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Could you explain why you think the fundamental concept is egregiously flawed?

• MereInterest 5y ago
  All the standard reasons that cryptocurrency fans dismiss as having heard over and over, but I have yet to hear good responses to. * Proof of Work is unethically wasteful. Proof of Stake is unethically oligarchical. * Far too wild of price swings to be used as a currency. * Inventory tracking with blockchain has the same problem as any other inventory tracking system, that it relies on humans putting in truthful information. * Smart contracts assume that the hard part of a contract is the enforcement, not the meeting of the minds. Having a human as part of the conflict resolution (i.e. the legal system) is necessary. * Irreversible transactions are a bug, not a feature, and are what drove the rise of ransomware. * Negative impact on the GPU market for actually productive uses. Cryptocurrencies are fantastic for money laundering and paying for illegal services, but I don't think those are exactly good reasons to keep them around.
  • d1a2n 5y ago
    And yet the value keeps going up. I appreciate you people, the constant reminder that so many of you hold these incorrect views really magnifies the sense of "getting in early".
    • preseinger 5y ago
      Markets can be irrational, especially when they're unregulated.