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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

#251

Post by polygamous_bat »

jrm4 wrote: post #218

While the vast majority of today's anti-crypto articles are generally accurate, always bet against articles like this, in favor of first principles. "Anonymous-ish cash, but on the internet" is a very attractive proposition. I'd also add to that "Locking up your money to get more money later" is as well. So much so that I'd strongly bet in favor of "people figure out how to make it more efficient, safer, and less des…

> Locking up your money to get more money later

Yes, there is a very simple way of offering that. Unfortunately it's currently illegal to do so in most places outside of crypto, where all of a sudden it becomes kosher as long as you can keep it wrapped in enough technobabble.

Re: Why All Cryptocurrency Should Die in a Fire

#252

Post by basisword »

polygamous_bat wrote: post #231
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…

> The vitriol in some of the replies to this is fascinating. Did you all just lose a fortune in the crypto crash or something Ah, the "have fun staying poor" argument of "y'all are salty you missed out". Is it really inconceivable for you that some people may have (a) concern for a massive, energy guzzling Ponzi scheme (b) that just this week was revealed to cause "billions" in losses in others in their society (c) t…

It was a joke. For the record I've got no money in crypto.

>> Is it really inconceivable for you that some people may have (a) concern for a massive, energy guzzling Ponzi scheme (b) that just this week was revealed to cause "billions" in losses in others in their society (c) that they have been calling out for months and have only gotten vitriol for?

I think getting incredibly angry about those things, to the point that the usual type of rational HN discussion cannot happen, is idiotic. Discussing crypto here has become like discussing US politics. It's just not possible because everything is described in black and white/good and evil terms. Claiming that getting rid of crypto will lead to the resolution of national and international crises is stupid.

Re: Why All Cryptocurrency Should Die in a Fire

#253

Post by basisword »

thawaya3113 wrote: post #127
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…

Nothing is crypto’s fault. We get it. It’s not cryptos fault that it’s a terrible currency. Just invest in it. It’s not crypto’s fault that it’s a terrible investment. Why don’t you want a great currency that government doesn’t control? It’s not crypto’s fault that half the money in the ecosystem is stolen. Why isn’t the government helping this anti governmental technology? It’s not crypto’s fault that the vast major…

>> Nothing is crypto’s fault.

Try re-reading my comment. I didn't say that.

Re: Why All Cryptocurrency Should Die in a Fire

#254

Post by polygamous_bat »

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…

> Perhaps the interviewee is an expert on CS, but does that qualify him to centrally plan financial transactions?

Reminds me of the old adage, "crypto is the thing where those who know tech are in it for the economics, and those who know economics are in it for the tech"

Re: Why All Cryptocurrency Should Die in a Fire

#255

Post by wlll »

G3rn0ti wrote: post #164
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…

> We are dealing with the significant fallout from their hobbies. We are in the middle of 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. Are you honestly blaming cryptocurrencies for climate change, inflation and Russia‘s war against U…

> Are you honestly blaming cryptocurrencies for climate change, inflation and Russia‘s war against Ukraine? That’s crazy.

No, I don't think you understood what I wrote.

> Climate change is a long running issue that started waaay before Bitcoin even was invented.

What's your point here? Climate change has been around for ages so it's OK to blow a load of electricity on something that's not particularly useful?

> Still projects other than Bitcoin are working hard to implement staking to use much less energy.

Bitcoin isn't though, and Ethereum has been 6 months away for what, more than two years? They may never change. In the mean time it's blasting through a shit-ton of power for little to no actual value. Happy for people to stop burning through that power and pick up their hobby again when the power usage has been sorted out.

> Inflation is an issue brought on us by Western governments drowning in debt for decades: For wars in Afghanistan and the middle east, unsustainable social security systems, stimulus packages.

Power companies are literally putting their prices up because of a shortage of sources of power. "It's OK if we use all this power because governments are also bad" is kinda ridiculous.

> And Russia … Putin and his supporters have finally come to terms with the fact it lost its super power Status and in a peaceful manner make the most of their vast and empty territory.

I don't understand what you're trying to say here, that Putin invading Ukraine is making the most if it's vast and empty territory?

Re: Why All Cryptocurrency Should Die in a Fire

#256

Post by notacoward »

uwuemu wrote: post #153

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"?

> Why All Of Silicon Valley Should Die in a Fire

If they provide arguments, even (especially?) if those arguments are refutable, it might be worth reading. There's a lot to criticize about ad-supported Silicon Valley, and even VC-supported Silicon Valley. What's not worth reading is blithe dismissals - like yours - that don't make any argument at all but consist purely of tone-policing.

Re: Why All Cryptocurrency Should Die in a Fire

#257

Post by olalonde »

wlll wrote: post #247
fartcannon wrote: post #225

Earlier quoted context omitted.

I don't have a horse in the race (there are other worse things that use more power that we should be focusing our concentrated effort on in my opinion) as I don't own any crypto but I do think there's some powerful PR being used and I'd like to see from where it originates.

There's things that use much more power than crypto. The regular banking system apparently uses twice as much as bitcoin, but it actually does something. It's actually useful. We can try to trim power from other things for sure, and we should, but you tell me what other system we could focus on that uses so much power for such little value.

Of course, if you don't see the value in cryptocurrency, it will feel as though any electricity it uses is wasteful.

Re: Why All Cryptocurrency Should Die in a Fire

#258

Post by wlll »

chalst wrote: post #227
wlll wrote: post #206

Earlier quoted context omitted.

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.

They're not good and I want the waste to end and the cryptohucksters to get burned. But the story is called "why all cryptocurrency should die in a fire" and the badness of btc & eth doesn't lead to that broader conclusion.

Yeah, I was specifically commenting on the "specifically the energy intensive kind", which is the kind that I suspect draws the ire of the majority of people.

Blockchains are interesting, they're useful sometimes.

Re: Why All Cryptocurrency Should Die in a Fire

#259

Post by giaour »

pibechorro wrote: post #185
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…

Crypto proof of work mining is actually one of the most renewable friendly sectors. Its mostly waste hydro, waste gas, etc being sought after. Its not perfect, but that is the trend. You also have to compare it against what its competing against, all those fancy bank buildings with 24.7 lights and ac, the staff to mantain the paper trail (their commutes, etc), the vast security forces and militaries there to secure i…

> the vast security forces and militaries there to secure it (military being the largest polluter)

I've seen several comments in this thread comparing BTC's energy consumption to that of the world's militaries; is this a new crypto meme?

I hate to be the one to break this to you, but we would still need police and the military even if the world only used cryptocurrency. The irreversibility of crypto transactions increases the ROI of crime, so I think we would need more police and larger militaries in that world. Also, non-financial crime and interstate conflict exists.

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