2 ms·

I commented elsewhere using an analogy I quite liked: You don't say that sausages are worthless just because the dog ate a couple that were left on the kitchen

I commented elsewhere using an analogy I quite liked: You don't say that sausages are worthless just because the dog ate a couple that were left on the kitchen counter. The problem may be the dog, or the lack of discipline by the owner, or whoever left the sausages out on the counter, but the one thing free from any accusation of blame is the fucking sausages.

xwolfi 4y ago
Well unless it's a piece of plastic disguising as a sausage sold at the price of a sausage. There s never been a sausage man.
- davrosthedalek 4y ago
  The sausage is a lie.
afarviral 4y ago
That's a good argument for continuing to explore cryptocurrency-adjacent tech (or simply programming, if you like), but not necessarily purchasing and promoting the use of cryptocurrencies. There is a confusing entanglement between the thoughts about the technology vs the thoughts about actually doing financial transactions with it. I have admiration for the developers and awe at the websites, games and services that were spawned, the technology. As a financial construct it's a perfect storm for exploitation; human nature + unregulated hyper-capitalism = bad.
- BLKNSLVR 4y ago
  Not even going to the level of promoting or purchasing, just not "now it should no longer exist". Regulation is required, As much as for banking because consumer funds are being stored and / or transferred. FTX was just grossly, fraudulently mismanaged and I'm not actually sure the exact machinations of regulation that could ensure that kind of thing doesn't happen - regular reporting of figures, independent audits, etc, but then with the money FTX had been throwing around it would have been easy to fake reports and pay for clean audits (in my layman view of a very complex landscape).
  - throwaway22032 4y ago
    The thing is that regulation could very easily require that exchanges be decentralised. But that won't happen because money laundering is a religious belief. Instead we'll just get more stupid attempts to watch the watchmen.

xwolfi 4y ago

Well unless it's a piece of plastic disguising as a sausage sold at the price of a sausage. There s never been a sausage man.

davrosthedalek 4y ago
The sausage is a lie.

afarviral 4y ago

That's a good argument for continuing to explore cryptocurrency-adjacent tech (or simply programming, if you like), but not necessarily purchasing and promoting the use of cryptocurrencies. There is a confusing entanglement between the thoughts about the technology vs the thoughts about actually doing financial transactions with it. I have admiration for the developers and awe at the websites, games and services that were spawned, the technology. As a financial construct it's a perfect storm for exploitation; human nature + unregulated hyper-capitalism = bad.

BLKNSLVR 4y ago
Not even going to the level of promoting or purchasing, just not "now it should no longer exist". Regulation is required, As much as for banking because consumer funds are being stored and / or transferred. FTX was just grossly, fraudulently mismanaged and I'm not actually sure the exact machinations of regulation that could ensure that kind of thing doesn't happen - regular reporting of figures, independent audits, etc, but then with the money FTX had been throwing around it would have been easy to fake reports and pay for clean audits (in my layman view of a very complex landscape).
- throwaway22032 4y ago
  The thing is that regulation could very easily require that exchanges be decentralised. But that won't happen because money laundering is a religious belief. Instead we'll just get more stupid attempts to watch the watchmen.