"Cryptocurrency is one of the worst inventions of the 21st century. [...] It has failed to be a useful currency, invented a new class of internet abuse, further enriched the rich, wasted staggering amounts of electricity, hastened climate change, ruined hundreds of otherwise promising projects, provided a climate for hundreds of scams to flourish, created shortages and price hikes for consumer hardware, and injected perverse incentives into technology everywhere. Fuck cryptocurrency."
@v0tti @PaulaToThePeople you really don’t understand it, right? It’s not the cryptocurrency, it’s the greed and stupidity of the people using it. Proof of work could be exchanged against other solutions (eg proof of co2 reduction) and the countries with cheap power could set up laws that require data center to be powered by 100% renewable energy (solar panels on the roof), just to mention a few examples. CC give the people freedom and is a huge chance for poor countries: https://reddit.com/r/btc/comments/n0300l/thank_you_yesterday_1920_pounds_871_kilos_of_food/
@hirschnase perfect example of negative impact of "crypto currency". if those donating "crypto currency" for this good cause had instead sold their "crypto currency" and donated the "fiat money" to a registered non-profit doing the same, they'd be able to spend 15-30% more at no cost because the donation would be tax-deductible (in most countries at least).
@hirschnase Of course (some of) those doing these donations would have never done them if it wasn't by using "crypto currency". They are not done for philanthropic reasons, but so that people like you can spread the story of "crypto currency" being actually good. It's all part of the marketing, including the photos of poor Venezuelans selling their personal privacy for a bag of food.
@jasper @v0tti @PaulaToThePeople but still, that cc isn’t green is not a fault of the technology of cc itself, it’s the problem how it is being used in combination with a missing regulation in the countries with (too) cheap power. It could be used for good and for bad (like fiat currencies), but that does not mean the idea of cc is bad per se. That is my point.
1. You always end up spending resources on it
2. It is a pointless sha256 loop.(or other PoW loop)
Furthermore, this thing is very suitable for fleeing from regulation by going to other countries..
Like you can do blockchain with PoS, or anything that doesn't use huge amounts of PoW.
@jasper @v0tti @PaulaToThePeople first, cc is not only BTC. Second, proof of work could be anything and must not specifically use power (even if 100% dedicated, renewable energy may solve this). The solution should be not to kill cc because if fails in this single point, but smart people should come up with new ideas for a better and sustainable pow. It would be stupid to go back to fiat only, with all the potential censorship and regulation. Cc gives anyone the freedom to do business anywhere.
Smart people could have ended poverty fifty years ago. Smart people saved millions from dying from aids... *after* the patents were circumvented.
I am not entirely against blockchain or cryptography -based methods. But the successful ones are going mostly to reiterate capitalism. "Smart people" play along.
@jasper @v0tti @PaulaToThePeople agree, BTC need to end in the way it’s working right now. Let’s hope that „smart people“ can solve this (last) problem as well in the near future. It’s good that a discussion around this problem is being raised to create a high demand and motivation to solve this. But imho the solution can not be to ban all cc. That is big finance industries wet dream.
Financial institutions cannot easily invest customers' money in crypto currencies (not even through derivatives) because (except in certain rare situations with specific contracts) they would lose in court when sued for the money lost.
But many professional financial traders analysts "invest" a certain amount of their own money in these scams because they know they have an edge over most of crypto scammeds to identify raises and falls in the market.
So they profit from #cryptocurrency-based scams and have no interest to see them banned.
BTW: did you disclosed your investments in these ponzi schemes as the OP requested?
Mine is 0.
@v0tti well, to be fair with cryptocurrencies, that only true for those stupid enough to incentivize mining by making money generation depend on proof-of-work... (yes BitCoin, we're looking at you).
There are plenty of alternatives that are much better, such as Nano or (even better) G1
@v0tti can say almost the same thing about Internet. Literally, just replace "cryptocurrency" with the "internet": enriched the rich, waste of electricity, climate change, hundreds of scams, bla bla bla. Blockchain is very young and complicated technology, give it some time 😉
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