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Crypto is NOT a casino. In a casino the house always wins. In crypto, every single player that's sat down for 5 years is a winner.
Before you could make transactions online, if your infrastructure was hacked, it was your fault and your responsibility to implement better security. But once money was involved, you could complain to the police about a hack and involve the authorities - because now actual property was involved. This changed everything.
This was also about the time we started seeing spam, scams, and other negativity suddenly spring up. It's hard to believe that we used to post to usenet with our email addresses publicly exposed... and never worry about being added to a spam list.
Money attracted bad actors to the Internet. Bitcoin was money from the start. So of course the whole cryptocurrency scene is a magnet for bad actors - like we've never seen before. This was inevitable. And 95% of the cryptocurrency scene are some flavor of bad actors.
But Bitcoin mostly sits outside of the legal frameworks of the world. So it's much harder to call the authorities when your cryptocurrency is stolen. You can. It happens. But not much. And for this reason, the only path forward for this new technology/money is right through the middle of the hoard of bad actors. That means we have to create technological and social solutions for security instead of relying on the monopoly of violence (the police) to protect us.
The bad acts and just general greed in the scene are holding it back. But this is, unfortunately, necessary. This is a wall of resistance that has to be pushed through for a better tomorrow. It's part of the process.
The future that decentralized technology will bring us will be different from whatever we are imagining now. But we still have to keep imagining and building. Because even though it will be different than the fantasy, its still the right direction.
Crypto is NOT a casino. In a casino the house always wins. In crypto, every single player that's sat down for 5 years is a winner.
I suppose in the analogy, the house would be the creators of "shitcoins", or the people that aren't left holding bags of worthless crypto coins.
It doesn't mean that college football is a casino.
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> I want to buy subversive literature from someone I already trust not to rip me off Subversive literature printed on blotter paper. Outside of buying sex and drugs the only uses for cryptocoins are, and always has been, ransoms, scams and gambling.
Okay, tell me how I buy something over the internet without tying the purchase to my government ID. Your argument seems like "only criminals want privacy" which is a no.
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Anonymous crypto, yes. But if you're suggesting blockchain is anonymous and payments are untraceable, that's not the case for bitcoin at least. It's a gift to law enforcement, if they cared enough to trace btc transactions.
In practice all tokens including BTC are massively used for law evasion. Criminal don't need any fancy Monero for that, they only need to break the chain once, or maybe a few times an that is enough. That usually happens at the entry points, a criminal backe exchanges of any size will happily take your cash or digital money and exchange then for any tokens you like and vice versa. A politician then declares that his…
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TLDR: to understand bitcoin you have to see the problem it's solving - most people are blind to it even though it affects their lives terribly. https://x.com/saylor/status/1878154748353818932 > "The block chain is, and always was, an extremely inconvenient database. How anyone, especially many intelligent people, thought it was realistic to graft a currency on top of such a unwieldy piece of technology is beyond me."…
Bitcoin is also money printed out of thin air. Bitcoin is also a fiat currency. It may be impossible to change the rate of Bitcoin printing, but it's definitely possible to print more cryptocurrencies (see Ethereum, Monero, Solana, Tron, etc), it's definitely the case that bitcoin's non-deflationary nature is terrible for it as a medium of exchange as it encourages hoarding and destabilises the value, and it's defini…
People will only hoard hard money until they need to buy things after they've run out of the state's fiat tokens to try and sell.
Look up Gresham's and Thier's Laws
That's what people involved in the creation of the stock market must have thought.
Aren't all financial systems about this one thing? Buying and selling risk for profit?
If you want to work on something else than a casino you should probably steer clear of any finance.
The only smart involvement in crypto was to spend a few minutes buying Bitcoin early on and holding on to it. Everything else — all the altcoins, stablecoins, NFTs, large ecosystem of startups, VC funds, DeFi, web3, payment networks, smart contracts, blockchains – has been an immense waste of time and resources.
Note: I hate using the word "blockchain" to describe these decentralized networks hosting distributed ledgers, but it seem to be the word most people recognize. With that in mind:
Bitcoin was a first generation blockchain technology. It's the gold backed standard that supports the rest of the ecosystem and it always will be. That network should never do anything but be money.
Ethereum and all of the networks that replicate what it does are second generation blockchain technologies. They generalize what blockchain does to the degree that we can write arbitrary programs. It is a global decentralized computer, albeit a rather limited one. People use them mostly for finance because people have no idea what else to do with them.
Third generation networks are on the way. My favorite example is Polkadot and what Gavin is doing with JAM. This brings us a bit closer to what "Web3" was supposed to be about. JAM is something new, something different, upon which you can run all kinds of blockchain networks. Very few people understand how Ethereum works or how to use it. JAM is even more difficult to get your head around. But it is a radical paradigm changing technology.
The noise of altcoins and NFTs is the result of hype and greed. It overshadows Web3. It makes it nearly impossible for anyone working on Web3 tech to get any kind of coherent messaging out to the masses. And it will be that way for a while. But not forever.
All this to say that it's not wasted effort and it's not a dead end. It's just that what is valuable in the scene is almost impossible to see due to the overwhelming hype and nonsense.
My question is, which real-world problem is actually solved by crypto? All I know is transferring money over the border gets much easier than pre-bitcoin era.
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> I want to buy subversive literature from someone I already trust not to rip me off Subversive literature printed on blotter paper. Outside of buying sex and drugs the only uses for cryptocoins are, and always has been, ransoms, scams and gambling.
Okay, tell me how I buy something over the internet without tying the purchase to my government ID. Your argument seems like "only criminals want privacy" which is a no.