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Cryptocurrency Is an Abject Disaster

drewdevault.com

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Re: Cryptocurrency Is an Abject Disaster

#31

Post by HPsquared »

SeanLuke wrote: post #17
shrubble wrote: post #13

Earlier quoted context omitted.

Now do the Federal Reserve. 1955 Tappan Zee bridge: $55 million. 2013 Tappan Zee bridge: $4 billion for basically the same bridge. Due in part to the destruction of the USD caused by the Fed.

The reason the dollar is a currency is because of the existence of a force (in this case, the Fed) that can tamp down speculation and deflation. Cryptocurrency doesn't have this, and that is its central failing.

What's inherently bad about deflation? It's happened routinely throughout most of history until recently.

Speculation is a good thing, it's a form of entrepreneurship.

Example of historic deflation: https://en.m.wikipedia.org/wiki/The_Great_Deflation

Re: Cryptocurrency Is an Abject Disaster

#32

Post by shkkmo »

cies wrote: post #2

It's in it's infancy. In two decades we will know what it means to us as mankind. Cars were also dangerous, unregulated, expensive and excessively polluting. It got a lot better on all these points, and not all due to the cars: some of it was a mind shift that mankind had to make. Same will hold true for cryptocurrency.

Cars are still extremely dangerous and are have caused massive damage to the planet, cars also solved significant and real problems and did so without waiting decades.

Cryptocurrency has had plenty of time to find a legitimate use and has completely failed. It is not a functional currency and it does not solve any real problems for non-criminals.

Not only does it waste energy and computing resources, it has helped fund a significant amount of the digital threats that the average person will encounter.

Re: Cryptocurrency Is an Abject Disaster

#33

Post by acdha »

baggy_trough wrote: post #12
elite_hackers wrote: post #10

Earlier quoted context omitted.

What are you talking about? Cars are an absolute disaster for humanity... one of the biggest mistakes humans ever made. Maybe try another analogy

"one of the biggest mistakes humans ever made"? come on.

I’m not sure I’d go that far but there might be more to it than you think: they’re directly one of the most common causes of death and lowered quality of life, and indirectly contribute to multiple others (carcinogens, respiratory diseases, everything related to lack of exercise and unhealthy eating, etc. both directly from usage and indirectly from suburbanization), a significant source of financial pressure for many people, and a non-trivial climate change contributor.

Re: Cryptocurrency Is an Abject Disaster

#34

Post by reducesuffering »

shrubble wrote: post #13
tima101 wrote: post #7

> Cryptocurrency is one of the worst inventions of the 21st century. I am ashamed to share an industry with this exploitative grift. It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created sho…

Now do the Federal Reserve. 1955 Tappan Zee bridge: $55 million. 2013 Tappan Zee bridge: $4 billion for basically the same bridge. Due in part to the destruction of the USD caused by the Fed.

TFA says "Hey! If you write a comment about this article online, disclose your stake in cryptocurrency."

Otherwise I think we can safely ignore it.

Stake: 0.05 BTC, 1.2 ETH

Re: Cryptocurrency Is an Abject Disaster

#35

Post by knorker »

kordlessagain wrote: post #15
tima101 wrote: post #7

> Cryptocurrency is one of the worst inventions of the 21st century. I am ashamed to share an industry with this exploitative grift. It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created sho…

If we look at Lightning, it enables a full implementation of the 402 response code flow, which would allow for decentralized identity and payments in the use of machine learning networks for a wide variety of AI based systems. One such use case may end up being the "killer" use case for crypto and may make up for the speculative phase we're in now.

> One such use case may end up being the "killer" use case for crypto and may make up for the speculative phase we're in now.

If I had a penny for every time someone said "X may be the killer use case for cryptocurrencies"...

Re: Cryptocurrency Is an Abject Disaster

#38

Post by knorker »

shrubble wrote: post #13
tima101 wrote: post #7

> Cryptocurrency is one of the worst inventions of the 21st century. I am ashamed to share an industry with this exploitative grift. It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created sho…

Now do the Federal Reserve. 1955 Tappan Zee bridge: $55 million. 2013 Tappan Zee bridge: $4 billion for basically the same bridge. Due in part to the destruction of the USD caused by the Fed.

OSHA didn't change anything?

Re: Cryptocurrency Is an Abject Disaster

#39

Post by ninju »

cies wrote: post #2

It's in it's infancy. In two decades we will know what it means to us as mankind. Cars were also dangerous, unregulated, expensive and excessively polluting. It got a lot better on all these points, and not all due to the cars: some of it was a mind shift that mankind had to make. Same will hold true for cryptocurrency.

And we're only now addressing the excessively polluting nature of the internal combustion engine.

Re: Cryptocurrency Is an Abject Disaster

#40

Post by cle »

knorker wrote: post #11
cies wrote: post #2

It's in it's infancy. In two decades we will know what it means to us as mankind. Cars were also dangerous, unregulated, expensive and excessively polluting. It got a lot better on all these points, and not all due to the cars: some of it was a mind shift that mankind had to make. Same will hold true for cryptocurrency.

But cars had value. They have value. They had value from day 1. Cryptocurrencies just don't. It's all smoke and mirrors, where everything would be better without the blockchain. Without irreversibility. Without everything about it. There are whole books about how terrible and useless it is. And please do what the article said: How much of your own money is dependent on you selling the lie of cryptocurrency or smart c…

You don't think there's value in open-source, decentralized financial infrastructure?

(Disclosure: I hold no cryptocurrencies, nor have any financial stake in the industry)

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