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Like it or not, cryptocurrency is real money and will remain so for the foreseeable future. Rather than throwing a tantrum, it might be a better idea to work on

by hda2 5y ago

Like it or not, cryptocurrency is real money and will remain so for the foreseeable future. Rather than throwing a tantrum, it might be a better idea to work on a solution to its downsides (PoW or whatever irks you about crypto). Until then, people like this will continue to get outraged while the pro-crypto crowd carries on unaffected.

hocuspocus 5y ago
jwz is exactly trying to solve the problem, in the only way that can work: politically. The only technological solution to the downsides of PoW is to not use PoW. Nice logical fallacy by the way, "opponents just have to solve the problems we've created..." no thanks.
- danuker 5y ago
  > opponents just have to solve the problems we've created... Cryptocurrency being in use means people perceive the cost of using them being less than the benefit from using them. If the problem is the carbon emitted for power generation, then tax the carbon emissions (which already happens in lots of jurisdictions). About Bitcoin being a Ponzi scheme, if this is true, then so are the current stock and bond market at absurd valuations (1.75% interest while inflation is 6.8%), where investors play musical chairs until the Fed and commercial banks stop printing money.
  - extra88 5y ago
    > Cryptocurrency being in use means people perceive the cost of using them being less than the benefit from using them. Most of the cost isn't born by those who benefit from it, it's an externality to them. > If the problem is the carbon emitted for power generation, then tax the carbon emissions (which already happens in lots of jurisdictions). There's still the opportunity cost of available low-carbon energy being frittered away on cryptocurrencies instead of something more useful.
paulgdp 5y ago
Why shouldn't it be a valid opinion to not like cryptocurrencies? And to not want to contribute? Why is not ok to prefer money regulated by the rule of law? Moreover, I have no idea how I could help with the problem of recovering stolen cryptocurrency/NFTs or lost private keys.
howaboutnope 5y ago
Telling people to be witheringly ashamed isn't "throwing a tantrum". It's giving them their chance to repent before getting cut off. It's THEIR job to clean their house, not that of critics. https://twitter.com/DigiEconomist/status/1477420461122375683 https://twitter.com/DigiEconomist/status/1477420461122375683 > Some statistics to start the year: > During 2021 Bitcoin consumed 134 TWh in total, which is comparable to the electrical energy consumed by a country like Argentina. > Related CO2 emissions were ~64 Mt; enough to negate the entire global net savings from deploying EVs.
timeon 5y ago
> is real money is it?

by hda2 5y ago

hocuspocus 5y ago

jwz is exactly trying to solve the problem, in the only way that can work: politically. The only technological solution to the downsides of PoW is to not use PoW. Nice logical fallacy by the way, "opponents just have to solve the problems we've created..." no thanks.

danuker 5y ago
> opponents just have to solve the problems we've created... Cryptocurrency being in use means people perceive the cost of using them being less than the benefit from using them. If the problem is the carbon emitted for power generation, then tax the carbon emissions (which already happens in lots of jurisdictions). About Bitcoin being a Ponzi scheme, if this is true, then so are the current stock and bond market at absurd valuations (1.75% interest while inflation is 6.8%), where investors play musical chairs until the Fed and commercial banks stop printing money.
- extra88 5y ago
  > Cryptocurrency being in use means people perceive the cost of using them being less than the benefit from using them. Most of the cost isn't born by those who benefit from it, it's an externality to them. > If the problem is the carbon emitted for power generation, then tax the carbon emissions (which already happens in lots of jurisdictions). There's still the opportunity cost of available low-carbon energy being frittered away on cryptocurrencies instead of something more useful.

paulgdp 5y ago

Why shouldn't it be a valid opinion to not like cryptocurrencies? And to not want to contribute? Why is not ok to prefer money regulated by the rule of law? Moreover, I have no idea how I could help with the problem of recovering stolen cryptocurrency/NFTs or lost private keys.

howaboutnope 5y ago

Telling people to be witheringly ashamed isn't "throwing a tantrum". It's giving them their chance to repent before getting cut off. It's THEIR job to clean their house, not that of critics. https://twitter.com/DigiEconomist/status/1477420461122375683 https://twitter.com/DigiEconomist/status/1477420461122375683 > Some statistics to start the year: > During 2021 Bitcoin consumed 134 TWh in total, which is comparable to the electrical energy consumed by a country like Argentina. > Related CO2 emissions were ~64 Mt; enough to negate the entire global net savings from deploying EVs.

timeon 5y ago

> is real money is it?