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Too many smart people work on these pointless projects instead of useful tech that benefits society. Hindsight is 20/20. In the early days of crypto the promis
by onion2k 1y ago
Too many smart people work on these pointless projects instead of useful tech that benefits society.
Hindsight is 20/20. In the early days of crypto the promise of decentralized finance outside of the scrutiny of governments and financial institutions was seen as far from pointless. It only went awry when speculators turned up trying to make a profit from an ostensibly useful idea, and they took it so far that the original idea lost all its meaning so the well-meaning folk left.
- jazzyjackson 1y agoBitcoin was invented with a number go up mechanic, and the idea that a single Bitcoin would be immensely valuable were the currency to gain traction was a point of discussion from the start Fact is it became popular with speculators faster than it did with anybody else, but the hodlers weren't doing anything to stop people from using it to buy pizza.
- tromp 1y agoThe capped emission certainly encourages FOMO and speculation. A fixed block reward would still provide scarcity in the long term while strongly discouraging speculation [1]. [1] https://tromp.github.io/blog/2020/12/20/soft-supply https://tromp.github.io/blog/2020/12/20/soft-supply
- rchaud 1y agoDoesn't seem like a hard cap when every BTC is almost infinitely divisible into smaller amounts of "satoshis".
- jazzyjackson 1y agodenominating US money supply in hay pennies does not double the money supply
- tromp 1y agoEnjoy your uncapped supply of food and drinks, with each kg almost infinitely divisible into septillions of molecules.
- Dlemo 1y agoThe flaws of crypto were clear very early on. Major issues, still existing, were never solved
- noosphr 1y agoThe surest way to get flamed out of any crypto mailing list was to ask what the effective clearance rate for the coin was, then following it up with how it could be sped up. Today the bitcoin network is still stuck at ~7 transactions a second. This is not what the white paper promised.
- dgrr19 1y agoThus, other blockchains emerged
- tromp 1y agorequiring much higher resources to run a node and making them much less decentralized.
- dgrr19 1y agoWhich one are you referring to? What do you want to get all the freedom in the world and no effort for running a decentralized node? Staking blockchains don't require much resources.
- tromp 1y agoThe ones that allow hundreds of txs per second, making verification of the entire tx history orders of magnitude harder. The limited tx throughput of bitcoin is a feature, not a bug.
- noosphr 1y agoYes, we only need checks notes 3,500 other coins to match the clearance rate of Visa.
- Yizahi 1y agoAfter MtGox the trajectory was pretty clear imo. And when Tethers emerged the whole pyramid was exposed for all to see. It's just pure gambling at this point.
- Gigachad 1y agoIt only highlighted why all these laws and regulations exist in the first place.
- rchaud 1y agoThe early promise of crypto is not why Coinbase, Binance, Crypto etc have lots of highly paid, highly skilled employees today. They're there because of the money, the same way electrical engineering grads go to Wall Street in droves.