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Why All Cryptocurrency Should Die in a Fire
61–70 of 341 posts
Re: Why All Cryptocurrency Should Die in a Fire
#62I will gladly stop using Monero if someone can tell me how to privately transact over the internet without CC companies (and others) spying on me and selling my data. Until there is a better solution, I'll keep using it.
I understand this privacy argument - but I'm wondering what the practical downside is of this "spying"? I've been using credit cards online for decades and I am yet to encounter anything negative from doing so. I get that my credit card provider knows that I'm buying £X of goods from merchant Y. But unless that merchant is very specific, the card company doesn't know what I've bought. And, if it did... so what? Perha…
It's hard for you to know what purchases you MIGHT have done if you weren't constrained a priori to only making purchases from sellers that were big enough & sold products innocuous enough to get approval from one of the big 3 CC companies, or what products might have been available without this limitation.
Re: Why All Cryptocurrency Should Die in a Fire
#63I think the best criticism against crypto currency is that it is essentially “regulatory arbitrage”. Things are allowed inside crypto that is not allowed in the normal world of finance. Ie stable coins: promising people 20% on their savings account by running an obscured ponzi. Ie pump and dump. Ie insider information. Insiders on exchanges buying up coins they know are going to be listed. Etc etc. (And proof of work…
> stable coins Are not a real cryptocurrency. > pump and dump Is absolutely a regular circumstance. Last what I remember is sawn wood situation on the very early 2022, afaik it is worldwide. I do not recommend you to buy right now a sawn wood from big stores before researching a market in your location, because some of big stores have been dumped after buying some big amounts of sawn wood on huge prices, and their wa…
what makes stablecoins not a real cryptocurrency? They are a currency stored on the blockchain
Re: Why All Cryptocurrency Should Die in a Fire
#64Re: Why All Cryptocurrency Should Die in a Fire
#65The article starts out with: "The crypto world went into a full meltdown this week" I don't know. Look at a chart of Bitcoins price on a log scale: https://twitter.com/JonathanBeuys/status/1524810429884661761 To me, it does not look any different then it has looked for the last 10 years. Its a slowing exponential growth with a certain volatility. Nothing seems to have changed in the last week.
This is correct but the comment was about “the crypto world” which is no longer limited to BTC
Bitcoin makes about half of cryptos market cap.
Ethereum makes another quarter and looks similar.
Tether makes another 10% or so and is at $0.998.
I find it hard to imagine that whatever happens lower down on the list of crypto projects can move the needle enough so we can come to the conclusion that "the crypto world" as a whole is in a meltdown.
Re: Why All Cryptocurrency Should Die in a Fire
#66No post body was provided.
Re: Why All Cryptocurrency Should Die in a Fire
#67>help me make it die in a fire I'm rather mistrustful of people that are this forthy about being against a new technology. If it really is that devoid of merit it'll die on its own. I also think it is a rather fundamental failure to see the big picture. Not efficient? Well neither was the Ford model T. Newer generations are getting better. Similarly somehow existing systems seem to get a free pass for things that are…
> Personally I think crypto is a 50/50 chance of working long term. Exactly as a chance of meeting a dinosaur on your street today? What a coincidence.
I think you missed the primer on statistics
Re: Why All Cryptocurrency Should Die in a Fire
#68Earlier quoted context omitted.
Surely, yes, but the whole social metasystem does a lot of damage to the planet for the benefit of the few, so why scapegoat one part of the system?
Because it is wasteful by design and gets more wasteful as it scales. Transaction fees are onerous and transactions themselves are excruciatingly slow. Then the deflationary nature of cryptocurrencies makes them terrible currencies. It makes more economic sense to hold them than spend them. The rare events where their use doesn't involve crime are overwhelmed by the criminal uses.
>Because it is wasteful by design and gets more wasteful as it scales
Plenty of other things are wasteful by design, like military for example. The more military things we build, the stronger we'll be. Same with BTC hashrate, the more power the stronger the network.
Re: Why All Cryptocurrency Should Die in a Fire
#69I will gladly stop using Monero if someone can tell me how to privately transact over the internet without CC companies (and others) spying on me and selling my data. Until there is a better solution, I'll keep using it.
I understand this privacy argument - but I'm wondering what the practical downside is of this "spying"? I've been using credit cards online for decades and I am yet to encounter anything negative from doing so. I get that my credit card provider knows that I'm buying £X of goods from merchant Y. But unless that merchant is very specific, the card company doesn't know what I've bought. And, if it did... so what? Perha…
Metadata on credit card transactions you make at a pharmacy, smoke shop, adult toy store, or abortion clinic is sold to a range of entities including government agencies, adtech firms, insurance companies. Your travel habits and times you are often not at home also can be very revealing.
When this data inevitable leaks via hacks, or is used to target you when political tides change, suddenly you will be wishing we had all been normalizing alternatives.
I recommend everyone use tumbled bitcoin, monero, cash, or visa gift cards whenever possible. The less data we all give in aggregate to those seeking to sell changes in our behavior the better.
Your data pollution empowers entities that harm us all.
Re: Why All Cryptocurrency Should Die in a Fire
#70Whining about proof of work. Check. Whining about ransomware. Check. Ponzi scheme. Check. What an organic article and opinion.
Low effort comments ripping on other people’s work contributes nothing to the discussion. You clearly have a different point of view so why not rebut the article or post your own laying out a counter opinion?