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As I said, I see cryptocurrency as a very complex technology that requires a bordering-on-academic understanding of privacy, autonomy, sovereignty, macroeconomi

As I said, I see cryptocurrency as a very complex technology that requires a bordering-on-academic understanding of privacy, autonomy, sovereignty, macroeconomics, the shortcomings of FIAT currency, centralized banking, the federal reserve, fractional reserve banking, asymmetric cryptography, computer security, and a litany of other topics to fully appreciate and realize the benefits offered by Bitcoin, Monero, Ethereum, etc. I understand it probably comes off a little misanthropic, but as I also said, I suspect (many? most? majority? plurality?) of the people involved in crypto really don't even care about any of that, let alone understand it. The unstated corollary to this is that I would presume the people who aren't involved in crypto, on average, understand and appreciate all of these things even less. I understand that a lot of those 5 billion users weren't born with the privileges I was - I basically rolled all d20's for my stats by being born into one of the wealthiest and highest income countries in the world to a pair of responsible middle class parents and getting both the genes and parenting that I got, in an economic environment where I got to be exposed to having a home computers from the age of about 4, got lucky enough to be born into the highest income county of my state with a fantastic charter school that offered me a better early education than I deserved, all through no virtue of my own, and I think that opened life path doors for me that simply aren't open to an awful lot of people. Even after all of that, to have the personality type that allows one to be extremely interested in what some would call "esoteric" topics like cryptography, monetary sovereignty, etc, as opposed to someone who just listens to whatever the popular music is, watches whatever the popular TV show is, and is glued to tiktok or Instagram 24/7 is far from guaranteed. I think to be deeply interested in cryptocurrency for what I subjectively call "the right reasons" is in many ways to be an exception to the norm, both economically and culturally, compared to the user base of "all internet users". In their defense, I wouldn't recognize any of the top players of the MLB, NBA, NHL, whatever the American football one is, whatever the big European football one is, any of the kardashians, virtually any actor or actress, or musicians, or other cultural figures if I was standing next to them in line at Microcenter - I think it's mostly a question of different interests being held by different people, and "the technical, economic, political, and philosophical aspects of electronic peer-to-peer distributed ledgers" is probably just not a very popular interest. Again, sorry if any of that comes off as misanthropic, that's not my intention - I am trying to be completely civil.

kkielhofner 4y ago
> As I said, I see cryptocurrency as a very complex technology that requires a bordering-on-academic understanding of privacy, autonomy, sovereignty, macroeconomics, the shortcomings of FIAT currency, centralized banking, the federal reserve, fractional reserve banking, asymmetric cryptography, computer security, and a litany of other topics to fully appreciate and realize the benefits offered by Bitcoin, Monero, Ethereum, etc. > I understand it probably comes off a little misanthropic, but as I also said, I suspect (many? most? majority? plurality?) of the people involved in crypto really don't even care about any of that, let alone understand it. The unstated corollary to this is that I would presume the people who aren't involved in crypto, on average, understand and appreciate all of these things even less. As a rough guess you could probably fit all of the people on the planet who could have a remotely coherent conversation across all of those topics on a mid-sized airplane. But here's the thing - do you think people who use their cell phone to upload vides to their YouTube channel understand how the optics of the camera work? The intricacies of the HEVC codec? The baseband of the cell modem? Any clue of the internet? Payment processors for their subscribers? The ACH system for their payments? The logistics of UPS for the merch they send out to their fans? The broader economic effects of the gig economy? No, they don't and they shouldn't. They're off doing their own exceptional things of interest just like Kim K or some professional athlete. All of our lives run on stacks of research papers even far more complicated than "the technical, economic, political, and philosophical aspects of electronic peer-to-peer distributed ledgers". The important thing here is none of this matters to them - what matters is they have this YouTube app, they make videos with it, and people watch them. They don't understand or appreciate the benefits of the obscure component parts but what they appreciate is the sum - they got to quit their crappy job to be a YouTuber (or whatever). The hundreds of millions of people who "follow" Kim K presumably do so because they see value in it too. My point is (other than getting fined by the SEC for unlawfully promoting crypto scams) when will the crypto ecosystem deliver something of value/utility to the masses - from Kim K to your grandmother? On the flip side, what benefits does crypto actually offer? Before talking about economic policy, privacy, owning data, whatever, lets remember a few things: - People play the lotto because they're bad at math and don't understand economics. - Everyone has known the US government has been spying on them for decades and no one cares. - People happily hand their entire lives to giant corporations that sell their data, abuse them, etc so they can post photos online "for free". - So, so, much more. For most of the benefits I hear of crypto (like what you've mentioned) my response is "No one cares about any of that". On the contrary - how many password resets do you think Facebook does everyday? Bank of America (60m customers)? How many credit card transactions are reversed? The fundamental properties ("benefits") of crypto are an ANTI-ADOPTION pattern for people other than those in the airplane with you. They just don't align with fundamental human behavior (forgetting stuff and making mistakes). I see it like Linux on the desktop. I love Linux. I've run it on the desktop since 1997. For a while there people were saying "Year of the Linux Desktop" because it was going to dethrone Windows. Well, obviously that's a joke for a reason. The crypto community says the same (ridiculous) things - "replace fiat", "rebuild the entire web with web3 and displace literally everything", "get rid of banks", etc. It's delusional, wishful thinking largely driven by personal financial interests with roots in the economic desperation we referenced earlier. Oh btw, for the record I NEVER thought Linux was going to have any considerable success on the desktop either ;).

kkielhofner 4y ago

> As I said, I see cryptocurrency as a very complex technology that requires a bordering-on-academic understanding of privacy, autonomy, sovereignty, macroeconomics, the shortcomings of FIAT currency, centralized banking, the federal reserve, fractional reserve banking, asymmetric cryptography, computer security, and a litany of other topics to fully appreciate and realize the benefits offered by Bitcoin, Monero, Ethereum, etc. > I understand it probably comes off a little misanthropic, but as I also said, I suspect (many? most? majority? plurality?) of the people involved in crypto really don't even care about any of that, let alone understand it. The unstated corollary to this is that I would presume the people who aren't involved in crypto, on average, understand and appreciate all of these things even less. As a rough guess you could probably fit all of the people on the planet who could have a remotely coherent conversation across all of those topics on a mid-sized airplane. But here's the thing - do you think people who use their cell phone to upload vides to their YouTube channel understand how the optics of the camera work? The intricacies of the HEVC codec? The baseband of the cell modem? Any clue of the internet? Payment processors for their subscribers? The ACH system for their payments? The logistics of UPS for the merch they send out to their fans? The broader economic effects of the gig economy? No, they don't and they shouldn't. They're off doing their own exceptional things of interest just like Kim K or some professional athlete. All of our lives run on stacks of research papers even far more complicated than "the technical, economic, political, and philosophical aspects of electronic peer-to-peer distributed ledgers". The important thing here is none of this matters to them - what matters is they have this YouTube app, they make videos with it, and people watch them. They don't understand or appreciate the benefits of the obscure component parts but what they appreciate is the sum - they got to quit their crappy job to be a YouTuber (or whatever). The hundreds of millions of people who "follow" Kim K presumably do so because they see value in it too. My point is (other than getting fined by the SEC for unlawfully promoting crypto scams) when will the crypto ecosystem deliver something of value/utility to the masses - from Kim K to your grandmother? On the flip side, what benefits does crypto actually offer? Before talking about economic policy, privacy, owning data, whatever, lets remember a few things: - People play the lotto because they're bad at math and don't understand economics. - Everyone has known the US government has been spying on them for decades and no one cares. - People happily hand their entire lives to giant corporations that sell their data, abuse them, etc so they can post photos online "for free". - So, so, much more. For most of the benefits I hear of crypto (like what you've mentioned) my response is "No one cares about any of that". On the contrary - how many password resets do you think Facebook does everyday? Bank of America (60m customers)? How many credit card transactions are reversed? The fundamental properties ("benefits") of crypto are an ANTI-ADOPTION pattern for people other than those in the airplane with you. They just don't align with fundamental human behavior (forgetting stuff and making mistakes). I see it like Linux on the desktop. I love Linux. I've run it on the desktop since 1997. For a while there people were saying "Year of the Linux Desktop" because it was going to dethrone Windows. Well, obviously that's a joke for a reason. The crypto community says the same (ridiculous) things - "replace fiat", "rebuild the entire web with web3 and displace literally everything", "get rid of banks", etc. It's delusional, wishful thinking largely driven by personal financial interests with roots in the economic desperation we referenced earlier. Oh btw, for the record I NEVER thought Linux was going to have any considerable success on the desktop either ;).