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I have rarely seen so much effort and intellect expended for something so wildly pointless... conspicuously missing from these whole shenanigans: anyone doing a

I have rarely seen so much effort and intellect expended for something so wildly pointless... conspicuously missing from these whole shenanigans: anyone doing anything that a normal person could recognise as being of practical use.

beervirus 6y ago
See also Facebook, as well as large swaths of Google. A generation of our best and brightest are using their talents to spy on users and get ads into their eyeballs.
- cryptica 6y ago
  And the value of those ads is totally speculative. We live in a 0-utility economy. No wonder Warren Buffet's 'intrinsic value' investment strategy doesn't work anymore. Since the 1970s, the true driver of the economy was the Fed and its reckless borrowers; not workers, not consumers. It took 50 years for rich investors and their descendants to lose touch with reality to the point that they can't tell the difference between something important and something which is completely useless.
  - deleted 6y ago
    [deleted]
cryptica 6y ago
But if you think that this is just a problem with crypto, you should look under the hood of today's top S&P500 corporations and academic institutions. The Fed did such a great job printing money to meet its 100% employment mandate that many people can literally feel their jobs getting more useless by the day (but at least they get to keep them). Intelligence has become completely detached from utility. Also, I have never seen a project simultaneously so intelligent and so devoid of wisdom (or vision) as Ethereum. Its complexity is going to turn people insane. It's a case of the blind leading the blind; making things up as they go.
maest 6y ago
I think "wildly" is an overstatement - decentralised systems have a place in the world, but it's IMO more niche than what current supporters are expecting. OTOH, in the long tail case where we see a revolution in monetary policy theory, early crypto adopters can stand to make ridiculous amounts of money.
iSnow 6y ago
Whereas coding webshops, advertisement algos or mobile games are so much more relevant.
- FridgeSeal 6y ago
  Oh they’re not, for sure. But let’s not pretend that crypto is providing any more positive benefit to society than the average ad algorithm or mobile game.

beervirus 6y ago

See also Facebook, as well as large swaths of Google. A generation of our best and brightest are using their talents to spy on users and get ads into their eyeballs.

cryptica 6y ago
And the value of those ads is totally speculative. We live in a 0-utility economy. No wonder Warren Buffet's 'intrinsic value' investment strategy doesn't work anymore. Since the 1970s, the true driver of the economy was the Fed and its reckless borrowers; not workers, not consumers. It took 50 years for rich investors and their descendants to lose touch with reality to the point that they can't tell the difference between something important and something which is completely useless.
- deleted 6y ago
  [deleted]

cryptica 6y ago

But if you think that this is just a problem with crypto, you should look under the hood of today's top S&P500 corporations and academic institutions. The Fed did such a great job printing money to meet its 100% employment mandate that many people can literally feel their jobs getting more useless by the day (but at least they get to keep them). Intelligence has become completely detached from utility. Also, I have never seen a project simultaneously so intelligent and so devoid of wisdom (or vision) as Ethereum. Its complexity is going to turn people insane. It's a case of the blind leading the blind; making things up as they go.

maest 6y ago

I think "wildly" is an overstatement - decentralised systems have a place in the world, but it's IMO more niche than what current supporters are expecting. OTOH, in the long tail case where we see a revolution in monetary policy theory, early crypto adopters can stand to make ridiculous amounts of money.

iSnow 6y ago

Whereas coding webshops, advertisement algos or mobile games are so much more relevant.

FridgeSeal 6y ago
Oh they’re not, for sure. But let’s not pretend that crypto is providing any more positive benefit to society than the average ad algorithm or mobile game.