3 ms·

Sure, but what I find odd is how crypto gets a large amount of techno-pessimism (among folks like us) that most other "new tech" doesn't? Like most often, when

by jrm4 4y ago

Sure, but what I find odd is how crypto gets a large amount of techno-pessimism (among folks like us) that most other "new tech" doesn't? Like most often, when there's a proof of concept that doesn't work exactly right, right now, it pretty much never ends with "oh, well, guess that means it's broken forever and it will never work," which appears to be a prevailing sentiment around crypto.

staplers 4y ago
Beltalowda 4y ago
Cryptocurrencies have been around for almost 15 years now; it's not "new tech". In 2010 or even 2013 I would have agreed with you, but that's a long time ago.
- jrm4 4y ago
  Fax Machines invented in the 1800s, Voice Mail invented in the 1930's, etc etc. Not a compelling argument.
  - dredmorbius 4y ago
    Both those examples were delayed principally because of 1) technical limitations and 2) network effects. Cryptocurrency faces neither. The systems used to create, store, and transfer them are widely available. The network on which they can be transacted is ubiquitous. Cashing in/out is easy. What's holding the concept back is its fundamental and intrinsic costs (imposed by the algorith / concept itself, rather than economic limitations), opacity, inferiority to trust-based systems (e.g., credit payments or ordinary cash currency), inherent risks (both economic and criminal), and lack of safeguards (individual / transactional, systemic / institutional).
ls15 4y ago
Propaganda. At least to some extent.
uncomputation 4y ago
The issue many "folks like us" have with crypto is not that it "will never work" but precisely that it works all too well facilitating scams, asset bubbles, risky lending practices, financial hacks, ransomware, and various kinds of illicit financial activity (wash trading, money laundering, etc.). With say, I don't know, quantum computing, there is an understanding that it has its own issues but that these are improving and we will eventually find good use cases for this technology. People are upfront about the costs, the risks, and the very fact that it is developing still. In the current market froth, this is not the case with cryptocurrency which - despite several major hacks in the multimillion range, rug pulling, questionable stablecoin pegs/reserves, not to mention the rather serious technical challenges - people are insisting already is the future. People are not so pessimistic about quantum computing and other developing technologies because those are not inherently harmful as cryptocurrency has proved to be.

by jrm4 4y ago

staplers 4y ago

Beltalowda 4y ago

Cryptocurrencies have been around for almost 15 years now; it's not "new tech". In 2010 or even 2013 I would have agreed with you, but that's a long time ago.

jrm4 4y ago
Fax Machines invented in the 1800s, Voice Mail invented in the 1930's, etc etc. Not a compelling argument.
- dredmorbius 4y ago
  Both those examples were delayed principally because of 1) technical limitations and 2) network effects. Cryptocurrency faces neither. The systems used to create, store, and transfer them are widely available. The network on which they can be transacted is ubiquitous. Cashing in/out is easy. What's holding the concept back is its fundamental and intrinsic costs (imposed by the algorith / concept itself, rather than economic limitations), opacity, inferiority to trust-based systems (e.g., credit payments or ordinary cash currency), inherent risks (both economic and criminal), and lack of safeguards (individual / transactional, systemic / institutional).

ls15 4y ago

Propaganda. At least to some extent.

uncomputation 4y ago

The issue many "folks like us" have with crypto is not that it "will never work" but precisely that it works all too well facilitating scams, asset bubbles, risky lending practices, financial hacks, ransomware, and various kinds of illicit financial activity (wash trading, money laundering, etc.). With say, I don't know, quantum computing, there is an understanding that it has its own issues but that these are improving and we will eventually find good use cases for this technology. People are upfront about the costs, the risks, and the very fact that it is developing still. In the current market froth, this is not the case with cryptocurrency which - despite several major hacks in the multimillion range, rug pulling, questionable stablecoin pegs/reserves, not to mention the rather serious technical challenges - people are insisting already is the future. People are not so pessimistic about quantum computing and other developing technologies because those are not inherently harmful as cryptocurrency has proved to be.