[flagged]
imbecile, stop repeating this scam...
Fintech dystopia
41–50 of 288 posts
Re: Fintech dystopia
#42Earlier quoted context omitted.
Sure, I agree that greed is the root of all problems. Regulations are a symptom of greed; people want to protect their interests and are willing to incrementally corrupt the system to achieve it; that's what a lot of regulations are. But it's hard to fix greed. The solution to fix greed is way more radical, it's violent. The greedy will defend their interests with violence when confronted. The only non-violent soluti…
Not all regulation is a symptom of greed. Regulation can be written and passed with the intention of protecting the public good, promoting public health, preserving fair competition... That it sometimes works counter to those goals is a function of greed, a lack of accountability and and a lack of transparency. We write these laws with consistent check on accountability and transparency, but we keep electing sociopat…
True as well but personally I prefer people to regulate themselves though for that to happen, there needs to be very strong punishment for violations. Harm mitigation should be at the forefront of everyone's minds. Not quite compatible with the 'limited liability' legal construct. People won't regulate themselves unless they are afraid of consequences.
The regulation + limited liability combo takes away fear. The big companies doing harm love regulations, they breathe a sigh of relief when regulations are introduced. 'Regulatory clarity' they call it. They barely even know what harms the regulation is trying to prevent. They are disconnected from that.
Re: Fintech dystopia
#43I would like to see aidystopia.com that breaks down all the GPTs and LLMs like this
Re: Fintech dystopia
#44[flagged]
> NFTs are poised to unlock the sharing of items between video games, for example.
Of all of the supposed use cases for NFTs, this is one of the silliest. If you've ever looked into video game modding, one of the things you tend to realize is there is nothing close to a standard model format for art assets, so it's an insane amount of work to get an item in game A imported into game B, and that's only considering the work in mapping the visual design--the work that goes into mapping item properties is in some cases just "there's nothing you can do." (And this is despite there existing just three software packages that gets used in practice to make this stuff!)
Re: Fintech dystopia
#45This is a really fun well-written and on point set of articles. Thank you for sharing. I feel like at this point there isn't anybody defending stablecoins who isn't using them primarily speculative investment/trading. There has yet to be a usecase for distributed ledger that isn't solved better by a centralised ledger other than niche counter-culture solutions whose users are typically blinkered to the fact that they…
I agree, I see very few (none) use cases for crypto that aren’t human misery trafficking. This article seems to explain that well.
Re: Fintech dystopia
#46Beside Cryptocurrency and GNU Taler have there been anyother attempts at p2p digital currency?
There were a bunch of attempts before Bitcoin but they weren't compelling enough to get any users.
Re: Fintech dystopia
#47[flagged]
As a videogame developer, I've always thought this take was just silly. I couldn't even imagine spending the time and effort into integrating someone else's assets into my game and keeping things balanced. The closest thing that we will get to this is something like Fortnite or Roblox, which will limit the type of games and creative choices that can be made.
Re: Fintech dystopia
#48I was in relatively early in the web as a developer, I was in early on the crypto movement, also as a developer. These technologies didn't fix the problems. There is too much regulation, you can't do anything without a license. The only solutions are political, not technological. Everything feels like a scam within a scam. I feel dizzy just thinking about it. I'm completely demoralised. Everything related to career f…
a bunch of people quite recently had their money zapped away when their fintech wildcat bank accounts disappeared so clearly there is still some room to dodge rules
> Bradley Lott-Tillery, 24, from Arizona also entrusted Yotta with his savings, thinking his money would be protected by the federal government. “I emailed [Yotta], made sure it was FDIC insured. Of course, they emailed me back and told me, yes, it’s FDIC insured, which we now know is not true,” Lott-Tillery said.
> While the banks with which fintech companies like Yotta and Juno partner are FDIC insured, this only kicks in when a bank is found to have failed. Since the intermediary Synapse filed for bankruptcy, but not any of the banks, the money is not covered by the regulatory agency.
https://businessjournalism.org/2025/03/synapse-collapse/
(their money was "insured" in the same way depositing money in a random guy's bank account is insured: it's not insured against the guy! these bank-shaped companies managed to convince a bunch of people that they were close enough to banks and about as safe, and then it turned out they all handed the money over to the same fintech company to interface with the actual banks, and that company went messily bust)
Re: Fintech dystopia
#49This is a really fun well-written and on point set of articles. Thank you for sharing. I feel like at this point there isn't anybody defending stablecoins who isn't using them primarily speculative investment/trading. There has yet to be a usecase for distributed ledger that isn't solved better by a centralised ledger other than niche counter-culture solutions whose users are typically blinkered to the fact that they…
The other legit use for stablecoins is allowing people in Venezuela, Argentina, etc. to hold US dollars while the US government pretends they don't know this is happening. (Officially the US does not encourage dollarization of other economies against their will.) I agree that a centralized US dollar CBDC that isn't run by scammers would be a simpler way to do this.
Re: Fintech dystopia
#50I would like to see aidystopia.com that breaks down all the GPTs and LLMs like this