Then they will ask why nobody wants to use their payment cards
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Bitcoin may not be a scam per se, but its main usage is to facilitate scams. The biggest of which is being a market that speculators can manipulate to make the currency they actually want.
Even if bitcoin isn't a scam, people still use it to fuck people over. When bitcoin gained popularity, the forum entries were insane. It was all people telling other people to hold. Please hold guys, bitcoin is the future. Use your bitcoin like you would money, guys we're all in this together.
At the same time, they made fun of people who used their bitcoin to pay something and go: haha that loser bought a 20k pizza.
And they would all fuck eachother and sell all their bicoins when they were high enough. And when it dropped, they started again. Guyyyys, remember to hold. -
What...
The only way out of crypto is full blow communism? Those are the two options?
wrote last edited by [email protected]Crypto has all the same vices as government and corporate currencies, just arranged a little differently. It's not the revolution.
You can do various flavors of anarchism or centralism or the weird shit in between, but the only way for someone to not be able to say what you can spend your money on is to abolish money or get rid of all the people who could tell you what to do.
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The choice of a
uint32_tfor time saves 4 bytes per transaction. That doesn't sound like much, but with 1.2 billion transactions recorded, it adds up to almost 10 GB of space saved.They could, ultimately, just replace it with a
uint64_tsome time in the 22nd century without much fuss. In the late 2000s when Bitcoin was created, storage space was at a significant cost, but now it is quite cheap and in the 2100s it will undoubtedly be even cheaper.wrote last edited by [email protected]10gb, on a 670gb big Blockchain. Those 10gb are super important.
And again, size would an ok argument if they didn't go for uint32 instead of int32. Because they broke compatible with Unix time for no reason at that moment. Unless they wanted to min/Max every bit and then why did they start with 1970? And not 2008/2009?
It makes no sense.
Also in 2008, 10gb would have cost you around $1. Ofc, each node would have required the 10 additional gb, so each node would be $1 more. Of course, there weren't that many transaction in the chain and it wouldn't actually cost that much, but ok.
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It's wasting useful energy, and you think that's a good thing?
Nope not what I’m saying
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The problem is using that for something world wide with no backing by anything material.
It is unstable by nature
wrote last edited by [email protected]i tend to agree for mass-adopted currency, but mass currency is only 1 use case for blockchain
things like bank to bank transfers (think a replacement to swift: with semi trusted entities like a big group of banks, the proof functions can be both extremely efficient and fast whilst remaining scalable and distributed so nobody has control… of course this would be a private network, but every bank involved can audit and sign off on transactions)
blockchain at its core is an immutable log between untrusted parties… it can be used to prove a particular thing happened at a particular point, in situations where people don’t even trust governments etc to maintain accurate records
it’s too big and cumbersome to be used by everyone in the world for payment, but it’s a good facilitator of some niche things that most people won’t have any idea about
the technology is solid; it’s just very limited, and the most “profitable” and marketable uses are also the most ill-suited
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You're so right, environmental impact has not been assessed by any cryptocurrency ever made. Literally zilch. None. Nada.
? And that makes bitcoins waste disapear?
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Such as?
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Bitcoin for market cap
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Solana for transactions, throughput and scalability
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Polkadot or Cosmos for interoperability
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Ethereum for everything else (developer, activity, economic activity, regulatory, governance, decentralisation etc.)
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This post did not contain any content.wrote last edited by [email protected]
Sure, lets replace a regulated scam with an unregulated scam, that will solve things /s
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Bitcoin for market cap
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Solana for transactions, throughput and scalability
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Polkadot or Cosmos for interoperability
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Ethereum for everything else (developer, activity, economic activity, regulatory, governance, decentralisation etc.)
Cool, ty!
I also hear alot about Monero from the privacy crowd.
Any thoughts?
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You speak of Gresham's Law, which is "bad money beats good money". For payments, people would rather part with an inflationary asset than deflarionary because of future value. Definitely the thing that has settled the argument over Bitcoin's primary use case.
Agreed re: the faux anticapitalism. I mean, ideologically I think of myself as anticapitalist. But I have to afford things to not be destitute within this economic regime, so I "play the game". But I wouldn't delude myself into thinking that advocating for one sort of money over another is in any way a stance against capitalism. In most cases it isn't even a stance against status quo.
It cool to know there is a term for currency people don't want to spend. That was a fun read.
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Yeah, but one is extra bad for our enviroment while being a scam.
I am NOT a crypto fan, but not all cryptocurrencies are bad for the environment. Ethereum is proof of stake.
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Cool, ty!
I also hear alot about Monero from the privacy crowd.
Any thoughts?
Monero is opt-in privacy so not ideal, but it's the most popular privacy preserving coin, so it's most popular for illicit dark web purchases
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Yes, they do.
In order to acquire the token, where does it come from in PoS?
You want to mint the token? It requires the token.
You want to buy the token? It requires someone that already has the token to sell it.
You want to trade the token? You need to find someone that has the token and wishes to perform that trade.
It requires acquiring a counterparty that consents to you acquiring a stake no matter how "mature" a PoS chain is.
If you want to take a "purest" approach then bitcoin has similar problems. To gain any chance of mining BTC you have to buy specialised equipment from someone.
I would also put joining a mining collective in a similar "human consent" category
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Lightning is generally pretty stupid
wrote last edited by [email protected]You can commit money to a payment channel with a third party to create a private ledger so the third party can perform payments in your name to someone in using their shared channel on their private ledger.
Motherfucker, that’s just a bank and two bank accounts with extra steps.
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
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"We should restrict the free use of oxygen because terrorists can breath it to sustain themselves."
C'mon. Crypto has issues, but this ain't one of them. Pandering to people's fear is how fascist seize power for themselves and perpetuate the horrors we feared in the first place.
is the main problem with crypto who is on control?
Bc it seems like ultra rich people.
I have yet to see crypto become something people can do for themselves.
You have to have the fastest gpu to solvw the puzzle first and get the coin, right?
Maybe hierarchicalization is the problem. -
Adding a few more points to fully kill crypto as a "freedom currency"
- Generating crypto requires capital; people with computers and access to energy will instantly get the ability to outgenerate any other crypto participant
- Energy-centric currency just empowers the same rich lobbies; oil and gaz lobbies are delighted to see that there's an uptick in energy demand
- People with right material (read, capital) can track you, but low chance to track anyone doing crime at a national level (due to odds of them having a competent IT (baring the Hegseth drunkards out there))
What keeps people from looking at point 1 and not totally stopping there, you think?
The game is statistically unwinnable and the more rubes play, the bigger the leech gets.I looked into crypto seriously several years ago when a friend got interested. I had to inform them it was still a casino where Have's print the cash and make the rules, specifically so the currency returns to them with interest off someone else's(our) brow. ie, same scam as wall street stonks. Just reiterating Point 1.
Pretty pointless unless there is an anti-fascist buying collective or something. Remember when reddit saved gamestop for a few years and, uh, very suddenly a lot of common investment apps 'stopped working' that week?
As soon as you get a hand in their game, they'll show you right away you were meant to die slaving for them, not participating in decisionmaking (money AND politics).
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
That's the beauty of crypto, there's flavour for everyone
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- You're a criminal who wants to evade tracking by law enforcement
- You live in a country subject to sanctions and need to move a large sum of money transnationally
- You are the tinfoil-hat type who doesn't trust Government-issued money for one of many real or imagined reasons
- You want to make digital purchases while staying relatively anonymous
- You're a gambler who went all-in on crypto and are hoping it will increase in value later on
- You just think it's more fun to pay with futuristic magic Internet money (yes, some people actually do it for this reason)
- You are a business in a (the) country whose laws legally require the acceptance of Bitcoin
- You're not a criminal, but you fear the definition of 'criminal' might change in the future
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
wrote last edited by [email protected]It dominates because it's the one that everyone knows. If you're lucky enough to find a shop that accepts crypto it's almost certain that the crypto they accept is bitcoin and bitcoin only. despite its flaws it is a proven technology. It might 3 hours to send an on chain payment but you don't have to worry about a technical glitch dropping it.
I somewhat agree about it being not great though. it has serious scalability issues that were supposed to be addressed by lightning but lightning adds a lot of complexity imo. My grandma is never going to be able to figure out how to use lightning whilst still being able to benefit from a self custody wallet.
A lot of the newer coins that crypto bros bang on about seem to be centralized under private entities, "regulation friendly" and not distributed.
