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It’s end of cryptocurrency as a wild speculative asset. Ethereum and decentralised apps will still exist, which is all that matters. Bitcoin is a failed open s

It’s end of cryptocurrency as a wild speculative asset. Ethereum and decentralised apps will still exist, which is all that matters. Bitcoin is a failed open source project turned Ponzi. I can’t wait for tether to take it to the absolute bottom and end the current epoch of crypto-as-speculation. Crypto will have its uses as a decentralised application platform.

tehjoker 4y ago
You say that, but the only plausible non-substitutable use of bitcoin I've seen is sending money overseas or buying drugs. If its monetary value collapses, I don't see these other uses at all replacing it. It could just die, though more likely some marginal stuff will continue indefinitely trying to recapture lost glory.
- kranke155 4y ago
  NFTs have actually solved a real problem in the art world. I've said it many times before here so you can browse through my comment history to see why. Spoilers: - saying "but there is fraud" is not an argument against NFTs, because actually an automated solution for NFT fraud is conceivable. And the fact that there is fraud does not take away from the thousands of artists using it legitimately. Plus, authenticating you are buying from a real artist in the NFT space is actually not that hard. I actually think there is a huge potential to decentralized applications, but this is essentially faith for now so I won't add much more to the discussion.
  - tehjoker 4y ago
    I don't actually believe there was anything technical there in the value prop for art over simply having a centralized organization attest to purchases. My feeling is that the odds of anything useful coming out of this are small. After insane money and over a decade, nothing useful has resulted. Perhaps conditions will be right in another decade for something useful to emerge, but at this point it's all scams imo
ohgodplsno 4y ago
> Ethereum and decentralised apps will still exist, which is all that matters. Will they, when ETH collapses to being worth less than 10 bucks because you can't exchange it for funny drug money and it's only usable as funny slow distributed computer coins ? When users can't speculate on it, when stakers lose money on running a node because they're getting 5 bucks worth of rewards every other month ? Thankfully for the Ethereum Foundation, they conveniently prevented people from taking out their stake then did the merge, so that now that someone is in Ethereum, they cannot back out of it. Some might say it was something that only a malicious actor would do, but then again, the crypto community has never really been that bright when it comes to detecting scams.
- kranke155 4y ago
  This is essentially FUD, since it's obvious that withdrawals are the next thing in the list for the Foundation. No one forced anyone to stake either. Users did that knowing there was uncertainty on when it would be activated.
jazzyjackson 4y ago
is there a decentralized app you like that isn't a defi exchange or play2earn "game" ? just curious because I haven't seen a practical use for the EVM, it just seems like the slowest, most expensive VM ever conceived.
- kranke155 4y ago
  Yes. NFTs have actually solved a real problem in the art world. I've said it many times before here so you can browse through my comment history to see why. Spoilers: - saying "but there is fraud" is not an argument agaisnt NFTs, because actually an automated solution for NFT fraud is conceivable. And the fact that there is fraud does not take away from the thousands of artists using it legitimately. Plus, authenticating you are buying from a real artist in the NFT space is actually not that hard.
  - iLoveOncall 4y ago
    > NFTs have actually solved a real problem in the art world. I've said it many times before. Saying something wrong many times doesn't make it right.
    - kranke155 4y ago
      You can ignore the empirical evidence. NFTs work.
      - vkou 4y ago
        Work to do what? Prove ownership? They don't. Attribute IP rights? They don't. Persist the art in an immutable state? They don't. Bundle any other perks with the art? They don't. Provide a channel for artists to 'sell' their art? Okay, I guess they do, but so do a million other services, ranging from websites to the coffee shop two blocks down from my apartment. They are signed URLs that you can trade around on an exchange. This solves no problem that anyone making art has ever had.
        4y ago
swalsh 4y ago
In my crypto investing thesis, I simply can't explain what role Bitcoin and its outdated technology can play. But I know not to bet against it. It's still the music to the merry-go-round.
- adastra22 4y ago
  What part of bitcoin tech stack is "outdated"?

tehjoker 4y ago

You say that, but the only plausible non-substitutable use of bitcoin I've seen is sending money overseas or buying drugs. If its monetary value collapses, I don't see these other uses at all replacing it. It could just die, though more likely some marginal stuff will continue indefinitely trying to recapture lost glory.

kranke155 4y ago
NFTs have actually solved a real problem in the art world. I've said it many times before here so you can browse through my comment history to see why. Spoilers: - saying "but there is fraud" is not an argument against NFTs, because actually an automated solution for NFT fraud is conceivable. And the fact that there is fraud does not take away from the thousands of artists using it legitimately. Plus, authenticating you are buying from a real artist in the NFT space is actually not that hard. I actually think there is a huge potential to decentralized applications, but this is essentially faith for now so I won't add much more to the discussion.
- tehjoker 4y ago
  I don't actually believe there was anything technical there in the value prop for art over simply having a centralized organization attest to purchases. My feeling is that the odds of anything useful coming out of this are small. After insane money and over a decade, nothing useful has resulted. Perhaps conditions will be right in another decade for something useful to emerge, but at this point it's all scams imo

ohgodplsno 4y ago

> Ethereum and decentralised apps will still exist, which is all that matters. Will they, when ETH collapses to being worth less than 10 bucks because you can't exchange it for funny drug money and it's only usable as funny slow distributed computer coins ? When users can't speculate on it, when stakers lose money on running a node because they're getting 5 bucks worth of rewards every other month ? Thankfully for the Ethereum Foundation, they conveniently prevented people from taking out their stake then did the merge, so that now that someone is in Ethereum, they cannot back out of it. Some might say it was something that only a malicious actor would do, but then again, the crypto community has never really been that bright when it comes to detecting scams.

kranke155 4y ago
This is essentially FUD, since it's obvious that withdrawals are the next thing in the list for the Foundation. No one forced anyone to stake either. Users did that knowing there was uncertainty on when it would be activated.

jazzyjackson 4y ago

is there a decentralized app you like that isn't a defi exchange or play2earn "game" ? just curious because I haven't seen a practical use for the EVM, it just seems like the slowest, most expensive VM ever conceived.

kranke155 4y ago
Yes. NFTs have actually solved a real problem in the art world. I've said it many times before here so you can browse through my comment history to see why. Spoilers: - saying "but there is fraud" is not an argument agaisnt NFTs, because actually an automated solution for NFT fraud is conceivable. And the fact that there is fraud does not take away from the thousands of artists using it legitimately. Plus, authenticating you are buying from a real artist in the NFT space is actually not that hard.
- iLoveOncall 4y ago
  > NFTs have actually solved a real problem in the art world. I've said it many times before. Saying something wrong many times doesn't make it right.
  - kranke155 4y ago
    You can ignore the empirical evidence. NFTs work.
    - vkou 4y ago
      Work to do what? Prove ownership? They don't. Attribute IP rights? They don't. Persist the art in an immutable state? They don't. Bundle any other perks with the art? They don't. Provide a channel for artists to 'sell' their art? Okay, I guess they do, but so do a million other services, ranging from websites to the coffee shop two blocks down from my apartment. They are signed URLs that you can trade around on an exchange. This solves no problem that anyone making art has ever had.
      - 4y ago

swalsh 4y ago

In my crypto investing thesis, I simply can't explain what role Bitcoin and its outdated technology can play. But I know not to bet against it. It's still the music to the merry-go-round.

adastra22 4y ago
What part of bitcoin tech stack is "outdated"?