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Maybe this ugly, complicated, expensive workaround to a political/economic problem is the best shot we have at addressing this problem at all, since the politic

Maybe this ugly, complicated, expensive workaround to a political/economic problem is the best shot we have at addressing this problem at all, since the political process isn't working, only doubling down on stupidity.

hnthrow1010 4y ago
I would argue that cryptocurrency is tripling/quadrupling/quintupling down on stupidity, it's obvious from taking a single look at the ecosystem that nothing works. It's overloaded with scams, it's not actually decentralized or fair, and the main people pumping it up are VCs and other billionaires. The valuations are just random, there are no real profits anywhere to be found. Proof of work is essentially a lottery that you win by wasting the most energy that you possibly can, and proof of stake is literally just a lottery. Is this really the best that people think we can come up with to solve our financial woes? Cryptographically secure lotteries? I'm just stunned at how many cryptographers are willing to go along with this fraud. Edit: I forgot to mention the colossal stupidity of NFTs. I mean, seriously, it's VCs selling facebook profile pictures with million dollar price tags and pitching it as some kind of artist's revolution. The community mocks you for having "right clicker mentality" if you don't buy into the scheme.
- baby 4y ago
  > It's overloaded with scams I always find that this argument doesn't stand because we're talking about money and money always involve scams, fraud, etc. Look at the current financial system. Do you think there are more scams happening in crypto than the current system? If so then you're brainwashed. If anything, cryptocurrencies have brought much more transparency to what's happening in financial markets.
  - hnthrow1010 4y ago
    "Transparency" does nothing when the scammers are so emboldened they commit fraud in broad daylight because they know the regulators aren't paying attention and they can make off with the money faster than you can analyze the data. >Do you think there are more scams happening in crypto than the current system? Yes, absolutely. Pretty much everything I've seen in crypto is a scam or fraud. The tokens have no value and the whole thing is about pumping them up and dumping them on someone. I have yet to see any blockchain company that actually delivers a useful product that can't be made cheaper and more efficiently in tradfi. The "financial innovations" coming out of defi are all either blatant fraud, ponzi schemes, or are ideas that are known for decades/centuries to be so risky and stupid that no functioning market would allow you to do them. >If so then you're brainwashed. Less of this please.
    - baby 4y ago
      > "Transparency" does nothing when the scammers are so emboldened they commit fraud in broad daylight because they know the regulators aren't paying attention and they can make off with the money faster than you can analyze the data. Source? I keep reading articles about the FBI finding out the culprit of such and such scams.
lucisferre 4y ago
How is this anything other than wishful thinking?
300bps 4y ago
best shot we have at addressing this problem What problem? I ask because USD is one of the most sought-after currencies largely because it has so few problems.

hnthrow1010 4y ago

I would argue that cryptocurrency is tripling/quadrupling/quintupling down on stupidity, it's obvious from taking a single look at the ecosystem that nothing works. It's overloaded with scams, it's not actually decentralized or fair, and the main people pumping it up are VCs and other billionaires. The valuations are just random, there are no real profits anywhere to be found. Proof of work is essentially a lottery that you win by wasting the most energy that you possibly can, and proof of stake is literally just a lottery. Is this really the best that people think we can come up with to solve our financial woes? Cryptographically secure lotteries? I'm just stunned at how many cryptographers are willing to go along with this fraud. Edit: I forgot to mention the colossal stupidity of NFTs. I mean, seriously, it's VCs selling facebook profile pictures with million dollar price tags and pitching it as some kind of artist's revolution. The community mocks you for having "right clicker mentality" if you don't buy into the scheme.

baby 4y ago
> It's overloaded with scams I always find that this argument doesn't stand because we're talking about money and money always involve scams, fraud, etc. Look at the current financial system. Do you think there are more scams happening in crypto than the current system? If so then you're brainwashed. If anything, cryptocurrencies have brought much more transparency to what's happening in financial markets.
- hnthrow1010 4y ago
  "Transparency" does nothing when the scammers are so emboldened they commit fraud in broad daylight because they know the regulators aren't paying attention and they can make off with the money faster than you can analyze the data. >Do you think there are more scams happening in crypto than the current system? Yes, absolutely. Pretty much everything I've seen in crypto is a scam or fraud. The tokens have no value and the whole thing is about pumping them up and dumping them on someone. I have yet to see any blockchain company that actually delivers a useful product that can't be made cheaper and more efficiently in tradfi. The "financial innovations" coming out of defi are all either blatant fraud, ponzi schemes, or are ideas that are known for decades/centuries to be so risky and stupid that no functioning market would allow you to do them. >If so then you're brainwashed. Less of this please.
  - baby 4y ago
    > "Transparency" does nothing when the scammers are so emboldened they commit fraud in broad daylight because they know the regulators aren't paying attention and they can make off with the money faster than you can analyze the data. Source? I keep reading articles about the FBI finding out the culprit of such and such scams.

lucisferre 4y ago

How is this anything other than wishful thinking?

300bps 4y ago

best shot we have at addressing this problem What problem? I ask because USD is one of the most sought-after currencies largely because it has so few problems.