4 ms·

I mean, I still haven’t heard of the core tech of crypto being invalidated in any way. Bitcoin, Ethereum, Cardano, Ripple are all still genuine projects with so

I mean, I still haven’t heard of the core tech of crypto being invalidated in any way. Bitcoin, Ethereum, Cardano, Ripple are all still genuine projects with solid principles. To me, it still looks a lot like the .com bubble era of the 00’s: there was a veritable Cambrian explosion of mutations on ideas, and now you’re left with what was fit and what wasn’t. You can’t say crypto doesn’t work when the only people who have truly “used” it in any way shape or form thus far are scam artists. Crypto may nonetheless be dead because of optics and public opinion, but that is a signal that needs another decade to measure, and meanwhile there is still genuine work being done out there. Seems silly to claim it’s dead now, when everytime popular opinion is that “we finally buried it” it pops right back out of the dirt.

deleted 4y ago
[deleted]
john_the_writer 4y ago
That's just it. The only people who truly used it were scammers. There is no real world use for WEB3 or NFT. Storage is expensive and the carbon footprint is nuts. It's not faster and it's not more secure. It can be hacked and it's not decentralised (ask Canadian Truckers about how safe their bitcoin was from government intervention) People keep bringing back Amway, that doesn't mean it's not scammer rubbish.
- neuralzen 4y ago
  I don't think there is no real world application for Web3 or NFTs, that seems pretty short sighted. Sure, there are scams, but legit innovations as well. I mean, the MoMA liquidated 70 million USD in art, including a Picasso, to buy NFTs.
  - Veen 4y ago
    I'd be interested to see what the NFTs MOMA bought are worth now. The NFT market is a fraction of the size it was during the highs of 2021.
    - senttoschool 4y ago
      Most NFTs lost 90%+ of value. People are finally waking up to the fact that the jpeg is still stored in a centralized server - often controlled by the NFT issuer. When the NFT issuer shuts down, so does your NFT. Now your NFT points to a broken URL.
      - neuralzen 4y ago
        Most are on IPFS, but about 10% are 100% on-chain
        senttoschool 4y ago
        IPFS is too slow. Imagine trying to load 1,000 images from IPFS. People won't tolerate it. Hence, IPFS cannot scale. On-chain also can't scale because you're not suppose to put something like a JPEG on the blockchain.
- leashless 4y ago
  The carbon footprint is no longer nuts. Ethereum went to proof of stake last year, which has a cloud-like carbon footprint. Only bitcoin still has an insane carbon footprint.
  - senttoschool 4y ago
    Yes, now Ethereum is a security because it went PoS and it promises yields for staking. But Bitcoin still consumes electricity of an entire small country.
senttoschool 4y ago
The main use case for crypto is creating ponzi schemes, skirting security laws, and other types of scams. The dotcom boom was not like this. People keep comparing the dotcom boom with crypto as if they're similar. They're not. One had extremely clear use cases and already contributed to society through easier to access information and faster communication. Crypto does not have.
- lytefm 4y ago
  > The main use case for crypto is creating ponzi schemes, skirting security laws, and other types of scams. The dotcom boom was not like this. I'd say the dotcom boom was quite a bit like it: - Completely overvalued companies without any real utility scamming investors claiming to revolutize X by doing it "on the internet". - Evading regulation and breaking local laws, playing cat and mouse with law enforcement (e.g. Napster, Megaupload). But yeah, unlike with crypto there were also more reasonable use cases.
Fememototo 4y ago
There are plenty of reasonable arguments out there telling you real issues with crypto which just haven't been addressed because they don't matter in scams. Alone the Bitcoin incentive to consume unlimited cheap energy. 50% attacks are really and are ignored. I have plenty of arguments no one was answering reasonable. Instead people say stupid things like Bitcoin solves inflatiin because BTC are limited but just ignore that mBTC etc exist and it still lead to inflation or deflation as everything else. Or all the green washing garbage people try to sell. Uhh Bitcoin can push renewable and wasted energy. No we just incentive burning gas for Bitcoin instead of thinking about how to make it economically and sustainable useful for us.... Is it dead? Nope but has it ever reached a reasonable thing? Nope it got hyped into the sky due to money scams but it's not even were it should be to be used like we currently use it. The biggest issue for crypto is the hype
- raydiatian 4y ago
  I mean, if people lose faith in their central banks, it's good to know that there are alternatives out there. That is and always has been the only value proposition of crypto. That your contributions to society aren't exclusively payable in blood money of the giant country cartels. The billions of unbanked are likely to feel this the hardest. The leverage a bank can generate on them is modern slavery.
3np 4y ago
I'm not sure what part of Ripple makes you think it's genuine tech on solid principles. Every year I'm still pikachu-facing that people still buy into it. It's mostly vapour and doesn't even pass as cryptocurrency in my book. Shills like to mention their relationship with banks, none of which (will likely ever) have anything to do with XRP, which according to their own marketing has a whopping total of 150 validator nodes.
- raydiatian 4y ago
  I am glad you feel the same, I mostly included it because it seems like a project people still display faith in. I didn't want to play "favorites" with what I think are the only reputable crypto projects out there.

deleted 4y ago

[deleted]

john_the_writer 4y ago

That's just it. The only people who truly used it were scammers. There is no real world use for WEB3 or NFT. Storage is expensive and the carbon footprint is nuts. It's not faster and it's not more secure. It can be hacked and it's not decentralised (ask Canadian Truckers about how safe their bitcoin was from government intervention) People keep bringing back Amway, that doesn't mean it's not scammer rubbish.

neuralzen 4y ago
I don't think there is no real world application for Web3 or NFTs, that seems pretty short sighted. Sure, there are scams, but legit innovations as well. I mean, the MoMA liquidated 70 million USD in art, including a Picasso, to buy NFTs.
- Veen 4y ago
  I'd be interested to see what the NFTs MOMA bought are worth now. The NFT market is a fraction of the size it was during the highs of 2021.
  - senttoschool 4y ago
    Most NFTs lost 90%+ of value. People are finally waking up to the fact that the jpeg is still stored in a centralized server - often controlled by the NFT issuer. When the NFT issuer shuts down, so does your NFT. Now your NFT points to a broken URL.
    - neuralzen 4y ago
      Most are on IPFS, but about 10% are 100% on-chain
      - senttoschool 4y ago
        IPFS is too slow. Imagine trying to load 1,000 images from IPFS. People won't tolerate it. Hence, IPFS cannot scale. On-chain also can't scale because you're not suppose to put something like a JPEG on the blockchain.
leashless 4y ago
The carbon footprint is no longer nuts. Ethereum went to proof of stake last year, which has a cloud-like carbon footprint. Only bitcoin still has an insane carbon footprint.
- senttoschool 4y ago
  Yes, now Ethereum is a security because it went PoS and it promises yields for staking. But Bitcoin still consumes electricity of an entire small country.

senttoschool 4y ago

The main use case for crypto is creating ponzi schemes, skirting security laws, and other types of scams. The dotcom boom was not like this. People keep comparing the dotcom boom with crypto as if they're similar. They're not. One had extremely clear use cases and already contributed to society through easier to access information and faster communication. Crypto does not have.

lytefm 4y ago
> The main use case for crypto is creating ponzi schemes, skirting security laws, and other types of scams. The dotcom boom was not like this. I'd say the dotcom boom was quite a bit like it: - Completely overvalued companies without any real utility scamming investors claiming to revolutize X by doing it "on the internet". - Evading regulation and breaking local laws, playing cat and mouse with law enforcement (e.g. Napster, Megaupload). But yeah, unlike with crypto there were also more reasonable use cases.

Fememototo 4y ago

There are plenty of reasonable arguments out there telling you real issues with crypto which just haven't been addressed because they don't matter in scams. Alone the Bitcoin incentive to consume unlimited cheap energy. 50% attacks are really and are ignored. I have plenty of arguments no one was answering reasonable. Instead people say stupid things like Bitcoin solves inflatiin because BTC are limited but just ignore that mBTC etc exist and it still lead to inflation or deflation as everything else. Or all the green washing garbage people try to sell. Uhh Bitcoin can push renewable and wasted energy. No we just incentive burning gas for Bitcoin instead of thinking about how to make it economically and sustainable useful for us.... Is it dead? Nope but has it ever reached a reasonable thing? Nope it got hyped into the sky due to money scams but it's not even were it should be to be used like we currently use it. The biggest issue for crypto is the hype

raydiatian 4y ago
I mean, if people lose faith in their central banks, it's good to know that there are alternatives out there. That is and always has been the only value proposition of crypto. That your contributions to society aren't exclusively payable in blood money of the giant country cartels. The billions of unbanked are likely to feel this the hardest. The leverage a bank can generate on them is modern slavery.

3np 4y ago

I'm not sure what part of Ripple makes you think it's genuine tech on solid principles. Every year I'm still pikachu-facing that people still buy into it. It's mostly vapour and doesn't even pass as cryptocurrency in my book. Shills like to mention their relationship with banks, none of which (will likely ever) have anything to do with XRP, which according to their own marketing has a whopping total of 150 validator nodes.

raydiatian 4y ago
I am glad you feel the same, I mostly included it because it seems like a project people still display faith in. I didn't want to play "favorites" with what I think are the only reputable crypto projects out there.