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> Everyone with a finance background hates crypto. This is clearly an exaggeration. There are many people in the finance industry who have put money into crypt

> Everyone with a finance background hates crypto. This is clearly an exaggeration. There are many people in the finance industry who have put money into cryptocurrencies. > Name literally one concrete example of a concrete and specific problem better solved by crypto than a classical solution. There are people who believe that digital asset ownership (including money) via the blockchain is superior to classical solutions of centralized custodians/governments controlling those assets (while still having chargebacks, recovery from lost private keys, and all the things people think you can’t have on blockchains even though you can). Many people also trust large companies/their government not to freeze/confiscate their assets and think this is a silly use case. Those same people have likely never had their account closed and lost thousands of dollars of digital assets, and have never had to flee their homes for safety from their own governments. Having different trust models is why people fundamentally disagree on whether blockchain is valuable.

arcticbull 5y ago
> This is clearly an exaggeration. There are many people in the finance industry who have put money into cryptocurrencies. I suppose I should have said economists, and yes like the other examples, there's always the 10th dentist syndrome. However, the consensus is clear among economists. Folks in finance are just out to make money, for themselves, not you. See 2008. > There are people who believe that digital asset ownership (including money) via the blockchain is superior to classical solutions of centralized custodians/governments controlling those assets (while still having chargebacks, recovery from lost private keys, and all the things people think you can’t have on blockchains even though you can). There are people that believe the earth is flat and that the COVID vaccine improves your 5G reception and makes you magnetic. These are things we can measure. An NFT does not constitute ownership, of anything. You have to trust the author of the NFT is who they say they are, that they have the 'right' to mint an NFT, and that they'll never mint another one. Because they at their sole discretion can. It's nonsense. No legal right is conveyed with an NFT. It's just a signed URL. I can `ln -s ssh-keygen nft-keygen` and do the same thing at home. > Having different trust models is why people fundamentally disagree on whether blockchain is valuable. 100% of the value of an NFT is created, derived and enforced by the government, the judicial system and contract law. Pretending otherwise is a great way to overpay for jars of air.
- imtringued 5y ago
  Honestly, cryptocurrencies remind me of that game called Evo where every player issues their own currency [0]. For Bitcoin, the owner might not be super obvious as Satoshi is gone but all the small coins are clearly run by their development team. Apparently, the people who play that game are smart enough to not run "crypto schemes" and use their currencies as a medium of exchange. [0] https://wiki.play.eco/en/Economy#Minted_currency https://wiki.play.eco/en/Economy#Minted_currency
- PretzelPirate 5y ago
  I never mentioned NFTs. NFTs != crypto. I personally don’t understand the appeal of NFT art, but I’m interested in NFTs as in-game assets that can be shared across games without any central entity being able to take them from me. I can also keep these assets after a game shuts down and other games can be built using them. It’s certainly a better experience than I get on Magic Arena or Magic the Gathering Online right now.

arcticbull 5y ago

> This is clearly an exaggeration. There are many people in the finance industry who have put money into cryptocurrencies. I suppose I should have said economists, and yes like the other examples, there's always the 10th dentist syndrome. However, the consensus is clear among economists. Folks in finance are just out to make money, for themselves, not you. See 2008. > There are people who believe that digital asset ownership (including money) via the blockchain is superior to classical solutions of centralized custodians/governments controlling those assets (while still having chargebacks, recovery from lost private keys, and all the things people think you can’t have on blockchains even though you can). There are people that believe the earth is flat and that the COVID vaccine improves your 5G reception and makes you magnetic. These are things we can measure. An NFT does not constitute ownership, of anything. You have to trust the author of the NFT is who they say they are, that they have the 'right' to mint an NFT, and that they'll never mint another one. Because they at their sole discretion can. It's nonsense. No legal right is conveyed with an NFT. It's just a signed URL. I can `ln -s ssh-keygen nft-keygen` and do the same thing at home. > Having different trust models is why people fundamentally disagree on whether blockchain is valuable. 100% of the value of an NFT is created, derived and enforced by the government, the judicial system and contract law. Pretending otherwise is a great way to overpay for jars of air.

imtringued 5y ago
Honestly, cryptocurrencies remind me of that game called Evo where every player issues their own currency [0]. For Bitcoin, the owner might not be super obvious as Satoshi is gone but all the small coins are clearly run by their development team. Apparently, the people who play that game are smart enough to not run "crypto schemes" and use their currencies as a medium of exchange. [0] https://wiki.play.eco/en/Economy#Minted_currency https://wiki.play.eco/en/Economy#Minted_currency
PretzelPirate 5y ago
I never mentioned NFTs. NFTs != crypto. I personally don’t understand the appeal of NFT art, but I’m interested in NFTs as in-game assets that can be shared across games without any central entity being able to take them from me. I can also keep these assets after a game shuts down and other games can be built using them. It’s certainly a better experience than I get on Magic Arena or Magic the Gathering Online right now.