Should we say farewell to the dollar, the euro and all national currencies? Is crypto the future of money? Join our fierce battle between former Greek financ...
Should we say farewell to the dollar, the euro and all national currencies? Is crypto the future of money? Join our fierce battle between former Greek finance minister and maverick anti-bitcoin economist Yanis Varoufakis and blockchain developer Viktor Tábori, and find out yourself.
I don’t think crypto is dead, I think fintech’s usage of crypto is dead. They came in and ruined what could’ve been a unique and revolutionary idea by making prospective currencies into speculative assets. We might see it reemerge in 10 years with capitalists and right-libertarians staying as far away as possible because they (hopefully) learned their lesson. The point of a currency is as a medium to store and exchange value, but the initial spike in fiat value turning 12 bitcoins from $0.12 to $12000 and attracted investors, get rich schemers, and scam artists (but I repeat myself). It doesn’t help that it was designed to have negative inflation, so people were incentivized to hoard and bet on the market’s volatility, and there was no organization dedicated to keeping it stable like the Fed. Then alternatives to PoW like PoS came about which further incentivized hoarding and centralization (you lose stake if you spend, so don’t spend).
What people miss out on with all the hate about crypto (though the culture around it deserves a lot) is that the technology itself is potentially incredibly useful. Bitcoin was a first crack at the “Byzantine General’s Problem”, essentially how to coordinate a totally trustless and decentralized p2p network. Tying it to money was an easy way to get an incentive structure, but for applications like FileCoin it could just as easily allow for abstracted tit-for-tat services (in their case, “you host my file and I’ll host yours”). Stuff like NFTs have less obvious benefit, but the technology itself is a neutral tool that could see some legitimate use 20 years in the future like, say, a decentralized DNS system where you need a DHT mapping domains to IPNS hashes with some concept of ownership. Collectible monkeys are not and never were a legitimate use-case, at least not at that price point.
Digital currencies, crypto based or not, will end any semblance of freedom whatsoever. Govts will decide what transaction can happen and what cannot. You can forget about supporting any causes that your Govt doesn’t like.
Tech sectors’ eagerness to build this dystopia is appalling.
Having a block chain tracker for commodity tokens tied to real value things like kcal of soy/wheat/corn or kwH of power would get us off of fiat debt based currency and avoid the vast majority of the scarcity of precious metals that led to the devils bargain when we sold the entire world economy to the banks.
I’d much rather have values based on actual created value than oligarchy imagination.
Weve shown time and time again that unregulated, unbacked, currency is bad and is just turbo capitalism that burns down the earth for nothing. Let. It. Die. Its a scam.
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !technology@beehaw.org
A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.
Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.
Crypto can f*ck right off
I don’t think crypto is dead, I think fintech’s usage of crypto is dead. They came in and ruined what could’ve been a unique and revolutionary idea by making prospective currencies into speculative assets. We might see it reemerge in 10 years with capitalists and right-libertarians staying as far away as possible because they (hopefully) learned their lesson. The point of a currency is as a medium to store and exchange value, but the initial spike in fiat value turning 12 bitcoins from $0.12 to $12000 and attracted investors, get rich schemers, and scam artists (but I repeat myself). It doesn’t help that it was designed to have negative inflation, so people were incentivized to hoard and bet on the market’s volatility, and there was no organization dedicated to keeping it stable like the Fed. Then alternatives to PoW like PoS came about which further incentivized hoarding and centralization (you lose stake if you spend, so don’t spend).
What people miss out on with all the hate about crypto (though the culture around it deserves a lot) is that the technology itself is potentially incredibly useful. Bitcoin was a first crack at the “Byzantine General’s Problem”, essentially how to coordinate a totally trustless and decentralized p2p network. Tying it to money was an easy way to get an incentive structure, but for applications like FileCoin it could just as easily allow for abstracted tit-for-tat services (in their case, “you host my file and I’ll host yours”). Stuff like NFTs have less obvious benefit, but the technology itself is a neutral tool that could see some legitimate use 20 years in the future like, say, a decentralized DNS system where you need a DHT mapping domains to IPNS hashes with some concept of ownership. Collectible monkeys are not and never were a legitimate use-case, at least not at that price point.
Digital currencies, crypto based or not, will end any semblance of freedom whatsoever. Govts will decide what transaction can happen and what cannot. You can forget about supporting any causes that your Govt doesn’t like.
Tech sectors’ eagerness to build this dystopia is appalling.
What about privacy coins like Monero?
🙄 Im just gonna say it here:
Crypto has been dead, dying, scam, grift, rugpull, etc. for 15 years now.
And the market is still there & growing again, to die again, to grow again, to die again, rinse & repeat.
Like the fossil fuel industry & nuclear weapons, it will not disappear until something better replaces what it can do to the point its obsolete. .
Clearly, to those who keep industry value over 500 billion dollars (oh, it’s over 1 trillion again 🤷🏿♂️), that replacement does not exist yet.
You can cry, you can call politicians, you can bomb blockchain companies, you can scream at every bitcoin logo ever, it’s clearly here to stay.
Deal with it. 🤷🏿♂️
You have a point, it always comes back.
Thank for your input!
Crypto is a horrible implementation of blockchain technology.
It is a start, but yes, it seems like it is.
Ever wonder what main function it will grow up to be used in?
I do and I def don’t have all the answers but my thoughts are more towards archiving and verification than currency.
Having a block chain tracker for commodity tokens tied to real value things like kcal of soy/wheat/corn or kwH of power would get us off of fiat debt based currency and avoid the vast majority of the scarcity of precious metals that led to the devils bargain when we sold the entire world economy to the banks.
I’d much rather have values based on actual created value than oligarchy imagination.
Weve shown time and time again that unregulated, unbacked, currency is bad and is just turbo capitalism that burns down the earth for nothing. Let. It. Die. Its a scam.