3 ms·

This has got to be trolling. Almost every point is nonsense or at best uninformed vitriol. I literally don't know where to start with a comment so I'll just mak

This has got to be trolling. Almost every point is nonsense or at best uninformed vitriol. I literally don't know where to start with a comment so I'll just make a series of points related to claims in the article. Nobody has ever claimed that you can run normal computer programs on the Ethereum blockchain. It isn't meant to run fucking Doom. Smart-contracts are more like financial protocols. Blockchains are a form of database but they are not meant to store large amounts of data. That's more a job for IPFS. Ethereum is migrating to a layered architecture and users are meant to stay on Layer 2's which provide substantially cheaper transactions. I'm a fan of cryptocurrencies because I think there should be a spectrum of centralization <-> decentralization. If someone wants to stay centralized then fine but I should be able to handle my own money without a bank. I also believe that cryptocurrencies reduce financial friction and overhead. Taking donations is as simple as posting your public address. Taking payments means just integrating a library in your application instead of signing up with a service. I'm a fan of NFTs because I think people should have ownership of digital items. I think if I pay money for Hearthstone cards then I should be able to sell them on my own terms just like Pokemon cards in real life.

streetcat1 5y ago
No it is not. There is no inherit value to bitcoin or any other token or coin. Those are just some hash values printed on a digital marker. Imagine that I assign value to my monopoly money (as in the game), and it is traded in a stock exchange. Yes, it could reach 60K, but it is still monopoly money.
- abaga129 5y ago
  How is that any different from Fiat money? Or anything for that matter. It holds no real value beyond the paper it is printed on. It is valuable because we all agree as a society to give it value.
  - acdha 5y ago
    Yes, cryptocurrency is the purest form of fiat currency, which is to say a very weak one. The difference is that almost all other fiat currencies are backed by an organization with real world power: for example, the US dollar is required to pay taxes in one of the largest world economies, which guarantees trillions of dollars in demand, and it’s what the US government uses to pay millions of people and buy all kinds of different things. Other countries currencies follow that pattern to varying degrees which is also why we’ve seen efforts like the Euro to, among other reasons, increase the overall volume. Cryptocurrencies lack sovereignty and don’t have an alternative source of baseline demand, which is why they’re volatile on a level normally associated with collapsing states — especially if they’re like Bitcoin where the deflationary model encourages everyone not to spend. When anyone can easily set up a functional equivalent, there isn’t much to anchor the valuation. This is why people created things like NFTs to give others a reason to buy their tokens rather than someone else’s but that’s not especially stable until those NFTs are accompanied by legal contracts conveying tangible value.
    - abaga129 5y ago
      While I dont completely agree with you, you do make good points. I would argue that Cryptocurrencies lacking sovereignty is what makes it appealing and gives it value for most users. Bitcoin is seen as an inflation hedge for many investors when they see their own government printing money like its post WW1 Germany (Exaggeration). The volatility is definitely an issue for someone looking to invest a serious amount into. I personally feel that we are still in the very early stages of this tech and I think it will continue to grow.
Uptrenda 5y ago
This is how I feel whenever I read a 'blockchain is scam.. is broken.. is a fraud' article. Everyone wants to put their 2 cents in and jump on the criticism train to seem like le technical experts. Over reading the same fallacious and tired arguments. I haven't seen anyone make an original point for some time now.
bytebln 5y ago
According to NFTs: https://www.reddit.com/r/OutOfTheLoop/comments/rho91b/whats_up_with_the_nft_hate/horr549/ https://www.reddit.com/r/OutOfTheLoop/comments/rho91b/whats_...
- serverholic 5y ago
  I don’t see how that’s relevant to my comment. If hearthstone issued scam NFTs then that’s on them and their reputation would be tarnished. Just because it can be used for scams doesn’t mean the tech is a scam.
riffic 5y ago
> This has got to be trolling. Considering the source, I don't find this likely: https://en.wikipedia.org/wiki/;login https://en.wikipedia.org/wiki/;login: (the colon needs to be the last character in the URL above, which this site's markdown parser truncates)

streetcat1 5y ago

No it is not. There is no inherit value to bitcoin or any other token or coin. Those are just some hash values printed on a digital marker. Imagine that I assign value to my monopoly money (as in the game), and it is traded in a stock exchange. Yes, it could reach 60K, but it is still monopoly money.

abaga129 5y ago
How is that any different from Fiat money? Or anything for that matter. It holds no real value beyond the paper it is printed on. It is valuable because we all agree as a society to give it value.
- acdha 5y ago
  Yes, cryptocurrency is the purest form of fiat currency, which is to say a very weak one. The difference is that almost all other fiat currencies are backed by an organization with real world power: for example, the US dollar is required to pay taxes in one of the largest world economies, which guarantees trillions of dollars in demand, and it’s what the US government uses to pay millions of people and buy all kinds of different things. Other countries currencies follow that pattern to varying degrees which is also why we’ve seen efforts like the Euro to, among other reasons, increase the overall volume. Cryptocurrencies lack sovereignty and don’t have an alternative source of baseline demand, which is why they’re volatile on a level normally associated with collapsing states — especially if they’re like Bitcoin where the deflationary model encourages everyone not to spend. When anyone can easily set up a functional equivalent, there isn’t much to anchor the valuation. This is why people created things like NFTs to give others a reason to buy their tokens rather than someone else’s but that’s not especially stable until those NFTs are accompanied by legal contracts conveying tangible value.
  - abaga129 5y ago
    While I dont completely agree with you, you do make good points. I would argue that Cryptocurrencies lacking sovereignty is what makes it appealing and gives it value for most users. Bitcoin is seen as an inflation hedge for many investors when they see their own government printing money like its post WW1 Germany (Exaggeration). The volatility is definitely an issue for someone looking to invest a serious amount into. I personally feel that we are still in the very early stages of this tech and I think it will continue to grow.

Uptrenda 5y ago

This is how I feel whenever I read a 'blockchain is scam.. is broken.. is a fraud' article. Everyone wants to put their 2 cents in and jump on the criticism train to seem like le technical experts. Over reading the same fallacious and tired arguments. I haven't seen anyone make an original point for some time now.

bytebln 5y ago

According to NFTs: https://www.reddit.com/r/OutOfTheLoop/comments/rho91b/whats_up_with_the_nft_hate/horr549/ https://www.reddit.com/r/OutOfTheLoop/comments/rho91b/whats_...

serverholic 5y ago
I don’t see how that’s relevant to my comment. If hearthstone issued scam NFTs then that’s on them and their reputation would be tarnished. Just because it can be used for scams doesn’t mean the tech is a scam.

riffic 5y ago

> This has got to be trolling. Considering the source, I don't find this likely: https://en.wikipedia.org/wiki/;login https://en.wikipedia.org/wiki/;login: (the colon needs to be the last character in the URL above, which this site's markdown parser truncates)