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Blockchain is not only crappy technology but a bad vision for the future

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Re: Blockchain is not only crappy technology but a bad vision for the future

#51

Post by analog31 »

Qasaur wrote: post #13

"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto - 1721 Mississippi…

To make an analogy, long distance travel also has a checkered history over the past 300 years. Today, most people hop on a plane or a bus with little thought about its safety, and manageable concerns about its arrival time. Likewise most of us expect our salary to hold steady in between payday and when we spend it, with manageable expectations about what it will be worth in six months.

Re: Blockchain is not only crappy technology but a bad vision for the future

#52

Post by ren_engineer »

Quindecillion wrote: post #6

More bad takes from people who don't understand the point of Bitcoin and its blockchain. It's all so... tiresome. The fact that the author is comparing to services like Venmo or PayPal really goes to show how much they don't understand about what Bitcoin was built to achieve. Also goes to show that people like the author should also check their financial privilege: https://bitcoinmagazine.com/culture/check-your-finan…

for context this article is from 2018 when Bitcoin was crashing, author was obviously trying to dunk of the crypto community at the time. The entire crypto market is now over 5X larger since he wrote this. Author is also the founder of a traditional FinTech company with 68M raised, so he has obvious bias

https://www.crunchbase.com/organization/true-link-financial

most of his complaints about crypto being hard to use could easily be applied to the internet, cell phones, and computers in their early days. Almost all technology starts off with a niche community that is often mocked before it improves and becomes mainstream. Crypto gets even more hate because people who think they are smart are seething about missing the train and the cognitive dissonance demands that they write off the entire industry as useless

Re: Blockchain is not only crappy technology but a bad vision for the future

#53

Post by fsflover »

JaimeThompson wrote: post #33
Qasaur wrote: post #26

Earlier quoted context omitted.

>Buying drugs, money laundering, rampant speculation, rug pulls, fraud, high fees, inefficiency, horrible UX, irreversible SFYL, and destroying the climate. Every one of these charges happens every day and in some of them to a much greater scale in fiat, especially climate destruction due to inflationary monetary policy, which encourages consumption and waste and punishes thrift and savings.

It's much harder to do ransomware payments with non-crypto.

And knives can kill people

Re: Blockchain is not only crappy technology but a bad vision for the future

#54

Post by datenhorst »

Qasaur wrote: post #13

"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto - 1721 Mississippi…

Isn't the answer to Nakamoto's quote _more_ regulation instead of no regulation?

Re: Blockchain is not only crappy technology but a bad vision for the future

#56

Post by meheleventyone »

egeozcan wrote: post #30
Feeble wrote: post #18

Earlier quoted context omitted.

Quoted post unavailable.

> Meanwhile 1.7 billion people around the world do not have a bank account ...therefore we need bitcoin? Is this the new spin? People don't see it's a tech that was invented without a use case? Many people don't have electricity too, what are you talking about?

It also seems broadly ignorant of technology in the last decade that has done far more for unbanked people than crypto currencies.

Re: Blockchain is not only crappy technology but a bad vision for the future

#57

Post by conanbatt »

throw__away7391 wrote: post #46

Let's be real. The vast majority of pro-cryptocurrency arguments break down to something like this: "I have Bitcoin, I want it to become the currency of the future so that the price will go up an I will become rich. Here are $reasons why that should become true, which all my fellow Bitcoin hodlers agree are very good reasons". We are now many years past not only the creation of Bitcoin but also past it going "mainstr…

If the only thing that makes BTC "break" USD is that users want it to succeed more than USD users want USD to succeed, it is a wonderful story of adoption!

Re: Blockchain is not only crappy technology but a bad vision for the future

#59

Post by Kbelicius »

Feeble wrote: post #18
Quindecillion wrote: post #6

More bad takes from people who don't understand the point of Bitcoin and its blockchain. It's all so... tiresome. The fact that the author is comparing to services like Venmo or PayPal really goes to show how much they don't understand about what Bitcoin was built to achieve. Also goes to show that people like the author should also check their financial privilege: https://bitcoinmagazine.com/culture/check-your-finan…

Quoted post unavailable.

> Meanwhile 1.7 billion people around the world do not have a bank account.

Do you know why the majority of those people don't have bank accounts? Because they have no fucking use for it! They either have no money (how does crypto help those people?) or they use banking services through their family/friends.

Do you know what 3.7 billion people don't have? Access to internet.

Re: Blockchain is not only crappy technology but a bad vision for the future

#60

Post by telxosser »

Qasaur wrote: post #13

"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve." - Satoshi Nakamoto - 1721 Mississippi…

Have you not ever read financial history and what things were like without central banks?

No one that knows what they are talking about can possibly think we were better off without central banks. It is a childish and clueless view.

House Of Morgan, History of Interest Rates from Wiley. Try reading some books instead of looking up things on wiki to back up your already nonsense beliefs. You can not read those books and come away thinking getting rid of central banks is a good idea.

You are just making the old clueless gold bug argument repacked in digital form.

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