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The expert is right. We have had cryptocurrencies for years. What have they delivered society? - Ransomware - Pump and dump scams - Enriching a tiny group of

The expert is right. We have had cryptocurrencies for years. What have they delivered society? - Ransomware - Pump and dump scams - Enriching a tiny group of early speculators at the expense of average retail gamblers - Burning a huge amount of energy - Wasting a huge amount of processing power and hardware - Leading to shortages of computer chips - Enabling Iran etc. to evade sanctions - Contributing to power blackouts - Money laundering - Tax evasion - Wasting a huge amount of human talent for essentially no purpose Its necessary to ban the purchase of these coins in the West, for the good of our civilization.

LatteLazy 5y ago
Sensible drug policies. As soon as people could reliably but online, States suddenly grew balls and started legalising... Also, plenty of us have zero objections to Iran dodging our bullshit sanctions...
devoutsalsa 5y ago
In 2013 I was able to pay for something internationally once with Bitcoin when the merchant's credit card processor couldn't handle my credit card. With the price of transactions not maybe that's now practical, but that's one possible application.
- KptMarchewa 5y ago
  Definitely worth burning tons of coal.
  - amingilani 5y ago
    The main factor in determining electricity source when mining bitcoin is cost, not production methods. Just like you don't consider how your household electricity was produced, just that the bill is low. If you're upset about miners' the chunk of energy being produced by coal, you should be concerned about coal usage in overall society. If there's coal-powered electricity is expensive or unavailable for anyone to use, bitcoin miners will automatically stop using it along with the rest of society.
whitepaint 5y ago
Do you think we should have alternatives to banks and something that cannot be stopped by governments? What do you think about DeFI?
- KptMarchewa 5y ago
  >Do you think we should have alternatives to banks Yes. >something that cannot be stopped by governments? No.
unmole 5y ago
> - Enabling Iran etc. to evade sanctions I see this as an absolute win.
- faeriechangling 5y ago
  It's done by burning oil to turn it into crypto.
  - amingilani 5y ago
    This statement is true for many other industries.
herbst 5y ago
I use legal crypto I paid taxes for, for everyday purchases, because it's faster and has lower fees than most alternatives (assuming non micro payments). Most relevant coins and tokens are not mined (anymore) and also bitcoin mining will end. Just because it has no use for you does not mean it's only bad for the whole society.
- Craighead 5y ago
  ...but the poster listed several things that ARENT personal to them
CryptoPunk 5y ago
How about we don't dogmatically prohibit other adults from engaging in some class of voluntary interactions with each other. And singling out one non-essential activity for a ban, because it consumes electricity, is unprecendented. It's nothing more than using environmental concerns as a pretense to stamp out an activity you personally don't like for other reasons. As for what they've delivered for society, I admit it's still mostly just limited to speculation, but real promise is now being shown, in the following ways: * hundreds of millions of people potentially being empowered to earn income by sharing in the revenue their social media content generates, via community currencies, like the /r/CryptoCurrency ERC20 token, Moon [1] [2] [3] [4] [5]. * people living under repressive governments being able to escape their capital controls and survive [6] [1] https://www.reddit.com/r/CryptoCurrency/comments/l9dye7/i_sold_my_78k_moons_to_pay_off_my_debt_i_am_now/ https://www.reddit.com/r/CryptoCurrency/comments/l9dye7/i_so... [2] https://www.reddit.com/r/CryptoCurrency/comments/kqrikd/sold_my_moons_to_pay_rent_thank_you_reddit/ https://www.reddit.com/r/CryptoCurrency/comments/kqrikd/sold... [3] https://www.reddit.com/r/CryptoCurrency/comments/n371id/how_moons_can_change_lives_a_first_person/ https://www.reddit.com/r/CryptoCurrency/comments/n371id/how_... [4] https://www.reddit.com/r/CryptoCurrency/comments/ly79uw/as_an_iranian_crypto_has_changed_the_life_of/ https://www.reddit.com/r/CryptoCurrency/comments/ly79uw/as_a... [5] https://www.reddit.com/r/CryptoCurrency/comments/l9bdtn/guys_you_just_gave_me_the_best_gift_i_could/ https://www.reddit.com/r/CryptoCurrency/comments/l9bdtn/guys... [6] https://twitter.com/Codiox/status/1375876968390909956 https://twitter.com/Codiox/status/1375876968390909956
- KptMarchewa 5y ago
  >How about we don't dogmatically prohibit other adults from engaging in some class of voluntary interactions with each other. No, as long as it has drastic side effects that affect others. >hundreds of millions of people potentially being empowered Poe's law strikes here hard.
  - CryptoPunk 5y ago
    >>No, as long as it has drastic side effects that affect others. If the side effect is pollution, then prohibit pollution-emitting energy consumption. Don't use this as a pretense to suppress activities you don't like, by singling those activities you personally don't like, among the innumerable many non-essential activities that consume electricity, for prohibition. The rest of the effects, like retail gamblers losing money on bad investments, are voluntarily assumed, and could not possibly be worse than state-run lotteries consuming 8% of the poorest households' annual income. >>Poe's law strikes here hard. I substantiated my claim with multiple examples.

LatteLazy 5y ago

Sensible drug policies. As soon as people could reliably but online, States suddenly grew balls and started legalising... Also, plenty of us have zero objections to Iran dodging our bullshit sanctions...

devoutsalsa 5y ago

In 2013 I was able to pay for something internationally once with Bitcoin when the merchant's credit card processor couldn't handle my credit card. With the price of transactions not maybe that's now practical, but that's one possible application.

KptMarchewa 5y ago
Definitely worth burning tons of coal.
- amingilani 5y ago
  The main factor in determining electricity source when mining bitcoin is cost, not production methods. Just like you don't consider how your household electricity was produced, just that the bill is low. If you're upset about miners' the chunk of energy being produced by coal, you should be concerned about coal usage in overall society. If there's coal-powered electricity is expensive or unavailable for anyone to use, bitcoin miners will automatically stop using it along with the rest of society.

whitepaint 5y ago

Do you think we should have alternatives to banks and something that cannot be stopped by governments? What do you think about DeFI?

KptMarchewa 5y ago
>Do you think we should have alternatives to banks Yes. >something that cannot be stopped by governments? No.

unmole 5y ago

> - Enabling Iran etc. to evade sanctions I see this as an absolute win.

faeriechangling 5y ago
It's done by burning oil to turn it into crypto.
- amingilani 5y ago
  This statement is true for many other industries.

herbst 5y ago

I use legal crypto I paid taxes for, for everyday purchases, because it's faster and has lower fees than most alternatives (assuming non micro payments). Most relevant coins and tokens are not mined (anymore) and also bitcoin mining will end. Just because it has no use for you does not mean it's only bad for the whole society.

Craighead 5y ago
...but the poster listed several things that ARENT personal to them

CryptoPunk 5y ago

How about we don't dogmatically prohibit other adults from engaging in some class of voluntary interactions with each other. And singling out one non-essential activity for a ban, because it consumes electricity, is unprecendented. It's nothing more than using environmental concerns as a pretense to stamp out an activity you personally don't like for other reasons. As for what they've delivered for society, I admit it's still mostly just limited to speculation, but real promise is now being shown, in the following ways: * hundreds of millions of people potentially being empowered to earn income by sharing in the revenue their social media content generates, via community currencies, like the /r/CryptoCurrency ERC20 token, Moon [1] [2] [3] [4] [5]. * people living under repressive governments being able to escape their capital controls and survive [6] [1] https://www.reddit.com/r/CryptoCurrency/comments/l9dye7/i_sold_my_78k_moons_to_pay_off_my_debt_i_am_now/ https://www.reddit.com/r/CryptoCurrency/comments/l9dye7/i_so... [2] https://www.reddit.com/r/CryptoCurrency/comments/kqrikd/sold_my_moons_to_pay_rent_thank_you_reddit/ https://www.reddit.com/r/CryptoCurrency/comments/kqrikd/sold... [3] https://www.reddit.com/r/CryptoCurrency/comments/n371id/how_moons_can_change_lives_a_first_person/ https://www.reddit.com/r/CryptoCurrency/comments/n371id/how_... [4] https://www.reddit.com/r/CryptoCurrency/comments/ly79uw/as_an_iranian_crypto_has_changed_the_life_of/ https://www.reddit.com/r/CryptoCurrency/comments/ly79uw/as_a... [5] https://www.reddit.com/r/CryptoCurrency/comments/l9bdtn/guys_you_just_gave_me_the_best_gift_i_could/ https://www.reddit.com/r/CryptoCurrency/comments/l9bdtn/guys... [6] https://twitter.com/Codiox/status/1375876968390909956 https://twitter.com/Codiox/status/1375876968390909956

KptMarchewa 5y ago
>How about we don't dogmatically prohibit other adults from engaging in some class of voluntary interactions with each other. No, as long as it has drastic side effects that affect others. >hundreds of millions of people potentially being empowered Poe's law strikes here hard.
- CryptoPunk 5y ago
  >>No, as long as it has drastic side effects that affect others. If the side effect is pollution, then prohibit pollution-emitting energy consumption. Don't use this as a pretense to suppress activities you don't like, by singling those activities you personally don't like, among the innumerable many non-essential activities that consume electricity, for prohibition. The rest of the effects, like retail gamblers losing money on bad investments, are voluntarily assumed, and could not possibly be worse than state-run lotteries consuming 8% of the poorest households' annual income. >>Poe's law strikes here hard. I substantiated my claim with multiple examples.