4 ms·

Since when has banning new technology been a good idea? I can't believe how many "technologists" want to take the same policy stance as the CCP on decentralizat

Since when has banning new technology been a good idea? I can't believe how many "technologists" want to take the same policy stance as the CCP on decentralization.

colesantiago 5y ago
I don't see this 'new technology' working for the intended purpose it was created for: Paying someone in instantly with less fees in a decentralised P2P manner with an energy efficient and stable blockchain. I see no cryptocurrency that can do this above legitimately. Most of them are owned by questionable foundations, crypto scammers and power hungry VCs.
- ric2b 5y ago
  Bitcoin does this with the Lightning Network.
- yellowapple 5y ago
  > I don't see this 'new technology' working for the intended purpose it was created for Just because you don't doesn't mean nobody does.
  - colesantiago 5y ago
    It's not just me though, almost everyone can see for what it is right now. A digital Las Vegas casino, where everyone is 'hodling', trying to get rich by losing their money while not using it for payments at all.
    - yellowapple 5y ago
      Okay. That doesn't change the fact that some of us do see it and use it as more than just gambling - and if we're doing so in a way without negative externalities (e.g. via proof-of-stake or literally anything other than proof-of-work), then it seems entirely irrational to want to ban it on the sole basis of "I don't like it therefore nobody should use it".
      - colesantiago 5y ago
        > Okay. That doesn't change the fact that some of us do see it and use it as more than just gambling Still doesn't change the fact that it's all a house of cards based on waste and still exhibits a ponzi scheme (Proof of Stake is still bad) with no value. I can't think of any other usecases out there other than scams, ransomware, money laundering and illicit trade on darknet markets. Is that what you mean by other usecases? What does crypto do better that the current system can't do? I cannot think of any in crypto that the current system already does better. I can see that Monero is a complete success story where Bitcoin failed in its original vision. But then again it can't get out of being used outside of darknet markets, so it is generally unusable and banned by most companies, exchanges and fiat off-ramps. It is possible for this to go to ALL cryptocurrencies.
        yellowapple 5y ago
        > Still doesn't change the fact that it's all a house of cards based on waste That ain't a fact; again, proof-of-stake exists and is used for no less than 3 of the top 10 cryptocurrencies. > and still exhibits a ponzi scheme [...] with no value Just because you refuse to see the value in something doesn't mean it's "a ponzi scheme with no value". > Proof of Stake is still bad Care to quantify how? > I can't think of any other usecases out there other than scams, ransomware, money laundering and illicit trade on darknet markets. Really? You're incapable of thinking how it might be used for licit trade? Or for decentralized finance applications? Or for arbitrary computing, in the case of e.g. Ethereum and Cardano? The technology has already been used for these things. > What does crypto do better that the current system can't do? Sending and receiving money electronically with minimum fees, maximum speed, and no limitations on how much or how little of your money you can send or receive. No, I ain't talking about Bitcoin; I'm talking about the countless other cryptocurrencies that have made transaction costs and speeds an actual priority - you know, almost as if blockchains are a new technology and not done evolving. Hell, even if we do talk about Bitcoin in that context, its "slow" transaction settlement time is still considerably faster than those of credit card networks; I'm sure you've noticed that when a credit card transaction is "accepted" it still takes a day or more to actually move out of "pending" status and fully reflect on your card statement, whereas with Bitcoin the same level of assurance (if not more) happens within 10 minutes on average. > It is possible for this to go to ALL cryptocurrencies. It doesn't need to; not every single cryptocurrency needs to succeed at its goals for the concept of cryptocurrency to be useful or beneficial to society.

Since when has banning new technology been a good idea? I can't believe how many "technologists" want to take the same policy stance as the CCP on decentralization.

colesantiago 5y ago

I don't see this 'new technology' working for the intended purpose it was created for: Paying someone in instantly with less fees in a decentralised P2P manner with an energy efficient and stable blockchain. I see no cryptocurrency that can do this above legitimately. Most of them are owned by questionable foundations, crypto scammers and power hungry VCs.

ric2b 5y ago
Bitcoin does this with the Lightning Network.
yellowapple 5y ago
> I don't see this 'new technology' working for the intended purpose it was created for Just because you don't doesn't mean nobody does.
- colesantiago 5y ago
  It's not just me though, almost everyone can see for what it is right now. A digital Las Vegas casino, where everyone is 'hodling', trying to get rich by losing their money while not using it for payments at all.
  - yellowapple 5y ago
    Okay. That doesn't change the fact that some of us do see it and use it as more than just gambling - and if we're doing so in a way without negative externalities (e.g. via proof-of-stake or literally anything other than proof-of-work), then it seems entirely irrational to want to ban it on the sole basis of "I don't like it therefore nobody should use it".
    - colesantiago 5y ago
      > Okay. That doesn't change the fact that some of us do see it and use it as more than just gambling Still doesn't change the fact that it's all a house of cards based on waste and still exhibits a ponzi scheme (Proof of Stake is still bad) with no value. I can't think of any other usecases out there other than scams, ransomware, money laundering and illicit trade on darknet markets. Is that what you mean by other usecases? What does crypto do better that the current system can't do? I cannot think of any in crypto that the current system already does better. I can see that Monero is a complete success story where Bitcoin failed in its original vision. But then again it can't get out of being used outside of darknet markets, so it is generally unusable and banned by most companies, exchanges and fiat off-ramps. It is possible for this to go to ALL cryptocurrencies.
      - yellowapple 5y ago
        > Still doesn't change the fact that it's all a house of cards based on waste That ain't a fact; again, proof-of-stake exists and is used for no less than 3 of the top 10 cryptocurrencies. > and still exhibits a ponzi scheme [...] with no value Just because you refuse to see the value in something doesn't mean it's "a ponzi scheme with no value". > Proof of Stake is still bad Care to quantify how? > I can't think of any other usecases out there other than scams, ransomware, money laundering and illicit trade on darknet markets. Really? You're incapable of thinking how it might be used for licit trade? Or for decentralized finance applications? Or for arbitrary computing, in the case of e.g. Ethereum and Cardano? The technology has already been used for these things. > What does crypto do better that the current system can't do? Sending and receiving money electronically with minimum fees, maximum speed, and no limitations on how much or how little of your money you can send or receive. No, I ain't talking about Bitcoin; I'm talking about the countless other cryptocurrencies that have made transaction costs and speeds an actual priority - you know, almost as if blockchains are a new technology and not done evolving. Hell, even if we do talk about Bitcoin in that context, its "slow" transaction settlement time is still considerably faster than those of credit card networks; I'm sure you've noticed that when a credit card transaction is "accepted" it still takes a day or more to actually move out of "pending" status and fully reflect on your card statement, whereas with Bitcoin the same level of assurance (if not more) happens within 10 minutes on average. > It is possible for this to go to ALL cryptocurrencies. It doesn't need to; not every single cryptocurrency needs to succeed at its goals for the concept of cryptocurrency to be useful or beneficial to society.