5 ms·

‘Cryptocurrency Should “Die in a Fire”

40 points by ArdelleF 4y ago

rvz 4y ago
In reality: It is not going to 'die in a fire'. Is that why regulators supporting CBDCs and companies part of the ISO standards have created ISO 20022? > I can’t say I learned anything particularly novel from this interview, but Weaver’s cogent arguments and descriptions of how cryptocurrency works gave me confidence that I wasn’t missing anything. There just isn’t any there there other than burning an unconscionable amount of electricity. So the ISO 20022 cryptocurrencies like XRP, Stellar, Algorand, Hedera etc are burning up the planet? Perhaps Nano (which isn't part of that standard) is also incinerating the planet as well? > Weaver also makes a strong case that ransomware is only feasible as an industry because of cryptocurrency. Except that we can trace these transactions on the chain and the on-ramps, exchanges, etc will delist privacy coins and also use the chain to blacklist addresses tied to the scammers, preventing them from actually using that ransomware money and converting it to fiat; rendering it useless. Regulations and standards such as ISO 20022 will just make it harder for them to hide, especially the use of CBDCs. Not many cryptocurrenices and their technologies will comply with this and only a few will be around to see the light. So it doesn't really help arguing from an absolutist standpoint as it takes at least one example to refute them.
- ritwikgupta 4y ago
  > Except that we can trace these transactions on the chain and the on-ramps, exchanges, etc will delist privacy coins and also use the chain to blacklist addresses tied to the scammers, preventing them from actually using that ransomware money and converting it to fiat; rendering it useless. So centralized action is required to prevent abuse on this supposedly decentralized technology? Seems entirely counter to the point.
  - rvz 4y ago
    The regulators do not care and they will do whatever means necessary to limit the use of privacy coins being used for ransomware since they know they can't ban it. [0][1], Hence why the extreme calls to 'Ban all of it' and for them to 'Die in a Fire', is nonsense and is simply not going to happen, otherwise they would have done it already to all of them; which they didn't. Like it or not, they are starting with privacy coins [1] and will use regulations to wipe the non-compliant ones out. That is the likely outcome of all of this rather than the extreme remarks of both crypto skeptics and the crypto-maxis incorrect of all of them dying and all them succeeding. I'm just watching it all unfold. [0] https://www.euronews.com/next/2021/07/21/eu-will-make-bitcoin-traceable-and-ban-anonymous-crypto-wallets-in-anti-money-laundering-d https://www.euronews.com/next/2021/07/21/eu-will-make-bitcoi... [1] https://www.europarl.europa.eu/news/en/press-room/20220309IPR25162/cryptocurrencies-in-the-eu-new-rules-to-boost-benefits-and-curb-threats https://www.europarl.europa.eu/news/en/press-room/20220309IP...
    - boppo1 4y ago
      How is the EU going to prevent me from using my cold wallet?
- theamk 4y ago
  All those things are single percent of the market, but they are lending legitimacy to the idea of cryptocurrencies. Yes, using XRP does not burn planet.. directly. But any time businesses say: "We support cryptocurrencies like XRP", plain people hear first 3 words, and become more likely to invest into cryptocurrencies, which are statistically most likely to be Bitcoin or Ethereum. So if you care about environment, or lack of ransomware, or anything else the OP talks about, the responsible thing is to reject all cryptocurrencies. The small amount of innovation and financial tools provided by XRP, Stellar etc.. is not worth the huge negative effects from bitcoin and ethereum and all the other PoW, [pseudo-]anonymous cryptocurrencies.
  - pcthrowaway 4y ago
    > which are statistically most likely to be Bitcoin or Ethereum. Ethereum itself should be using proof of stake by the end of the year, hence also not contributing to burning the planet.
    - datashaman 4y ago
      _should_ https://trends.google.co.za/trends/explore?date=today%205-y&q=Ethereum%20proof%20of%20stake https://trends.google.co.za/trends/explore?date=today%205-y&... This has been just around the corner for a few years now…
      - Zetaphor 4y ago
        The first of the three primary testnets will execute the merge next month. Current projections have the mainnet merge (the final merge) occurring around August. It takes a lot of testing and validation to make certain that such a substantial change to a network of this scale, securing this much capital, goes off with zero downtime or issues.
        _Algernon_ 4y ago
        >Current projections That has been the case for years now. I genuinely thought it had already happened because last I heard of it the merge was supposed to happen mid-last year or something. At this point this merge will occur when HL3 is released, that is, never.
- kelseyfrog 4y ago
  Thank you for providing a good example of using Schopenhauer's 1st and 25th strategems[1]. 1. https://www.mnei.nl/schopenhauer/38-stratagems.htm https://www.mnei.nl/schopenhauer/38-stratagems.htm
RadixDLT 4y ago
dupe, same author https://news.ycombinator.com/item?id=31376192 https://news.ycombinator.com/item?id=31376192
deleted 4y ago
[deleted]
ekianjo 4y ago
Yawn. A non-article mostly made of quotes.
frank_bb 4y ago

40 points by ArdelleF 4y ago

rvz 4y ago

In reality: It is not going to 'die in a fire'. Is that why regulators supporting CBDCs and companies part of the ISO standards have created ISO 20022? > I can’t say I learned anything particularly novel from this interview, but Weaver’s cogent arguments and descriptions of how cryptocurrency works gave me confidence that I wasn’t missing anything. There just isn’t any there there other than burning an unconscionable amount of electricity. So the ISO 20022 cryptocurrencies like XRP, Stellar, Algorand, Hedera etc are burning up the planet? Perhaps Nano (which isn't part of that standard) is also incinerating the planet as well? > Weaver also makes a strong case that ransomware is only feasible as an industry because of cryptocurrency. Except that we can trace these transactions on the chain and the on-ramps, exchanges, etc will delist privacy coins and also use the chain to blacklist addresses tied to the scammers, preventing them from actually using that ransomware money and converting it to fiat; rendering it useless. Regulations and standards such as ISO 20022 will just make it harder for them to hide, especially the use of CBDCs. Not many cryptocurrenices and their technologies will comply with this and only a few will be around to see the light. So it doesn't really help arguing from an absolutist standpoint as it takes at least one example to refute them.

ritwikgupta 4y ago
> Except that we can trace these transactions on the chain and the on-ramps, exchanges, etc will delist privacy coins and also use the chain to blacklist addresses tied to the scammers, preventing them from actually using that ransomware money and converting it to fiat; rendering it useless. So centralized action is required to prevent abuse on this supposedly decentralized technology? Seems entirely counter to the point.
- rvz 4y ago
  The regulators do not care and they will do whatever means necessary to limit the use of privacy coins being used for ransomware since they know they can't ban it. [0][1], Hence why the extreme calls to 'Ban all of it' and for them to 'Die in a Fire', is nonsense and is simply not going to happen, otherwise they would have done it already to all of them; which they didn't. Like it or not, they are starting with privacy coins [1] and will use regulations to wipe the non-compliant ones out. That is the likely outcome of all of this rather than the extreme remarks of both crypto skeptics and the crypto-maxis incorrect of all of them dying and all them succeeding. I'm just watching it all unfold. [0] https://www.euronews.com/next/2021/07/21/eu-will-make-bitcoin-traceable-and-ban-anonymous-crypto-wallets-in-anti-money-laundering-d https://www.euronews.com/next/2021/07/21/eu-will-make-bitcoi... [1] https://www.europarl.europa.eu/news/en/press-room/20220309IPR25162/cryptocurrencies-in-the-eu-new-rules-to-boost-benefits-and-curb-threats https://www.europarl.europa.eu/news/en/press-room/20220309IP...
  - boppo1 4y ago
    How is the EU going to prevent me from using my cold wallet?
theamk 4y ago
All those things are single percent of the market, but they are lending legitimacy to the idea of cryptocurrencies. Yes, using XRP does not burn planet.. directly. But any time businesses say: "We support cryptocurrencies like XRP", plain people hear first 3 words, and become more likely to invest into cryptocurrencies, which are statistically most likely to be Bitcoin or Ethereum. So if you care about environment, or lack of ransomware, or anything else the OP talks about, the responsible thing is to reject all cryptocurrencies. The small amount of innovation and financial tools provided by XRP, Stellar etc.. is not worth the huge negative effects from bitcoin and ethereum and all the other PoW, [pseudo-]anonymous cryptocurrencies.
- pcthrowaway 4y ago
  > which are statistically most likely to be Bitcoin or Ethereum. Ethereum itself should be using proof of stake by the end of the year, hence also not contributing to burning the planet.
  - datashaman 4y ago
    _should_ https://trends.google.co.za/trends/explore?date=today%205-y&q=Ethereum%20proof%20of%20stake https://trends.google.co.za/trends/explore?date=today%205-y&... This has been just around the corner for a few years now…
    - Zetaphor 4y ago
      The first of the three primary testnets will execute the merge next month. Current projections have the mainnet merge (the final merge) occurring around August. It takes a lot of testing and validation to make certain that such a substantial change to a network of this scale, securing this much capital, goes off with zero downtime or issues.
      - _Algernon_ 4y ago
        >Current projections That has been the case for years now. I genuinely thought it had already happened because last I heard of it the merge was supposed to happen mid-last year or something. At this point this merge will occur when HL3 is released, that is, never.
kelseyfrog 4y ago
Thank you for providing a good example of using Schopenhauer's 1st and 25th strategems[1]. 1. https://www.mnei.nl/schopenhauer/38-stratagems.htm https://www.mnei.nl/schopenhauer/38-stratagems.htm

RadixDLT 4y ago

dupe, same author https://news.ycombinator.com/item?id=31376192 https://news.ycombinator.com/item?id=31376192

deleted 4y ago

[deleted]

ekianjo 4y ago

Yawn. A non-article mostly made of quotes.

frank_bb 4y ago