4 ms·

Why not separate concerns? Crypto currencies work without Proof of Work today.

novium 5y ago
Yeah, so basically use something like Chia instead and create tons of e-waste?
gspr 5y ago
> Why not separate concerns? Crypto currencies work without Proof of Work today. You mean through proof of stake instead? Yay, now all the people who wanted to avoid having a competent central bank in a free democracy control the money supply get to have the people with the most money control the supply instead. Jesus fucking christ, you cryptocurrency lunatics have lost it.
- macintux 5y ago
  I don’t necessarily disagree with the sentiment, but HN guidelines demand more constructive disagreements.
  - gspr 5y ago
    I'm sorry about my second paragraph. I'm getting a bit antsy from losing an otherwise intelligent friend to this nonsense.
    - timdaub 5y ago
      If you mean me, I've been lost since 2014 to this stuff: Check my CV on my blog: https://timdaub.github.io https://timdaub.github.io
      - gspr 5y ago
        No. I don't know you.
- timdaub 5y ago
  Why not separate concerns? Crypto currencies work without central banking or democracies today.
  - gspr 5y ago
    They work poorly (if at all) as currencies: (1) They're way too volatile. (2) Even if they weren't, the popular cryptocurrencies today have fixed money supplies. A central bank cannot increase it to target moderate inflation.
    - timdaub 5y ago
      Central banks use PID controllers to control stability [1]. Stable coin systems can use PID controller systems too [2]. Stable coins are as volatile as their fiat counterparts. Crypto currencies are run by people as much as central banks are. People can have opinions and values. People forked of Ethereum into Ethereum Classic because they had an issue with the main chain's policy. ETC community is alive. Building crypto currencies is all about optimizing for legitimacy [3]. We can build what we want, we just need to want it in the first place. No need to discount a whole field of computer science with a comment. - 1: https://link.springer.com/article/10.1007/s11403-014-0127-3 https://link.springer.com/article/10.1007/s11403-014-0127-3 - 2: https://github.com/reflexer-labs/whitepapers/blob/master/English/rai-english.pdf https://github.com/reflexer-labs/whitepapers/blob/master/Eng... - 3: https://vitalik.ca/general/2021/03/23/legitimacy.html https://vitalik.ca/general/2021/03/23/legitimacy.html
      - gspr 5y ago
        Sure. We can probably build a sane cryptocurrency. I'm talking about the ones that people are sinking tens of bn into and hyping the hell out of today.
        timdaub 5y ago
        Fair enough, I'm against the on-going hype in the space.

Yeah, so basically use something like Chia instead and create tons of e-waste?

gspr 5y ago

> Why not separate concerns? Crypto currencies work without Proof of Work today. You mean through proof of stake instead? Yay, now all the people who wanted to avoid having a competent central bank in a free democracy control the money supply get to have the people with the most money control the supply instead. Jesus fucking christ, you cryptocurrency lunatics have lost it.

macintux 5y ago
I don’t necessarily disagree with the sentiment, but HN guidelines demand more constructive disagreements.
- gspr 5y ago
  I'm sorry about my second paragraph. I'm getting a bit antsy from losing an otherwise intelligent friend to this nonsense.
  - timdaub 5y ago
    If you mean me, I've been lost since 2014 to this stuff: Check my CV on my blog: https://timdaub.github.io https://timdaub.github.io
    - gspr 5y ago
      No. I don't know you.
timdaub 5y ago
Why not separate concerns? Crypto currencies work without central banking or democracies today.
- gspr 5y ago
  They work poorly (if at all) as currencies: (1) They're way too volatile. (2) Even if they weren't, the popular cryptocurrencies today have fixed money supplies. A central bank cannot increase it to target moderate inflation.
  - timdaub 5y ago
    Central banks use PID controllers to control stability [1]. Stable coin systems can use PID controller systems too [2]. Stable coins are as volatile as their fiat counterparts. Crypto currencies are run by people as much as central banks are. People can have opinions and values. People forked of Ethereum into Ethereum Classic because they had an issue with the main chain's policy. ETC community is alive. Building crypto currencies is all about optimizing for legitimacy [3]. We can build what we want, we just need to want it in the first place. No need to discount a whole field of computer science with a comment. - 1: https://link.springer.com/article/10.1007/s11403-014-0127-3 https://link.springer.com/article/10.1007/s11403-014-0127-3 - 2: https://github.com/reflexer-labs/whitepapers/blob/master/English/rai-english.pdf https://github.com/reflexer-labs/whitepapers/blob/master/Eng... - 3: https://vitalik.ca/general/2021/03/23/legitimacy.html https://vitalik.ca/general/2021/03/23/legitimacy.html
    - gspr 5y ago
      Sure. We can probably build a sane cryptocurrency. I'm talking about the ones that people are sinking tens of bn into and hyping the hell out of today.
      - timdaub 5y ago
        Fair enough, I'm against the on-going hype in the space.