politics of crypto (ban that crap)

[sys]

i need a thread to post stuff so i'm not tempted to throw it in the crypto "investing" thread.


i really don't even know what a counter argument would be.  a bunch of dumbasses would be mad at having their tulips turn belly up, i guess.

https://twitter.com/Pinboard/status/1395752943706537986

[Rage Against the McKee]

I agree. Ban it.

[MadCat]

I don't have any...go for it.

[steve dave]

I have enough in where I get to celebrate if it goes up and am not happy if it goes down but it will not really impact me in a meaningful way if it goes to zero. I think that the genie is too far out of the lamp to shove it back in personally but we shall see.

[Rage Against the McKee]

Are there any legitimate reasons for a person to use crypto to pay for something?

[steve dave]

Are there any legitimate reasons for a person to use crypto to pay for something?

yes, but that's a super tiny bit of what its potential is.

[sonofdaxjones]

As an investor on the periphery/infrastructure that makes crypto, crypto.

I say, let it ride.

[steve dave]

As an investor on the periphery/infrastructure that makes crypto, crypto.

I say, let it ride.

Yeah, same


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[chum1]

There was a time when the only things on the internet were porn and instructions for things like making bombs and free long distance calls.

I find the energy use case against far more compelling.

[star seed 7]

There was a time when the only things on the internet were porn and instructions for things like making bombs and free long distance calls.

I find the energy use case against far more compelling.

Agree

[catastrophe]

Are there any legitimate reasons for a person to use crypto to pay for something?

yes, but that's a super tiny bit of what its potential is.

Crypto is basically the cornerstone of decentralized finance, which allows people to hold and share money without ridiculous transaction costs. I suppose that’s the same critique for why it’s so great for criminals (i.e., you don’t have to hold assets in a bank where they can be frozen). We love the crap out of civil asset forfeiture in the US.

I -thought- the solution to this was to build into the system a kind of ledger so you could easily trace each transaction on the blockchain. Seems like a win-win, but I guess we’re not there yet?

[catastrophe]

There was a time when the only things on the internet were porn and instructions for things like making bombs and free long distance calls.

I find the energy use case against far more compelling.

I don't think its as compelling rn because we mostly don't hear about ransomware stuff (energy use seems more transitory but this seems kind of baked in, but maybe I'm being dumb/uninformed)

Most everything but Bitcoin is moving towards a system (proof of stake) that makes the energy use much less of a concern.

[steve dave]

Yeah, ETH 2.0 will fix that mostly


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[Cire]

As an investor on the periphery/infrastructure that makes crypto, crypto.

I say, let it ride.

This sounds like beems and the solar company.


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[IPA4Me]

There was a time when the only things on the internet were porn and instructions for things like making bombs and free long distance calls.

I find the energy use case against far more compelling.

Do you dry your clothes on a line?

https://twitter.com/csuwildcat/status/1402753394951950339?s=19

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[wetwillie]

I agree. Ban it.

It would be very on brand for the US to fall even further behind the world technologically by banning crypto.

[cfbandyman]

I go back and forth on it a lot, the energy use is somewhat concerning as it's mostly unnecessary give what it is. That being said, I not really against it because of that. I am pretty against it because of how it's seen, treated, used, and speculated like any other get quick rich scheme.

I do also find the whole NFT crazy really weird for nearly the same reason but with added weirdness of treating as "art" while putting it in the confines of a cold and lifeless digital world. It to me seems the opposite of art.

[sonofdaxjones]

As an investor on the periphery/infrastructure that makes crypto, crypto.

I say, let it ride.

This sounds like beems and the solar company.


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Oh boy

[sys]

I agree. Ban it.

It would be very on brand for the US to fall even further behind the world technologically by banning crypto.

i think we'll be able to manage without a technology that requires a small steam engine to record a simple transaction.  as my new best friend pinboard said, this crap has been around for over a decade.  if anyone was going to figure out something useful it could do, they'd have done so by now.

[wetwillie]

I agree. Ban it.

It would be very on brand for the US to fall even further behind the world technologically by banning crypto.

i think we'll be able to manage without a technology that requires a small steam engine to record a simple transaction.  as my new best friend pinboard said, this crap has been around for over a decade.  if anyone was going to figure out something useful it could do, they'd have done so by now.

The most relevant crypto that will be the backbone of the next financial system uses consensus protocol and consumes 1/10,000 as much energy as bitcoin. You are out of your depth on this one.

[catastrophe]

Has anyone crunched the numbers on how much energy is consumed to process other transactions such as a wire transfer from the US to Germany or something like that? Seems like it has to be at least as much as a transaction using BTC.

[sys]

crypto fans get a lot of mileage out of "just wait, someday someone is going to invent a version of this that doesn't suck complete ass", but at some point the clock's gonna run out on that.

[sys]

Seems like it has to be at least as much as a transaction using BTC.

lol, no.

[sys]

Other digital transactions, like those powered by Visa, take less than a second and use roughly 1/500,000 the energy because they rely on a centralized authority to verify transactions.

[wetwillie]

Visa transactions don’t settle in 1 second, good lord.