Earlier quoted context omitted.
>Outside of buying sex and drugs the only uses for cryptocoins are, and always has been, ransoms, scams and gambling That is a very shallow take. There are real non-criminal uses for crypto that people in stable, wealthy countries often overlook. Millions rely on it simply to move money between family members across borders when traditional banking is slow, blocked, or outright inaccessible due to politics. In severa…
> the people who depend on it for everyday survival Oh, my, all those poor people that died prior to 2009.
I wasted years of my life in crypto
881–890 of 1001 posts
Re: I wasted years of my life in crypto
#882There are a lot of selling points around freedom, but in practice its just gambling and its impossible to build real products in the space. In-fact there is no demand for anything other than gambling.
Re: I wasted years of my life in crypto
#883The original promise of crypto was lost a LONG time ago. Instead of being a true rival to FIAT, it became a thing with a toxic-as-hell commumity, fraud, and basically its nothing more than a high risk stock. The risk is NOT only "will this go up or down" but you have a high risk of being robbed, as have happened to millions of people. Maybe there will be a better alternative in the future, but right now bitcoin is no…
One pyramid scheme to rule them all, One pyramid scheme to find them, One pyramid scheme to bring them all and to the pump and dumps bind them.
Re: I wasted years of my life in crypto
#884Earlier quoted context omitted.
> Unfortunately, this solves the wrong problem. Spending money usually involves getting a good or service in return, which inherently requires "trust" (as does any human interaction). Your fancy blockchain is not going to help you if you order something with Bitcoin and no package arrives. That problem already has solutions. The problems cryptocurrency is supposed to solve are, I want to buy subversive literature fro…
I’m all for bitcoin but your examples are essentially I want to do all these generally illegal things that I cannot within the current legal framework.
And many of them aren't things that are illegal, they're false positives or limitations that the existing system doesn't care about because they affect minorities or disenfranchised people instead of anyone with significant political power. It's not illegal to have the same name as someone on a list. In the US it's not illegal to buy many things but people are still deterred from doing it if they know it won't be private. Prohibiting donations to Wikileaks was never claimed as an official government requirement -- probably because it would've been unconstitutional -- but the major payment networks still did it. Transferring money to someone in South America isn't inherently illegal, the existing system just makes it a pain through normal channels.
It does the things the existing system doesn't. Which isn't always because they're illegal. Sometimes it's just because the existing system sucks and doesn't care about you.
Re: I wasted years of my life in crypto
#885Earlier quoted context omitted.
You say bitcoin is "so silly". Please give me an example of anything better for nation states to hold as reserves and to transact with other nations with. I'll even allow you an imaginary thing as long as it's constrained by the real world.
Fiat currency. (So-called petro dollar) Gold. There is a reason why no countries are using bitcoin as a reserve currency.
Gold stock above ground doubles every 40ish years, halving it's value each time. Think how difficult it is to safely move and assay billions of dollars worth.
The reason nations aren't publicly using bitcoin as a reserve is that it's still only the year 2025
Re: I wasted years of my life in crypto
#886Earlier quoted context omitted.
Same problems we have today. For the state, at an institutional scale, the incumbent can just have a government agency make up individuals born, or make up SSN numbers, or make up required parameters for one to have a valid voting ID in order to have a bunch of fake people issue fake ballots - because government agencies are currently responsible for instituting the legitimate ones, and its an unchecked procedure. An…
> make up required parameters for one to have a valid voting ID in order to have a bunch of fake people issue fake ballots I would urge you to look at where the voter fraud takes place, I can't think of a place that spends that much time, money and effort to fake votes that way. Russia, Georgia, turkey and zim just use good old fashioned violence and lies. Its far far simpler. Look I get that you are worried about vo…
There's a lot more on the line for first-world nations, financially and functionally. Also, you'll notice I conceded that point in the last sentence in that same paragraph: "And that's one of the less intuitive methods for bypassing current election systems."
>"Look I get that you are worried about vote counting and fraud, but seriously thats not how the mid terms are going to be swayed (if they are) The people that want to do fraud are lasy and not very clever. They'll just gerrymander and lie. Its that simple. Just look at the 2020 elections. Fraud was pretty evenly split, but miniscule and easy to spot. Yet, here we are, all it took was a constant stream of bollocks to news outlets and useful idiots to propagate it on the web."
I'm not actually that concerned about midterms, I'm concerned about the macro implications of the existing electoral process (and theory, but that's a separate discussion) when we have better tooling for decentralized transparency/accountability and leverage - both for an individual and the collective - than we did during its ratification. I'm concerned its ripe for abuse with a passionate actor in general (that may or may not include individuals within our current administration), and your dismissal isn't too assuring.
>"its an opportunity for fraud (just look at the state of the internets)"
A lot of initiatives are trying to fix deterministic identification in digital formats now, some with good intentions and others with not.
>"transparency requires a stronger authority to enforce. Be that monetary or legal."
This isn’t actually true; transparency always rests on some power structure that both has access to the relevant information and can punish non-disclosure. That power doesn’t have to be a single superior authority, though. You can design systems where transparency is enforced laterally - a network of entities with roughly symmetric power, each able to observe and sanction the others, so that the tension between them produces real transparency and accountability.
Re: I wasted years of my life in crypto
#887Earlier quoted context omitted.
Is monopoly money a threat to the dollar? Does Hasbro need to report to the Fed how much it has issued each year? 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
What?
Re: I wasted years of my life in crypto
#888In recent months I changed views and shifted from the desilluioned "this is a casino" mindset that is described in this article to a "we need this now" one. An example in this article [1], the US can now unilateraly decide to prevent an individual anywhere in the world from having a functioning financial life and this because of the quasi (western) duopoly that is Visa and Mastercard. Nothing against the US in genera…
I live in EU for many years, but due to my birth country being sanctioned I can't use any financial instruments like investing or even simplest savings deposits. Getting mortgage or loan is also much more harder for me, even tho I have much better financial situation than average person in that country. Apart of that I need occasionally go to the bank in person to proof the bank that i'm good person with valid documents under the threat of freezing my funds and closing my accounts.
Funniest thing in that is all these sanctions are issued by EU and US, and not by the country I live, where i'm pretty welcomed.
Re: I wasted years of my life in crypto
#889Earlier quoted context omitted.
What do you think about zcash? They seem to have solved the private transactions problem, have a better anonymity set than monero (and are accepted at exchanges) and are actively working on faster consensus. Disclaimer, I currently work at a zcash corp.
IMO the hard problem here is PoS consensus with the private transactions. It seems like the stakers have to come up from the depths of privacy to participate in consensus. Maybe there is a way to do private staking, but that makes the network very difficult to understand and build confidence in. So I don't see upgrading to faster consensus to be a small incremental improvement, it's fundamental. A separate issue is t…
I'd need to review the design details more to say for sure, but e.g. from what I recall Pedersen hashes are used in the commitment tree, but not for nullifiers. Those use blake hashes (which are plausibly post-quantum secure), IIRC.
There's also the underlying prover layer, but many proof systems actually have information-theoretic zero-knowledge properties (assuming a suitable source of randomness), even if their soundness guarantees are based on assumptions like DLP.
Re: I wasted years of my life in crypto
#890Earlier quoted context omitted.
> compared to the existing banking system it's trying to replace I don't think it's appropriate to compare it to the existing banking system (whose featureset goes far beyond payments and managing account balances). It's appropriate to compare it to existing payment and account systems. And on that front, compared to e.g. Mastercard, there's no way Bitcoin is more efficient. TXs/watt, $/watt, however you want to meas…
> there's no way Bitcoin is more efficient No way? You studied this personally and can prove it? Transaction Fees On Bitcoin Lightning Network Are 1,000 Times Cheaper Than Visa And MasterCard https://www.binance.com/en/square/post/447705