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'massively expanded the scope for scams, fraud and other tokenized nonsense'. :-) Say what you like about dogecoin and the early code-fork clones of early coin

'massively expanded the scope for scams, fraud and other tokenized nonsense'. :-) Say what you like about dogecoin and the early code-fork clones of early coins (BTC, LTC), at least they required some technical ability and maintenance of their respective blockchains (mining, nodes, etc). Ethereum enables ponzis on the scale never thought possible. We are in scam times now where any idiot can clone an ERC20 contract and scam a million people (SHIB token has ~888k holders right now). It is still and will forever remain useless.

CryptoPunk 5y ago
There is far more than speculative memecoins on Ethereum. There are prediction markets, m-of-n digital wallets used by globe-spanning internet communities to manage their treasuries, decentralized social networks, hyper-scalable SNARK/STARK based validation of layer 2 state transitions, and decentralized markets for: permissionless/borderless trading and borrowing/lending of digital assets, buying and selling computing power, buying and selling bandwidth, hiring freelancers, and issuing and trading digital game assets. Beyond that, DeFi opens up new possibilities like tapping the liquidity in your digital art via a self executing loan that uses the art as the collateral. The extreme reliability of the Ethereum protocol allows massive amounts of value belonging to a huge set of mutually distrusting parties to be committed to self-executing programmatic contracts that, barring the managable risk of software design error, are guaranteed to execute as intended. This provides enormous value by reducing the overhead added by non-reliability of and bureaucratic limitations on contracts.
rvz 5y ago
> Ethereum enables ponzis on the scale never thought possible. 100% Correct. There are more 'ERC 20 tokens' than 'coins' like BTC or LTC these days. Now any Jim, Jane and Joe can mint their own tokens using cointool [0]. Seems like ETH is the main facilitator of these scams. First it started with ICOs (Introduced by Ethereum), then it was the ERC-20 tokens (which influenced everyone else to do), then the first DAO which failed after a hack and created a Ethereum hard fork and now they have done NFTs. Ethereum has scaled up creating new classes of scams and ponzis whilst generating massive fees for every. single. operation. [0] https://cointool.app/dashboard https://cointool.app/dashboard
- CryptoPunk 5y ago
  People being able to issue currency is not scammy in the least. It is the purest expression of economic empowerment and free enterprise. It is everything the decentralization movement stands for.
  - rfd4sgmk8u 5y ago
    You gotta admit, the bar is pretty low here. Once you have (BTC) or ETH, why do you even need a token, except to scam suckers on the next big thing. SHIB is a classic example of this. Isn't all financial crime an expression of economic empowerment and free enterprise? Nobody, especially Bitcoiners, likes fraud.
    - CryptoPunk 5y ago
      No, local/community currencies can provide utility that a high liquidity currency cannot on its own. Look at the Moon token that /r/CryptoCurrency issues to its users, to give them a stake in the subreddit's success. It gives millions a foot into the door of the crypto world. Small currencies are complementary with large ones. Large ones meanwhile can provide competition to each other that ensures the consumer gets the best quality store-of-value/medium-of-exchange/smart-contract-platform/etc available. Generalizing them all as scams is really overly simplistic, and hostile to contract freedom.
- mmarq 5y ago
  > generating massive fees for every. single. operation That's the part that I understand the least, buying a random shitcoin costs 50$ to authorize the DApp and then another 50$ to process the actual transaction. How can financial transactions withsuch high transaction fees be considered innovative is a mystery.

CryptoPunk 5y ago

There is far more than speculative memecoins on Ethereum. There are prediction markets, m-of-n digital wallets used by globe-spanning internet communities to manage their treasuries, decentralized social networks, hyper-scalable SNARK/STARK based validation of layer 2 state transitions, and decentralized markets for: permissionless/borderless trading and borrowing/lending of digital assets, buying and selling computing power, buying and selling bandwidth, hiring freelancers, and issuing and trading digital game assets. Beyond that, DeFi opens up new possibilities like tapping the liquidity in your digital art via a self executing loan that uses the art as the collateral. The extreme reliability of the Ethereum protocol allows massive amounts of value belonging to a huge set of mutually distrusting parties to be committed to self-executing programmatic contracts that, barring the managable risk of software design error, are guaranteed to execute as intended. This provides enormous value by reducing the overhead added by non-reliability of and bureaucratic limitations on contracts.

rvz 5y ago

> Ethereum enables ponzis on the scale never thought possible. 100% Correct. There are more 'ERC 20 tokens' than 'coins' like BTC or LTC these days. Now any Jim, Jane and Joe can mint their own tokens using cointool [0]. Seems like ETH is the main facilitator of these scams. First it started with ICOs (Introduced by Ethereum), then it was the ERC-20 tokens (which influenced everyone else to do), then the first DAO which failed after a hack and created a Ethereum hard fork and now they have done NFTs. Ethereum has scaled up creating new classes of scams and ponzis whilst generating massive fees for every. single. operation. [0] https://cointool.app/dashboard https://cointool.app/dashboard

CryptoPunk 5y ago
People being able to issue currency is not scammy in the least. It is the purest expression of economic empowerment and free enterprise. It is everything the decentralization movement stands for.
- rfd4sgmk8u 5y ago
  You gotta admit, the bar is pretty low here. Once you have (BTC) or ETH, why do you even need a token, except to scam suckers on the next big thing. SHIB is a classic example of this. Isn't all financial crime an expression of economic empowerment and free enterprise? Nobody, especially Bitcoiners, likes fraud.
  - CryptoPunk 5y ago
    No, local/community currencies can provide utility that a high liquidity currency cannot on its own. Look at the Moon token that /r/CryptoCurrency issues to its users, to give them a stake in the subreddit's success. It gives millions a foot into the door of the crypto world. Small currencies are complementary with large ones. Large ones meanwhile can provide competition to each other that ensures the consumer gets the best quality store-of-value/medium-of-exchange/smart-contract-platform/etc available. Generalizing them all as scams is really overly simplistic, and hostile to contract freedom.
mmarq 5y ago
> generating massive fees for every. single. operation That's the part that I understand the least, buying a random shitcoin costs 50$ to authorize the DApp and then another 50$ to process the actual transaction. How can financial transactions withsuch high transaction fees be considered innovative is a mystery.