach Wikileaks. At best, the money will reach the holder of Wi…

You are answering like it’s 2015 and all you know about is how Bitcoin works. All 3 problems that you mention are solved with 1. zero knowledge proofs 2. multisigs 3. stablecoins.

Re: Why All Cryptocurrency Should Die in a Fire

#208

Post by alchemist1e9 »

lrvick wrote: post #47
willnonya wrote: post #36

Earlier quoted context omitted.

Where I live in the US we're not permitted to buy these with cash. We don't have to provide any identifying information to activate but we cannot legally purchase them without that link to the original card purchase.

I am not aware of any states where you cannot buy non-reloadable visa gift cards with cash at values up to $500. Reloadable ones are the ones that often require KYC. I do this all the time in California and have in other states as well. If you are sure your state bans non-reloadable visa gift card purchases with cash I would love to find out what state to research what is going on there.

I think check into Illinois and New York. As far as I know it’s not possible to acquire visa gift cards (non-reloadable) for even $100 without activation which results in implicit linking to some identity.

Re: Why All Cryptocurrency Should Die in a Fire

#209

Post by emptysongglass »

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?

People into crypto don't post here because they get shouted down every time they have an opinion that isn't "all crypto is a scam". Articles like the linked are not curious, not thoughtful or substantive: it's all there in the headline. But it gets boosted because the majority of HN has big hate for crypto.

I think there is lots of utility in the space, even if BTC isn't it. My Urbit ship that gives me control of my own data is only partly related (but very useful) in that Urbit IDs are put on Ethereum because it works as a good ledger of ownership and stops floods of spam taking over communities.

A frequent companion of anti-crypto arguments is inflation is good. As a tool for goading humans into behavior like destroying the planet with overconsumption (oddly enough the same flavor of argument anti-crypto people use against crypto), I don't believe inflation is a good. I'd love to have open, curious discussions around this but it never happens. People just say inflation is good because otherwise people would stuff their mattresses and not eat.

We should eat only when we need to and spend conscientiously. Inflation is not a positive force for these two maxims. Somehow that idea has turned into heresy.

Re: Why All Cryptocurrency Should Die in a Fire

#210

Post by polygamous_bat »

ur-whale wrote: post #189
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.

> the difference is that some of us knew it was a scam right away Jeez, you must be a very rich man by now, with all the extensive shorting of crypto this amazing early insight must have allowed you to execute. Congratulations.

> with all the extensive shorting of crypto

You mean in unregulated centralized exchanges like binance and FTX, whose entire existence depends on the existence of these Ponzis? When they can just press a button, cause a flash spike, and liquidate all of your winning whenever they feel like it?

Yeah, I'm sure that works perfectly. After all, why would they be dishonest?

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