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> it seems to be a proven technology now. Proven to do what exactly? A solution for which problems? Cryptocurrency had billions invested into it and the most

by mjr00 3y ago

> it seems to be a proven technology now. Proven to do what exactly? A solution for which problems? Cryptocurrency had billions invested into it and the most valuable product that came out of it was cartoon apes. There's not a single blockchain that replaced the existing financial system, an area it was supposed to disrupt. There's not a single blockchain in use anywhere in logistics and supply chain, an area the blockchain was allegedly going to revolutionize. There's not a single blockchain being used for identity management by serious enterprises. Most new technologies are overhyped, but blockchain/cryptocurrency is the only one where you can look back and be astonished at how virtually nothing was created. Its most important lasting contribution to society is providing incontrovertible evidence that just because "thought leaders" and deep-pocketed investors say something is going to change the world, it doesn't make them right.

dotty- 3y ago
Whether or not you agree with the greater philosophical goal of Bitcoin, Bitcoin proved the ability to create a system of value using basically just cryptography and with a built-in reward system to incentivize the decentralization of the network -- and it grew enough that it can now operate as a standalone method of payment. It's an amazing feat. Snowden is correct here: https://twitter.com/Snowden/status/1759304612664779247 https://twitter.com/Snowden/status/1759304612664779247
- serial_dev 3y ago
  ... A solution for which problem...
- skydhash 3y ago
  > Bitcoin proved the ability to create a system of value using basically just cryptography and with a built-in reward system to incentivize the decentralization of the network AKA micro transactions in games.
  - dotty- 3y ago
    No, because micro transactions in games is a centralized system involving zero cryptography, usually powered by a centralized database by the game developer. Bitcoin is decentralized.
    - seba_dos1 3y ago
      > Bitcoin is decentralized. Barely, if at all. Technically it can be decentralized, but Bitcoin's design promotes centralization, and the result is that currently Bitcoin can be controlled by either two entities (AntPool and Foundry USA) or three (one of the former ones plus F2Pool and ViaBTC) - and it's not going to get better.
- ezrast 3y ago
  It had done all that by 2010, no? The real hype was about what would come after. I don't think the thesis of most Bitcoin critics is that the math and social engineering involved aren't interesting.
  - dotty- 3y ago
    I don't disagree with you. But the original post was about 1) cryptocurrency as a whole being busted and 2) that cryptocurrency had never provided any kind of value. Those are what I disagree with.
- CatWChainsaw 3y ago
  Yeah it just requires massive investment in computer components, ridiculous amounts of carbon burning, servers in the Arctic to lower cooling costs, and a few towns full of people subject to more sound than jet engines at all hours of the day. Innovation!
adultorata 3y ago
Good luck sending 10 BTC worth of USD from a US bank to China or Russia, or ANY bank without raising eyebrows and getting your bank account locked/frozen
- heyoni 3y ago
  You don’t send bitcoin to a country! Maybe the act of buying the bitcoin gets your account frozen but certainly not the sending.
- xboxnolifes 3y ago
  This is pretty much trivial.

by mjr00 3y ago

dotty- 3y ago

Whether or not you agree with the greater philosophical goal of Bitcoin, Bitcoin proved the ability to create a system of value using basically just cryptography and with a built-in reward system to incentivize the decentralization of the network -- and it grew enough that it can now operate as a standalone method of payment. It's an amazing feat. Snowden is correct here: https://twitter.com/Snowden/status/1759304612664779247 https://twitter.com/Snowden/status/1759304612664779247

serial_dev 3y ago
... A solution for which problem...
skydhash 3y ago
> Bitcoin proved the ability to create a system of value using basically just cryptography and with a built-in reward system to incentivize the decentralization of the network AKA micro transactions in games.
- dotty- 3y ago
  No, because micro transactions in games is a centralized system involving zero cryptography, usually powered by a centralized database by the game developer. Bitcoin is decentralized.
  - seba_dos1 3y ago
    > Bitcoin is decentralized. Barely, if at all. Technically it can be decentralized, but Bitcoin's design promotes centralization, and the result is that currently Bitcoin can be controlled by either two entities (AntPool and Foundry USA) or three (one of the former ones plus F2Pool and ViaBTC) - and it's not going to get better.
ezrast 3y ago
It had done all that by 2010, no? The real hype was about what would come after. I don't think the thesis of most Bitcoin critics is that the math and social engineering involved aren't interesting.
- dotty- 3y ago
  I don't disagree with you. But the original post was about 1) cryptocurrency as a whole being busted and 2) that cryptocurrency had never provided any kind of value. Those are what I disagree with.
CatWChainsaw 3y ago
Yeah it just requires massive investment in computer components, ridiculous amounts of carbon burning, servers in the Arctic to lower cooling costs, and a few towns full of people subject to more sound than jet engines at all hours of the day. Innovation!

adultorata 3y ago

Good luck sending 10 BTC worth of USD from a US bank to China or Russia, or ANY bank without raising eyebrows and getting your bank account locked/frozen

heyoni 3y ago
You don’t send bitcoin to a country! Maybe the act of buying the bitcoin gets your account frozen but certainly not the sending.
xboxnolifes 3y ago
This is pretty much trivial.