5 ms·

The Case Against Crypto

11 points by sega_sai 4y ago

Cypher 4y ago
"it's good for nothing" boomer talk.
faeriechangling 4y ago
>But the crypto collapse comes amid growing concerns from computer scientists, engineers, and other technologists about the rise of this unproven, unregulated technology. Weird way to phrase things. The technology is very proven, the application of the technology and the idea that it's worth speculating on specific implementations of the technology to the tune of trillions is what is more controversial. I don't find this article very good and I think the only compelling point just scratches the surface, which is that Bitcoin is an unviable currency when it comes to replacing something like Visa or Cash, but I really don't hear people making that argument anymore (since it's obviously absurd), and Bitcoin isn't the only game in town. The idea is that it's an inflationary hedge that can do smart contracts and dApps, and while I could go into these arguments, I won't.
jqpabc123 4y ago
Try to define crypto through a process Of eliminating all the things it once claimed to be but clearly is not. It's not a practical currency. It's not a commodity. It's not a store of value. It's not stable. It's not independent of fiat. One of the first things crypto markets did was try to address the stability issue by tying crypto to fiat using "stablecoins". So what exactly is crypto really good for? Relieving those who don't really understand markets and finance from the burden of their fiat. And facilitating crime and money laundering.
pontifier 4y ago
Honestly, I haven't seen much use for crypto. There are very few use cases where cryptocurrency actually gives a distinct advantage. The one exception is Helium. I'm still exploring the economics of it, but on the surface it truly adds something unique. You can link IOT devices to a wallet and authorize them to pay to send wireless messages through gateways that are set up by miners. The incentives seem to be aligned. Gateways are rewarded based on their coverage right now, transitioning to sent messages in the future. Users who want to deploy devices buy data credits that allow them to send messages. Gateways convert data credits used into helium, and helium is burned to create data credits. It allows IOT devices to operate with much lower cost than cellular data plans, for a similar experience. It's a beautiful system and I can't believe I didn't find out about it sooner. I've been so jaded by other projects that I might not have given it a chance if I hadn't heard about it from a friend. Every crypto project is garbage in my mind until proven otherwise.

11 points by sega_sai 4y ago

"it's good for nothing" boomer talk.

>But the crypto collapse comes amid growing concerns from computer scientists, engineers, and other technologists about the rise of this unproven, unregulated technology. Weird way to phrase things. The technology is very proven, the application of the technology and the idea that it's worth speculating on specific implementations of the technology to the tune of trillions is what is more controversial. I don't find this article very good and I think the only compelling point just scratches the surface, which is that Bitcoin is an unviable currency when it comes to replacing something like Visa or Cash, but I really don't hear people making that argument anymore (since it's obviously absurd), and Bitcoin isn't the only game in town. The idea is that it's an inflationary hedge that can do smart contracts and dApps, and while I could go into these arguments, I won't.

jqpabc123 4y ago

Try to define crypto through a process Of eliminating all the things it once claimed to be but clearly is not. It's not a practical currency. It's not a commodity. It's not a store of value. It's not stable. It's not independent of fiat. One of the first things crypto markets did was try to address the stability issue by tying crypto to fiat using "stablecoins". So what exactly is crypto really good for? Relieving those who don't really understand markets and finance from the burden of their fiat. And facilitating crime and money laundering.

pontifier 4y ago

Honestly, I haven't seen much use for crypto. There are very few use cases where cryptocurrency actually gives a distinct advantage. The one exception is Helium. I'm still exploring the economics of it, but on the surface it truly adds something unique. You can link IOT devices to a wallet and authorize them to pay to send wireless messages through gateways that are set up by miners. The incentives seem to be aligned. Gateways are rewarded based on their coverage right now, transitioning to sent messages in the future. Users who want to deploy devices buy data credits that allow them to send messages. Gateways convert data credits used into helium, and helium is burned to create data credits. It allows IOT devices to operate with much lower cost than cellular data plans, for a similar experience. It's a beautiful system and I can't believe I didn't find out about it sooner. I've been so jaded by other projects that I might not have given it a chance if I hadn't heard about it from a friend. Every crypto project is garbage in my mind until proven otherwise.