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I hate this take, no matter how often it's repeated. Yes there is hype fever pitch around AI, yes it attracts grifters (as does every hype), but in comparison t

I hate this take, no matter how often it's repeated. Yes there is hype fever pitch around AI, yes it attracts grifters (as does every hype), but in comparison to crypto, at the very least gen AI provides tractable benefits in a wide array of usecases. What has nft/web3/x-coins ever given us apart from speculative investments (aka gambling)?

thesuperbigfrog 3y ago
>> What has nft/web3/x-coins ever given us apart from speculative investments (aka gambling)? Cryptocurrencies modernized the malware industry. Before cryptocurrencies, ransomware used to require victims to pay using gift cards or other ridiculous means. After cryptocurrencies, victims could now pay their "captors" directly over the Internet in cryptocurrency. Before cryptocurrencies, malware entities and actors acted largely independently unless they were part of a state-sponsored group or larger organized crime "business". After cryptocurrencies, "ransomware as a service" emerged where different groups specialize in particular components and services of ransomware: tools to establish footholds, tools to take over and encrypt victim systems, services to demand and take payments, and services to wash and launder payments. Payments between these groups are made in cryptocurrency.
swalsh 3y ago
The last bull saw the rise of all kinds of new technologies which will enable the use cases people were talking about (Avalanche is my favorite example, but theres some new stuff like SUI coming). The thing web3 did absolutely right is create a true interchangeable format (ie tokens) the downside is this technology has been developing sooooooo slowly. Whenever people start to get hope the technology might be ready for use, the gambling use cases rise to the top and dominate. I think crypto is also dominated by a certain hardline techy. Or at least it's critics are. Crypto should be working side by side with traditional finance. Instead they view it as their enemy. FTX US is an example of how regulation can be good (the funds on FTX-US were more or less unmolested) yet most crypto people seem to argue against any regulation at all. It will be their demise.

thesuperbigfrog 3y ago

>> What has nft/web3/x-coins ever given us apart from speculative investments (aka gambling)? Cryptocurrencies modernized the malware industry. Before cryptocurrencies, ransomware used to require victims to pay using gift cards or other ridiculous means. After cryptocurrencies, victims could now pay their "captors" directly over the Internet in cryptocurrency. Before cryptocurrencies, malware entities and actors acted largely independently unless they were part of a state-sponsored group or larger organized crime "business". After cryptocurrencies, "ransomware as a service" emerged where different groups specialize in particular components and services of ransomware: tools to establish footholds, tools to take over and encrypt victim systems, services to demand and take payments, and services to wash and launder payments. Payments between these groups are made in cryptocurrency.

swalsh 3y ago

The last bull saw the rise of all kinds of new technologies which will enable the use cases people were talking about (Avalanche is my favorite example, but theres some new stuff like SUI coming). The thing web3 did absolutely right is create a true interchangeable format (ie tokens) the downside is this technology has been developing sooooooo slowly. Whenever people start to get hope the technology might be ready for use, the gambling use cases rise to the top and dominate. I think crypto is also dominated by a certain hardline techy. Or at least it's critics are. Crypto should be working side by side with traditional finance. Instead they view it as their enemy. FTX US is an example of how regulation can be good (the funds on FTX-US were more or less unmolested) yet most crypto people seem to argue against any regulation at all. It will be their demise.